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Web3 and Bets.io's Response to the Trend

12 March 2024 10:48, UTC

Recently, there has been a rapid rise in the popularity of the term Web3 across various industries, claiming to represent the next wave of innovation. However, skepticism surrounds this phenomenon as to whether it will merely result in companies rebranding existing offerings or truly bring about transformative change.

To provide context and insights into this topic, let’s first take a quick look at the evolution of the Internet.

A Brief History of the Web

The concept of a decentralized global network for sharing information was conceived over three decades ago, leading to the creation of Web 1.0, a read-only platform that existed from 1990 to 2004. This early version of the web was characterized by static websites, predominantly owned by large corporations, and lacked substantial user interaction.

The transition to Web 2.0, the current iteration of the internet that began in 2004, aimed to address the limitations of its predecessor. This phase ushered in the era of social media and user-generated content, transforming the web into a read-write platform. While Web 2.0 enabled companies to generate revenue through advertising and engagement, individual users struggled to assert ownership or monetize their contributions.

Enter Web 3.0, a concept popularized by Ethereum in 2014, focusing on addressing user concerns around data privacy and ownership. This next iteration of the web aims to deliver a more personalized, secure, and transparent user experience, emphasizing rapid and efficient information processing.

Introduction to Web3

Web3, a departure from the centralized nature of traditional Web, is a decentralized network where users have ownership and control. This new version of the Internet operates on crypto coins, blockchains, and NFTs, empowering users to manage and develop the platform themselves.

Noteworthy features of Web3

Web 3.0 stands out due to several unique features that distinguish it from its predecessors and make it appealing to forward-thinking individuals and companies:

  • Integration of artificial intelligence and machine learning ensures users receive relevant, accurate, and unbiased data tailored to their needs.

  • The semantic web enables machines to interpret emotions and messages, converting them into valuable data that enhances communication.

  • Data storage is decentralized, ensuring information is distributed across various locations and accessible globally.

  • Enhanced connectivity allows users to access information ubiquitously using a wide range of devices.

  • Security is maintained within a trustless environment, promoting direct interactions without the need for intermediaries.

  • Three-dimensional graphics create immersive environments in games, content, and websites.

Distinguishing between Web3 projects and ecosystems

Web3 projects typically focus on owning tokens and purchasing NFTs, limiting the scope of user engagement. In contrast, Web3 ecosystems offer expanded options as all features, mechanics, and blockchain products are interconnected and exchangeable, maximizing user benefits, profits, and overall experience. Bets.io serves as an example of a Web 3.0 ecosystem, providing members with numerous advantages that will be explored further.

Reasons to Embrace Web3 Technology

  1. Decentralization: Web3 network spreads ownership of the platform and its content among builders and token owners, offering a more democratic approach.
  2. Inclusivity: All users have equal access to the network without any discrimination, promoting a more inclusive online environment.
  3. Native Payments: Web3 employs cryptocurrencies for online transactions, eliminating the need for traditional banking systems and third-party involvement.
  4. Trustless System: Web3 operates on precise mechanics without requiring access to user data, ensuring a higher level of privacy and security.
  5. Permanent Ownership: Users own their purchases through NFTs, enabling them to trade or sell their assets without the risk of losing them if a developer removes their content.
  6. Blockchain Data Storage: Users’ information is stored on a blockchain, allowing seamless migration to other platforms without losing reputation or data.
  7. Collective Contribution: Holding DAOs enables users to have a say in future network developments, making it a collaborative environment.
  8. Secure Digital Identity: Each user has a unique Ethereum address for all their digital activities, enhancing security and simplifying online interactions.

In summary, Web3 technology transforms the internet by enhancing security, transparency, and ownership of digital content.

Challenges of Web3 Adoption

While the concept of Web3 promises a revolutionary browsing experience with endless opportunities for individuals and businesses, it is important to acknowledge the current obstacles that are hindering its universal adoption:

  1. Complex Learning Curve: The intricate interfaces, technical jargon, and significant differences of Web3 from its predecessors create a steep learning curve for users, especially those who are accustomed to traditional web browsing. This can be overwhelming and discouraging for individuals who are not tech-savvy or are new to the concept.
  2. High Transaction Costs: Despite the decentralized nature of Web3, transactions on platforms like Mint Ethereum NFT can incur substantial fees. This can pose a barrier for users in financially constrained regions or for those who cannot afford the expensive transaction costs associated with utilizing this innovative network.

Overall, addressing these challenges is essential to ensure widespread adoption and accessibility of Web3 for a diverse range of users across the globe.

