By Raj Kushawaha
Native crypto use refers to the original use of cryptocurrencies in a purely financial transaction, such as trading (buying or selling) or a payment method for goods and services. It involves using cryptocurrencies such as Bitcoin, Ethereum, or other digital currencies to purchase goods and services from merchants, online stores, and other businesses. Native crypto use is growing with more and more people getting involved in trading and as more merchants, businesses, and online stores are beginning to accept cryptocurrencies as payment. We should strive to do more and look beyond use cases related to cryptocurrency trading when it comes to blockchain. We can bring tokenized identity, storage, and Web3 applications into the control of users as part of their everyday lives. These use cases all build up to Web3 adoption, and although we are not quite there yet, it is an inevitability.
In order for Web3 adoption to be successful, there are certain challenges that must be addressed, and we’ll be talking about a few of them in this blog. One of the most effective ways to promote adoption among consumers is to improve the user experience of Web3 services and applications. This will help facilitate the transition from traditional, centralized services to decentralized user-owned applications. Additionally, developing new systems and innovations have always been a difficult, risky, and costly endeavour, which also needs to be simplified. The layer cake of blockchain computing needs to be expanded. New computing primitives should be developed to enable projects to fully decentralize their full stack from computation to storage, indexing, query, bandwidth, connectivity, and more.
We are in the process of reinventing the internet. This is a new era in the development of base systems. It provides an opportunity for new innovations and new opportunities for those at the forefront of blockchain development. We are at a point similar to where the breakthrough in asymmetric cryptography over HTTPS led to the success of Amazon and PayPal, or the advent of the smart phone with GPS and accessible cellular internet giving way to Uber, Lyft, and the many food delivery services we have today. But now, the time has come to venture even further and utilize the layers of Web3 to create the next Amazon, PayPal, or Uber.
Web3 will also usher in a new set of user behaviors that take advantage of the unique capabilities of Web3. For instance, users will be able to use their own private keys to control their data, identity, and applications, rather than relying on a centralized service. They will also be able to use tokens to pay for services. Decentralized storage solutions will be more readily available for them to store their data.
In the current enterprise tech stack, businesses, governments, and institutions integrate via events and data streams. To transition to a decentralized model, there must be an alternative to move events and data in a decentralized way. Solve.Care has developed a Web3 stack that allows for event flow integration with event monetization without centralization. This platform includes Care.Card, Care.Node, Data Node, and Tokenized Event Streams (Care.Events). These solutions address the challenges of private key management and custody, as well as new user behaviors that take advantage of the unique capabilities of Web3.
Solve.Care’s tech stack provides a roadmap to decentralized healthcare. Check it out here.
In conclusion, the Web3 revolution is likely to bring with it great advancements in the way users interact with the internet. In order to make this a reality, user experience needs to be improved, the blockchain computing layer cake needs to be expanded, and new computing primitives need to be created to facilitate decentralization. Solve.Care has already taken steps toward solving these challenges, and it is now up to the rest of us to take up the mantle and drive the Web3 revolution.