Bridging the Web2 and Web3 Gap: Innovations from the Mainstream
The past year has been a tumultuous one, with unprecedented challenges and disruptions affecting every aspect of the web3 world.
Yet despite these challenges, the web3 train continues to chug forward, driven by a growing community of developers, users, and businesses who are committed to building a decentralized and open internet.
From the development of new protocols and applications to the adoption of blockchain technology by mainstream organizations, the progress made in the web3 space over the past year remains nothing short of impressive. And if you’re really paying attention — looking past the dramatic headlines — there’s actually a flurry of innovation happening everywhere.
In this article, we will explore some of the latest companies working to bridge the gap between web2 and web3, improving adoption and helping to shape the future of the internet.
Going mainstream
It’s easy to get caught up in the never-ending onslaught of the web3 news cycle that dominates the space. While the media may focus on the latest with the FTX collapse or doomsaying headlines that generate clicks, there’s a lot more that meets the eye.
Behind the scenes, there are countless teams of developers, researchers, and entrepreneurs (yours truly, included!) still working hard to build the infrastructure and tools that will drive the next wave of web3 adoption.
From layer 2 solutions that enable faster and cheaper transactions, to new protocols that make it easier to build and deploy decentralized applications, the web3 ecosystem is constantly evolving and improving.
Today, we’ve gathered just a few examples of mainstream companies diving in:
Stripe. In early December, payment giant Stripe debuted a fiat-to-crypto onramp widget that allows users to buy cryptocurrencies without signing up to a cryptocurrency exchange. The widget can be embedded in any crypto product and allows users to enter their card information to acquire crypto to be used in another web3 product.
It is currently only available to US customers who have been invited to test the product. Stripe expects the widget to be used by developers working on decentralized exchanges, non-fungible token platforms, wallets and decentralized applications. The widget charges fees on top of the amount users want to spend in fiat currency and supports various payment methods including card payments, bank transfers and Apple Pay.
Telegram. In the same week, Telegram CEO Pavel Durov announced that the cloud-based instant messaging app will create a set of decentralised tools, including a decentralised cryptocurrency exchange and non-custodial wallets, in an effort to capitalise on growing scepticism towards centralised intermediaries. Durov cited the collapse and subsequent bankruptcy of FTX as evidence of the dangers of centralisation, saying “we can fix the wrongs caused by the excessive centralisation, which let down hundreds of thousands of cryptocurrency users.”
Notably, Telegram’s native cryptoasset The Open Network (TON) has bucked bear trends in the market, up around 50% since November 10. And recently, it secured a fresh $10 million fund for building out the blockchain’s infrastructure from Cypher Capital.
JPMorgan. Meanwhile, even institutional finance is still in the game. JPMorgan Chase & Co officially registered a trademark for cryptocurrency wallets in an official document published in late November. Details indicate that JPM would provide services relating to crypto transfers on the blockchain, exchange services, payment processing services, and more.
Conclusion
The web3 industry has encountered some significant challenges over the past year, but despite these obstacles, it continues to make progress towards mainstream adoption.
Companies like Stripe, Telegram, and JPMorgan are among those leading the charge, working to build the infrastructure and tools needed to drive the next wave of web3 adoption.
So while it’s important to stay informed, don’t let yourself get too swept away by the media cycle. There are still countless folks out there chugging along, working hard to build a decentralized, fair, and open future internet. Full steam ahead!
