Banco Inter emphasizes the potential of cryptocurrency and blockchain to build value Internet with Web 3.0

Banco Inter, one of Brazil’s leading digital banks, published a new version of its report called “Cryptoworld” in which it highlighted the potential of cryptocurrencies and cryptocurrencies. to build a new internet of value blockchain technology, which has been called Web 3.0.

This is the bank’s second report aimed solely at cryptocurrency.. In the first, the organization talked about the different generations of possible cryptocurrencies, that cryptocurrencies like Cardano (ADA) would be third-generation cryptocurrencies and therefore more technologically complex than Bitcoin and Ethereum (ETH).

However, in the new document, and the study of how cryptocurrencies can help us build a new era on the Internethe says that the World Wide Web has evolved a lot since its inception.

As soon as it was developed, the content on the Internet was almost static and there was almost no user interaction, no opportunity to “log in” to the sites. That’s it Internet version “Web 1.0” or “read-only web” has been created.

“With the development of new technologies, programming languages ​​such as Java Script and new protocols, the creation of applications that could interact more quickly with users became a reality. and surfing the Internet is just an opportunity for a personalized experience, ”said the bank.

In this way, Web 2.0 was created, and at the same time, what we now know as “Big Techs” was created. Huge companies like Facebook, Google, Amazon, Twitter and many more.

Web 3.0

However, the bank says that both Web 1.0 and 2.0 have built their applications on centralized models and therefore tend to fail, as happened recently on Facebook.

However, Inter noted that many Internet applications, including social networks, were created in a decentralized manner, however, that they could not grow in the same way as competitors with centralized governance, which was mainly due to decentralized governance. financial and / or incentive structure.or social that encourages developers to seek improvements in their platform.

But with cryptocurrency and blockchain technology, the creation of fully decentralized platforms with real potential for consolidation has become a reality.

“This technology has made it possible to create an incentive structure that replicates what happens with other centralized applications, where developers are paid in proportion to the number of users. This process is done through the distribution of fungible or non-fungible tokens (known as NFTs).” stated the bank.

In this way, according to Inter, tokens align the interests of users and developers working towards a single goal: the growth of the network.

“Because that growth ends in token appreciation,” he noted.

The bank also noted that in order to ensure governance in decentralized protocols, DAOs (decentralized bodies) and the consensus techniques used by these bodies, such as quadratic voting, have been created to promote greater transparency in decision-making and decentralization.

“Ideas like this are not utopian, there are already projects derived from this organizational model, such as Maker Dao and Uniswap. Today, these projects cost billions of dollars and are used in real-world applications like DeFi and Venture Capital,” he said.

value internet

It promises that Web 3.0 will be the Internet of Things, where data will no longer be stored in centralized data centers without communicating with other protocols and applications, but will be shared between network participants through an encrypted authorization network.

“The ambition of the emerging projects in the context of Web 3.0 is to create an application built on a blockchain. In this way, users can take full control of their data and thus have their own guarantee. It is respecting privacy,” he says.

Also, according to the bank, since decentralization eliminates the need for intermediaries along with the incentive structure of a blockchain, advertisers can connect directly with users.

In this regard, Inter cites Brave, whose BAT token has already risen by more than 300% since its launch, and pays users for interacting in the browser and viewing ads in the browser.

“These tokens are the foundation of the Brave Reward system. The company’s philosophy is that users pay attention to ads because of the time and money they spend. it allows producers of their favorite content to make donations without having to trust a broker, ”he said.

The bank has stated that this is possible because all transactions are derived from smart contracts within the Ethereum blockchain, so all information becomes transparent so that anyone interested can verify that the resources are going where they really need them. .

“Perhaps the full independence of an organization is utopian because of governance issues and the need for guarantees that only the legal apparatus can provide. But in the context of the Internet, developers and Web 3.0 fans believe that there are many applications that can benefit.

Check out the full report


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