Author: Nanea

What Is Web3 and Why Does It Matter?

Web3, or Web 3.0, is the next generation of internet services characterized by decentralized protocols, blockchain technologies, and Coin/token-based economies. It aims to create a more open, transparent, and user-centric internet. Here’s a closer look at what Web3 entails and why it matters:

Key Features of Web3.

Decentralization

• Blockchain Technology: Web3 uses blockchain to decentralize control, ensuring no single entity owns or controls the network, unlike the centralized platforms dominating Web2.

• Peer-to-Peer Networks: Users interact directly with each other, enhancing privacy and reducing dependency on centralized entities.

Trust and Transparency:

• Smart Contracts: These self-executing contracts have terms directly written into code, automatically enforcing and executing agreements, which reduces the need for intermediaries and enhances trust.

• Immutable Ledgers: Transactions are recorded on the blockchain in an immutable and transparent manner, ensuring data cannot be altered once added.

User Ownership and Control:

• Digital Assets and Coin/Token: Web3 allows the creation and ownership of digital assets and cryptocurrencies, giving users real ownership and control over their digital interactions and transactions.

• Decentralized Identity: Users maintain control over their digital identities, reducing the risks associated with data breaches and identity theft.

Economic Incentives:

• Coin/Token Economies: Cryptocurrencies and tokens incentivize participation and contributions to the ecosystem, rewarding users for their engagement.

• Decentralized Finance (DeFi): Web3 includes a range of decentralized financial services, offering alternatives to traditional financial systems and enabling more inclusive financial access.

Why Web3 Matters

Empowerment and Ownership:

• User-Centric: Web3 shifts power from centralized entities to individuals, giving them more control over their data, digital identities, and assets.

• Monetization: Creators and users can directly monetize their contributions without intermediaries, leading to fairer compensation models.

Innovation and Inclusion:

• New Business Models: Web3 fosters new business models like decentralized autonomous organizations (DAOs) and decentralized applications (dApps) that were not possible under Web2.

• Global Access: By removing barriers associated with centralized control, Web3 provides global access to financial services, information, and digital resources.

Enhanced Security and Privacy:

• Data Ownership: Users maintain ownership of their data, reducing the risk of breaches and misuse by third parties.

• Cryptographic Security: The use of cryptographic techniques enhances security, ensuring secure transactions and interactions.

Reduced Intermediary Costs:

• Efficiency: By eliminating intermediaries, Web3 reduces transaction costs and improves efficiency, making processes quicker and more cost-effective.

• Direct Interactions: Users can engage in direct transactions and interactions, streamlining processes and reducing overhead costs.

Challenges and Considerations

• Scalability: Current blockchain technologies face scalability issues that need addressing to handle large-scale applications and user bases.

• Regulation: The regulatory landscape for cryptocurrencies and blockchain is still evolving, posing potential risks and uncertainties.

• Usability: Web3 applications often have a steep learning curve, requiring further development of user-friendly interfaces for mass adoption.

• Security Risks: While blockchain itself is secure, the surrounding ecosystem (such as smart contracts and dApps) can be vulnerable to exploits and hacks.

Conclusion

Web3 represents a transformative shift in how we interact with the internet, promising greater decentralization, security, and user empowerment. Despite the challenges, the potential benefits of a more open, user-centric, and equitable internet make Web3 a critical development in the digital landscape. As the technology matures, it is likely to have profound implications for various aspects of society, from finance and governance to social interaction and digital content creation

