How XYO is Facilitating the Global Adoption of Web3

Blockchain Technology and the Rise of Web3

Web3 is the latest buzzword making the rounds these days, but what does it even mean?

Web3 is the next evolution of the internet as we know it. Web3 technology combines blockchain with current internet technology to allow for a more secure experience — it also includes the use of cryptocurrencies as built-in payment.

To put it more simply, Web3 uses blockchain-related features to improve the user experience. One big improvement is the focus on data ownership. The current iteration of the internet (Web2) is all about user data and how you interact with content. Here’s an example: if you go to a website, the owner of that website will look at your online behavior and then use your own information to market things to you. In this scenario, you aren’t paid or offered anything other than additional content for creating that online information. Web3 on the other hand, gives you control of your data, providing you the opportunity to not only do what you want with it but even get rewarded for it. This idea gets facilitated through decentralized blockchain technology on networks like Ethereum.

Blockchain networks offer increased security and privacy measures making the web safer. What would this mean for the average internet user? This means you’ll have proof that you created your data, you’ll own it, and you could choose when, where, and how a company uses that data. In some cases, you could even be rewarded for creating that data in the first place.

What’s keeping Web3 from being widely adopted

So far, there hasn’t been widespread adoption of blockchain or the idea of Web3 technology for several reasons. Here are some of the major barriers to Web3 gaining traction:

• Costs — Conducting transactions on networks like Bitcoin and Ethereum are expensive. When you use one of these networks to conduct transactions, you have to pay for it, and currently, it isn’t very affordable.
• Difficult to Use Tech — Blockchain technology is hard to understand and too difficult for most users to figure out. Just getting started requires some knowledge that most people just don’t have, and many people give up early on.
• Scams and Hackers — A long list of scams and hacks have led to people losing data and sometimes money when it comes to blockchain tech. It has gotten much more reliable and secure, but it is an issue that may need to be addressed in the near future for many to feel comfortable with the idea of Web3.

So far, the development of Web3 has seen a lot of exciting ideas, but fewer implementations — mainly due to the issues outlined above. This is very similar to what we saw during the ICO boom and bust in 2017–2018, and many of the projects that launched during that time have since faded out of existence. But from that boom, we’ve seen some ideas really stick — like the rise of DeFi and NFTs.

While all the Web3 chatter is helping increase awareness and attract users, there needs to be real-world use cases of the tech to make it a reality. It’s almost impossible in one short article to describe blockchain to the average user, let alone cryptocurrency and crypto trading and setting up a crypto wallet.

XYO is a Bridge to Web3 Adoption

Two popular cryptocurrency sectors are creating a path forward for Web3 adoption — finance and data management.

Companies like Stripe and PayPal have helped make big strides on the adoption front by accepting cryptocurrency payments on their platforms. Unfortunately, aside from companies like these, it can be difficult to find major examples of blockchain integration that are widely adopted by major companies and understood by the general public.

XYO is looking to break down the stigma of blockchain and Web3 by tackling one of the biggest moneymakers in the global financial system — data. The first step in is XYO 2.0, which launched earlier this year with a developer toolkit to facilitate easy adoption.

From a data standpoint, the world consists of two different groups: data producers and data consumers. The goal of XYO is to help connect these two by providing a token economy to encourage the flow of data and compensate people for their data. To do this, XYO is harnessing the momentum of the crypto community through DeFi and play-to-earn gaming as a way to entice user participation.

With XYO all you need to start your Web3 experience is a smartphone, a willingness to try something new, and the desire to earn some money along the way. You just download the COIN app, start using it, and you’ll be rewarded for providing your data to XYO through cryptocurrency and real-world goods.

With COIN, XYO has already proven that Web3 improvements like data ownership and payment for data creation makes sense to the everyday person.

As the migration to Web3 unfolds, XYO 2.0 is positioned to be a leader in the space by helping to bridge the physical world and Web2 into the Web3 Metaverse — this transition will take the online experience to the next level.

To learn more about how XYO 2.0 is facilitating the migration to Web3 and how you can take advantage, click here to visit XYO or here to begin using the COIN app.

Are you a developer? Explore XYO’s SDKs and documentation here.