Web3 Shortcomings

Despite the promising future of Web3 as a revolutionary browsing experience, there are several challenges that need to be addressed for universal adoption:

  1. Steep learning curve — The complex interfaces, technical jargon, and significant differences from previous versions make Web3 difficult for traditional or novice users to navigate. This can result in a poor user experience and require users to invest time and effort in understanding new concepts.
  2. High transaction costs — While Web3 offers free access, the costs associated with minting Ethereum NFTs and transaction fees can be prohibitively expensive for users in financially disadvantaged regions. This could limit the accessibility and adoption of this innovative network.

Industry Response to Web3

In January 2024, the approval of 11 Bitcoin exchange-traded funds by the Securities and Exchange Commission (SEC) sparked controversy within the crypto industry regarding the implications for the tradable crypto assets market. There are concerns about BlackRock becoming a major Bitcoin holder due to the ETF authorization.

Evgeniy Babitsyn, the CMO of Bets.io and a crypto and Web3 expert, shared insights on the BTC ETF, highlighting both its benefits and drawbacks. While it opens up additional access to the crypto market for retail investors using traditional investment tools, it also deviates from Bitcoin’s original purpose as an alternative to traditional financial systems.

In the context of Web3, over 18,000 developers contribute code to open-source Web3 extensions monthly. However, at the SiGMA Awards Eurasia 2024, during a discussion on revolutionizing the gaming paradigm in the Metaverse and Web3, Evgeniy pointed out the absence of official Web3 apps or games and the lack of awareness about the blockchains used in popular casino games.

He emphasized the need for software providers and casino operators to anticipate the responsibilities associated with launching Web 3.0 products to avoid potential negative consequences, drawing parallels with issues faced by users of recent Apple Vision Pro technologies.

It is essential for companies and individuals to fill the gaps in understanding Web3’s full potential to avoid merely producing superficial products under the guise of innovation. Despite the current limitations, Evgeniy remains optimistic about the significant developments expected in 2024 for BTC, cryptocurrencies, and Web3, with Bets.io supporting this outlook.

Industry Response to Web3

In January 2024, the Securities and Exchange Commission (SEC) approved 11 Bitcoin exchange-traded funds, sparking mixed opinions among crypto experts regarding the impact on the tradable crypto asset industry. The concern revolves around BlackRock potentially becoming a significant Bitcoin holder through ETFs.

Evgeniy Babitsyn, CMO of Bets.io and a crypto and Web3 expert, weighed in on the situation, highlighting both the advantages and disadvantages of BTC ETFs. While it offers retail investors easier access to the crypto market through traditional investment tools, some argue that ETFs contradict Bitcoin’s original purpose as an alternative to traditional financial systems.

Babitsyn questions whether the institutional acceptance of BTC signals a shift away from its original form. Switching gears to Web3, recent data reveals that over 18,000 developers contribute code to open-source Web3 extensions monthly. However, during a panel discussion at the SiGMA Awards Eurasia 2024 on revolutionizing the gaming paradigm in the Metaverse and Web3, Babitsyn noted the absence of official Web3 apps or games and limited knowledge about blockchains in popular casino games.

He emphasized the need for software providers and casino operators to consider the responsibilities that accompany the introduction of Web 3.0 products. Comparisons to the challenges faced by users of Apple’s Vision Pro technologies further underline the importance of balancing engagement in Web3 releases to prevent detrimental effects on consumers.

The road to leveraging Web3’s full potential remains uncharted, with many projects solely focusing on surface-level improvements rather than creating genuinely innovative and customer-centric products. Despite these challenges, Babitsyn remains optimistic about the transformative impact of 2024 on BTC, cryptocurrencies, and Web3, with Bets.io staying committed to this exciting journey.

About Bets.io

Established in 2021, Bets.io has quickly risen to prominence as an award-winning online gambling platform and leader in the crypto iGaming market. Collaborating with over 60 software providers, it boasts a vast library of 10,000+ games played worldwide. The platform has been recognized with prestigious awards such as Best Crypto Casino 2024 (SiGMA Eurasia), Best Crypto Casino 2023 (SiGMA Europe), and Rising Star Operator 2022 (SiGMA Europe) within just a few years of its inception.

Currently offering its own sportsbook and affiliate program, Bets.io is also actively transitioning towards Web3 as an ecosystem. This integration will connect all Bets.io tokens, NFTs, loot boxes, blockchain games, and other features, allowing players to buy, trade, sell, or wager on them, withdraw their values, or even exchange them for physical items from partner brands.

In essence, the Bets.io Web3 ecosystem represents a groundbreaking product that is set to redefine the future of iGaming, providing players with a unique and unparalleled gambling experience.