Ethereum is close to $1,600, Bitcoin approaches $26,000, while Toncoin is up 9%

The price of Bitcoin increased by roughly 0.5 percent, flirting with $26,000 levels, while Ethereum increased little but continued to trade below the $1,600 barrier. On Friday, the digital asset market was still reeling from the negative effects of Binance and FTX, making it difficult for Bitcoin and other crypto tokens to maintain gains. The majority of the tokens were, nevertheless, gradually increasing. The news of prospective sales and layoffs is putting pressure on digital markets, and traders are on edge in anticipation of US economic data that is due later today. In a joint policy paper on cryptocurrencies, the IMF and FSB cautioned governments against adopting broad bans to reduce the dangers posed by the industry and suggested targeted limitations and prudent monetary policy instead. Targeted limits could be useful, especially for emerging economies The largest cryptocurrency token, which surged by roughly 5% and was flirting with $26,000 levels, helped Bitcoin achieve modest gains. Ethereum, its biggest rival, also climbed a little bit but is still below the $1,600 threshold. The morning's price movement in the cryptocurrencies was still good. The fact that Bitcoin traded above $25,900 may be an indication of increased market interest in the race for a Bitcoin Spot ETF. An application that was recently submitted to the US SEC by renowned asset management company Franklin Templeton may have boosted market sentiment. Additionally, yesterday saw a record-breaking increase in the number of wallets holding 0.1 bitcoin, reaching a total of 12 million, demonstrating a rising level of confidence among market players in Bitcoin. Ethereum has been trading at about $1600 at the moment. With a few exceptions, Wednesday saw higher trade for all of the leading crypto tokens. Tron increased by roughly 3%, while Toncoin increased by more than 9%. Solana, Polkadot, and Dogecoin lost roughly 1% each and were among the losers. Cardano too experienced a 5% decline. The market capitalization of all cryptocurrencies was trading marginally higher, hitting the $1.03 trillion level after increasing by roughly a third in the previous day. The entire trade volume, however, fell by as much as 12% to $32.09 billion.

Bitcoin is still trading below $27,000, with Akash Network leading gains Quick analysis of the cryptocurrency pricing on August 22:

The value of the entire market fell to $1.05 trillion. The world's oldest and most valuable cryptocurrency, Bitcoin (BTC), was trading below $27,000 early on Tuesday. Other well-known cryptocurrencies, including as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL), experienced a mix of little ups and downs. The Akash Network (AKT) token saw the largest rise out of the group, rising more than 17 percent in just one day. Contrarily, Curve DAO Token (CRV), which lost about 5% over the course of a day, emerged as the biggest loser. At the time of writing, the market capitalization of all cryptocurrencies was $1.05 trillion, down 0.71 percent over the previous day. Bitcoin Price Today According to CoinMarketCap, the price of one bitcoin was $26,032.01, a decrease of 0.19 percent over the previous 24 hours. Bitcoin was trading at Rs 23.29 lakh, according to Indian market WazirX. Ethereum Price Today At the time of writing, the price of ETH was $1,663.28; this is a 24-hour loss of 0.76 percent. According to WazirX, the price of ethereum in India was Rs 1.48 lakh. Dogecoin Price Today According to data from CoinMarketCap, the 24-hour price of DOGE, which is presently trading at $0.06255, fell by 1.95 percent. Dogecoin's price in India as of WazirX was Rs 5.57. Litecoin Price Today In the last day, Litecoin increased by 0.23 percent. Its price at the time of writing was $66.58. The cost of LTC was Rs 5,969.31 in India. Ripple Price Today The price of XRP was $0.5209, down 2.12% over the previous day. WazirX reported that the price of ripple was Rs 46.10. Solana Price Today Solana price was $21.07, down 1.87 percent over the previous 24 hours. SOL was priced at Rs 1,860.01 in India, according to WazirX.

Tron and Shiba Inu decline by up to 4% while Bitcoin maintains above $29,300

On Wednesday, the cryptocurrency markets were trading in a choppy manner. While Ethereum, Tron, Dogecoin, and Polkadot saw losses in trade, Bitcoin and BNB saw gains. In the meantime, the market capitalization of all cryptocurrencies was increasing, trading at roughly $1.19 trillion, up 0.04% in the previous day. After a busy weekend, Bitcoin's price marginally increased to $29461. As it has done for the past week, Bitcoin is still trading in a range between $29000 and $29500. The news that Curve Finance had been the victim of an exploit seemed to have been absorbed by the market. Over the past 24 hours, the price of Curve's CRV token decreased by over 15.87%. Ethereum has successfully crossed the $1850 milestone and is currently trading at about $1871. 9.50% of the 24-hour volume of the whole crypto market's volume, or $2.55 billion, is now being traded in DeFi. Stablecoin volume as a whole is currently $23.54 billion, or 87.65% of the 24-hour volume of the whole crypto market. The largest cryptocurrency in the world by market cap, Bitcoin, was valued at over $571 billion. According to CoinMarketCap, Bitcoin presently has a 48.23% market share, up 0.19% from the previous day. The volume of Bitcoin was $10.60 billion, up 75.44% in the previous day. After reaching a recent high of $31,804, bitcoin prices experienced some profit taking and fell to $28,861.9. Following this rise, the asset has been consolidating and trading sideways in a small range, around its 50 Day Moving Average, with minimal volumes, between $29,500 and $29,000. At $28,500, Bitcoin is quite well supported. Bullish momentum will likely restart if the price maintains its position above the support level, while $32,500 will serve as a significant obstacle. The asset must break and close above the barrier to experience a rally. Cryptocurrency Price Today Bitcoin Price Today $29,386 Ethereum Price Today $1,865 Tether Price Today $0.9999 BNB Price Today $243 XRP Price Today $0.7059 Cardano Price Today $0.3129 Dogecoin Price Today $0.07869 Solana Price Today $24.5 Polygon Price Today $0.6995 Litecoin Price Today $93.28 Polkadot Price Today $5.18 Tron Price Today $0.07901 Shiba Inu Price Today $0.000008343 (Note: Price change in last 24 hours)

