May 25, 2022
Web3.0 to truly decentralize the future– PrivacySwap is here to join with its PrivacyCards
Web 3.0 is not crypto. It is a decentralized concept. Experts believe that Web 3.0 will provide a faster, more intuitive web experience and the possibility to forsake command-line search keywords in favor of natural speaking to the likes of Google. But is this really the way to truly decentralized finance? Regardless, PrivacySwap is here to join this platform with its Privacycards.
The internet alone has already uplifted everyone’s life by providing access to almost every piece of information in the world– to emails, videos, communications, and more. However, we are still reluctant to provide details on the internet as we believe it could doxx us and could be used illegally.
With that, people are looking for a much more personal and secured web, a website where users have full control. Hence, developers who aim for the same vision created the web3.0.
What is web3.0, and why is it the answer to better finance?
Web3.0 is more of an advancement of the web2.0 that we have today rather than an invention. Gavin Wood, the co-founder of Ethereum and Polkadot, invented the term “web3.0,” which refers to a “decentralized online ecosystem based on blockchain.” Web3.0 usage has increased as cryptocurrency has grown in popularity in recent years. People define Web3.0 in various ways, but at its foundation is the concept of decentralization, as seen with cryptocurrencies (key drivers of Web3).
Nowadays, people lean toward decentralized finance more than centralized finance. “The traditional financial market is highly concentrated. The currency that drives our economy is issued by the central authority. Our assets are controlled by centralized financial organizations, such as banks. As a result, central authority has the ability to regulate the movement and supply of such currencies in the market. Risk is also at the forefront. The financial system’s centralization of authority and practice has resulted in a potentially untenable level of complexity. This level of complexity introduces risk. Unchecked risk will grow, resulting in new vulnerabilities. This, along with a lack of openness, exacerbates the problem. For example, if central banks print additional currency to deal with a financial crisis and it does not fix the crisis, massive inflation may occur, affecting the whole economy. Decentralization is one possible option.” DeFi: decentralized finance is on the rise — M. Ridgway Barker & Joseph Bambara.
With Web3.0, we may see the birth of new social platforms, search engines, and marketplaces created and owned by the collective rather than a corporation. End users would reclaim ownership and power over their own data. They may potentially go from platform to platform on the internet using a single personalized account, rather than logging into several accounts for each company and site. Moreover, Web3 could be the means to eliminate the middleman in internet, data, and information transmission. The internet might evolve into a realm managed by the collective, with digital tokens serving as its money. Though it could be confusing to some, for those who are interested in blockchain, Web 3.0 is an exciting concept.
PrivacyCard and its PrivacyOracle
PrivacyCard had been in a series of updates before it was fully released. Our developers had discovered a few things while creating a better ecosystem, including Web3.0. We saw how Web3.0 could solve the interoperability of the blockchain. We want to incorporate that into PrivacySwap. Thus, we built PrivacyOracle.
With Web3.0, it is easier for crypto debit card suppliers and financial institutions such as regular banks to enter the DeFi space. In addition, users can fund their cards with PrivacySwap Oracle through integrations with Web3 Wallets. PrivacySwap aims to solve this problem by allowing Web3 wallets on various networks to interface with crypto debit cards. Moreover, PrivacyCard, as we always mention, aims to bind fiat and crypto translation. This creates a much more seamless transaction between the two financial systems.
Moreover, PrivacyCard is a safe debit card that allows traditional investors who are new to the Defi industry to easily spend their dividends at regular shops, such as Starbucks or Amazon.
This is the first debit card that allows users to load their cards straight from their Web3 wallets (beginning with MetaMask). This avoids the time-consuming and inconvenient process of converting crypto to fiat, which normally involves transferring it to a centralized exchange such as Binance and then converting it to currency via P2P services.
Conclusions
The whole blockchain technology is developing, and the early investors are among those who can prove that. Web3.0 is here because it solves a certain problem, interoperability. As a platform that promotes safe, secure, and swift transactions, PrivacySwap sees Web3.0 as a good channel to branch out to a much broader ecosystem by providing a new service to most-the crypto debit cards.
As we get closer to launch, we still discover new things that we believe will provide our users with a better crypto experience and more ways to earn. At the end of the day, we are all about expanding to adapt to our users’ needs.
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