The last decade has been marked by the evolution of cryptocurrencies, which have captured the interest of the public through the offered opportunities and the feeling of freedom, resulting from decentralization and lack of authority to oversee how cryptocurrency transactions are conducted. The innovation in crypto space is often compared to the impact internet had on human life. There is a new term called Web 3.0 for denoting all new computing innovations arising due to the blockchain technologies. Blockchain has emerged as one of the most important inventions of the last decade with crypto currencies or financial use case as one of the domains which progressed most in the last 10 years. It is very important to research about Web 3 technologies, how it is connected to crypto economy and what to expect in this field for the next several decades.
DAOs are a type of organizational structure that have been built through the power of blockchain. DAOs are a group of likeminded individuals who work together for the long-term success of the project or creator that they are backing. DAOs offer a say with voting rights usually offered if you are a token holder of the project that youre a member of . 2. Growth of Crypto Economy Research using existing data available in another research. We use the market capitalization of crypto currencies and coins operating in the Web 3 technologies. The following diagram will help to understand the market cap growth of Crypto economy in last decade. Market cap is a good indicator for measuring the product value of an industry. Volume 3 | Issue 1 | 2
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Figure 1: Crypto currency market cap comparison The digital assets industry has experienced rapid growth in the past several years, reaching a market capitalization of $3 trillion in November 2021. However, the past year has been difficult for the industry, with a 70% drop in market cap to around $790 billion in December 2022. While this decline may appear concerning, it is important to consider the industry's performance within the larger context of the global economy. It is possible that the market is behaving similarly to the high-tech industry and may be preparing for the next phase of growth. Overall, the data suggests that there is still significant potential for growth in the digital assets industry.
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A private key or digital signature becomes invalid in case of any hacking event, (d) Improved transparency every transaction and holdings are easy to view on an explorer. The participants can view the transactions and entries in the system is validated.
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Using the secondary data analysis, one can investigate a successful business use case solved by block chain technologies by Ripple Labs, US based block chain company. Native use case of cross border payments using Web 3 technology. Ripple which owns a coin in the symbol of XRP is a very successful crypto protocol which has established a unique business use case of cross border payments using blockchain. Their open source, permission less and decentralized technology is carbon neutral and can settle a cross border transaction in 3-5 seconds compared to the conventional Swift transaction protocol which can take up to 3-4 business days. XRP transaction fees cost $0.0002 per transaction on average.
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