Bitcoin increases by more than 9% as the US takes action to safeguard bank deposits linked to cryptocurrencies

As U.S. banking regulators took control of Silicon Valley Bank and Signature Bank, two institutions with ties to the cryptocurrency industry, and guaranteed deposits at the institutions as well as additional backstops for the banking sector, Bitcoin and Ether led a significant price recovery in the top 10 non-stablecoin cryptocurrencies in morning trading in Asia. The actions came after Silvergate Capital's collapse last week, which increased the risk of a systemic bank run. Gains were headed by Solana. Quick Facts According to CoinMarketCap statistics, Bitcoin increased 9.60% in the last day to US$22,601 at 9:00 a.m. in Hong Kong. Bitcoin increased 9.77% to $1,621 USD. Solana led the gainers with a 12.85% increase to US$20.38, but it still has a ways to go as it has lost 2.93% over the past seven days. According to Circle, the company that issuing USD Coin (USDC), the second-largest stablecoin by market capitalization, traded back in line with its U.S. dollar peg on Monday morning in Asia after temporarily losing it due to Silicon Valley Bank's failure, where it had about US$3 billion in deposits. On Saturday, USDC dropped to US$0.8774 and its market cap declined 15% to US$36 billion from US$43 billion. The same day, Circle announced that it had the resources to support USDC and that it would continue to be redeemable 1:1 for US dollars. The most current USDC price was $0.9941. All Circle deposits will be accessible on Monday when institutions open, according to Circle CEO Jeremy Allaire. In the last day, the overall market value of cryptocurrencies increased by 6.47% to US$1.01 trillion. Over the previous 24 hours, the total trading amount decreased 34.52% to US$60.19 billion. U.S. stocks fell on Friday. The S&P 500 declined 1.45%, the Nasdaq Composite Index was down 1.76%, and the Dow Jones Industrial Average decreased by 1.07%. Following the loss of Silicon Valley Bank, the largest U.S. bank failure since 2008, which was taken over by the FDIC on Friday, the stock market fell. On Monday morning in Asia, however, U.S. stock futures were trading higher, indicating the steps taken to support the U.S. banking sector. Investors had to deal with the Labor Department's Friday job report, which revealed that February nonfarm payrolls came in at 311,000, exceeding the projected 225,000. This was despite the banking concerns. This supports the theory that, in order to reduce inflation, the Federal Reserve may increase interest rates more than initially anticipated. However, analysts at the CME Group forecast a 17.4% possibility of a 50 basis point hike this month, a sharp decline from 60.9% last Friday as banking failures are currently the focus of attention and concern. This reflects the belief that, in the midst of a string of bank failures, the Fed is unlikely to increase rates by that much. The CME predicts an 82.6% likelihood that the Fed will increase interest rates by the anticipated 25 basis points this month, but other commentators claim that the Fed may delay any rise until next month due to concerns in the banking sector. The Federal Reserve will decide on interest rates at its meeting on March 22. Rates are presently between 4.5% and 4.75%, which is the highest level since October 2007. According to Labor Department statistics released on February 14, the United States' annual inflation rate for the year ended January 2023 was 6.4%, significantly higher than the Federal Reserve's long-term target of keeping inflation within a 2% band. At 8:30 a.m. Eastern Standard Time on March 14, there will be another report on inflation.