Problems which Web3 can solve

Tudip Technologies
2 min readMay 20, 2022

Immutability — The ledger can be permanent, transparent, and unalterable history of all transactions made.

In smart contracts, code is encrypted, enabling autonomous and trustless transactions can be made, and parameters can be respected (i.e capped supply in BTC).

Decentralization — Rather than putting our trust in a single company which will control our data, we should trust the systems, networks, and algorithmic rules that are distributed, transparent, and open-source.

This enables censorship-resistance, on a worldwide trustless ledger.

Remittances — The $1T market for remittances now has the opportunity to remove middlemen like Western Union or MoneyGram, ridding its users of roughly 20% of their funds.

Users can now send funds anywhere within the world, in just seconds, for a fraction of the value .

Access to banking — According to Global Findex, 1.7 Billion people remain unbanked today. With web3, anyone can use an on-chain wallet, which can be transparent to oppressive governments.

With DeFi, they will participate in a transparent economic system that was previously inaccessible.

Democratize work — Web3 culture depends on contributions rather than pedigree. DAOs enable anyone with skills to be onboarded, begin contributing, and obtain rewards.

Anonymous persons exemplify web3’s goal to steer with actions instead of credentials, building a reputation over time.

Data ownership — With web3, we are the owners of the system and not its product.

Unlike most web2 platforms where the identity you build stays thereon platform to profit and remain during a walled garden, with protocols like ENS, you’ll take your assets, data, and identity with you.

Networking effects and incentives — In web3, each individual has direct ownership, and are rewarded for participation.

Markets are often created for virtually any asset, and fractionalization enables smaller users to participate.

Communities — Web3 is runned by community and owned, building transparency where everyone can find where they belong.

They span far/wide: developers, artists, journalism, commodity , NFTs.. These communities can sprout in a moment , like Ukraine DAO raising $8M in aid within days.

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