Web3 and what Bets.io has to do with it


Key facts:
  • Despite its advances, no official Web3 application or game has yet been developed.

  • The Bets.io Web3 ecosystem is a true product that will dictate the future rules of iGaming.

Lately, the term Web3 has spread across various sectors with impressive speed and claims to be the second definition of innovation. However, representatives of various industries have been skeptical of this phenomenon. Will it result in companies selling more attractive packages with the same content or will it become a true innovation that aims to change the future?

Before we dive into the topic and share our opinions, let’s quickly review the history of the Internet so we’re on the same page.

Web History 101

The idea of ​​building a decentralized network to share information around the world was born more than 30 years ago and developed until create Web 1.0, a read-only network. It existed between 1990 and 2004 and had the following drawbacks:

  • The websites were static;
  • The companies owned most of the sites;
  • The networks barely had interaction between users.

Web 2.0, or in other words, today’s Internet, was an attempt to solve the listed deficiencies. It emerged in 2004 and led to the creation of the first social networks. Consequently, evolved towards a reading and writing network with user-generated content. Web 2.0 stimulated the advertising revenue system used by companies to make their traffic profitable. However, individual users who produced content could not officially own or monetize it.

The revolutionary Web 3.0, coined by Ethereum, emerged on the horizon in 2014 to resolve crypto users’ concerns about continually allowing private companies to use their information to act on their behalf. It aims to offer a more personalized, secure and transparent user experience with fast, human-like information processing.

All about Web3

Web3, unlike the monopolized Web, embodies decentralization. The network is striving to introduce a read-write-own system. This also means that the platform is managed and developed by its users. Web 3.0 aspires to become a better Internet based on cryptocurrencies, blockchains and NFTs, giving users ownership over their content.

Web3 Key Features

The following are the essential features that make Web 3.0 different from previous versions of the web and exceptionally notable and attractive to innovation-driven businesses and individuals:

  1. Intelligence artificial: Data is tailored to provide the user with only relevant, accurate and unbiased information.
  2. Semantic web: intelligent machinery interprets messages and emotions, transforming them into data to improve communications.
  3. Decentralization of data storage: information is stored in various locations and is accessible globally.
  4. Connectivity: Every user can access ubiquitous information across a wider variety of devices.
  5. Security within a trustless nature: the web guarantees direct interactions without intermediaries.
  6. Graphics 3D: a three-dimensional cyber world with better immersion in games, content and websites.

The scenarios available within the platform depend on whether we are talking about a Web3 project or an ecosystem. Owning tokens and purchasing NFTs is pretty much all you can do within a Web 3.0 project. And when NFTs run out, there’s nothing you can do about it.

A Web3 ecosystem has more options, since all of its blockchain features, mechanics, offerings and products are interconnected and interchangeable, which maximizes the benefits, profits, possibilities and user experience with the platform in general. Bets.io, specifically, is a Web 3.0 ecosystem. We will delve into the specific benefits of Web3 for Bets.io members later.

Why go to Web3

Among the advantages of this cutting-edge network are the luxuries especially valued by today’s user:

  • Decentralization distributes ownership of the platform and its content between builders and token owners.
  • Inclusivity allows all users to access the network equally, without exceptions.
  • With native payments, the network uses cryptocurrencies, so players can send and spend money online without involving third parties.
  • No trust issues: The network does not ask for access to your data to act on your behalf and operates based solely on precise mechanics rather than attracting other organizations.
  • Due to permanent ownership rules, users fully own their purchases through NFTs. That means they can trade or sell them to recover their value. In contrast, in Web 2.0, if the developer deletes their game, players lose all their assets acquired in the game.
  • Thanks to blockchain data storage, your information lives on a blockchain, allowing you to leave one platform for a more relevant one without having to rebuild your reputation from scratch.
  • Collective contribution – a user can own DAOs, tokens that act as shares of the platform and allow them to influence future changes throughout the network.
  • Secure digital identity – each user has an Ethereum address, reserving a single login across all their digital media.

In short, Web3 revolutionizes what the Internet is today in terms of security, transparency and ownership of content.

Web3 shortcomings

Indeed, the futuristic Web3 sounds like a tunnel to the next-generation inclusive browsing experience, with unlimited possibilities for both individual users and businesses. However, there are still some obstacles that prevent this solution from being universal:

  • Steep learning curve: Web3’s unclear interfaces, technical documentation, and general critical differences from previous versions provide a poor user experience for old-school or inexperienced people. The Potential users are pushed out of their comfort zone to learn new algorithms and processes that they cannot understand quickly.
  • High transaction payments: Although Web3 is free, Minting Ethereum NFTs Requires Expensive Transaction Fees. Economically disadvantaged regions will therefore be less likely to implement this innovative network.

Industry response to Web3

In January 2024, the Securities and Exchange Commission (SEC) authorized 11 Bitcoin exchange-traded funds, prompting mixed opinions among crypto experts about what it means for the tradable cryptoasset industry. What worries them most is that BlackRock will become the most prominent holder of Bitcoin thanks to ETFs.

Bets.io CMO and crypto and Web3 expert Evgeniy Babitsyn officially commented on the topic, estimating the key advantages and disadvantages of the BTC ETF. On the one hand, offers retail investors additional access to the cryptocurrency market with traditional financing instrumentsas many investors are new to investing in crypto assets.

On the other hand, «…having an ETF in play goes against what BTC was initially proposed as an alternative to traditional financial systems«says Evgeniy. It states: “…the question now is whether the institutional embrace of BTC marks the beginning of the end of the currency, at least in its original form”.

As for Web3, recent statistics show that more than 18,000 developers contribute code to Web3 open source extensions monthly. However, Evgeniy Babitsyn as a speaker at the SiGMA Eurasia Awards 2024 on the revolution of the gaming paradigm in the metaverse and Web3, comments the following: «According to the roundtable, no official Web3 app or game has been developed yet. Furthermore, very few people know about the blockchains used by today’s most popular casinos..”

«Software vendors and casino operators have not considered the responsibilities they will have to assume when introducing their Web 3.0 products. Scientific research into recent Apple Vision Pro technologies has raised this question, as many of its early users had trouble adjusting to reality after continually using the device. Therefore, casino game providers and operators must limit compromise within their Web3 releases to non-detrimental levels to maintain balanced gameplay..

Evgeniy Babitsyn, CMO of Bets.io

Simply put, there are still many gaps to be filled before people learn to use Web3 to its full potential. Otherwise, companies and individuals risk blending in with the masses by producing conventional products masked with more attractive images instead of authentic and beneficial products for the customer. In fact, very few of the projects discussed in the SiGMA Eurasia 2024 panel had notable benefits.

Despite all the obstacles, Evgeniy continues: «We know for sure that 2024 will be a monumental year for the future of BTC, cryptocurrencies and Web3«. And Bets.io stands by this statement.

About Bets.io

Bets.io was founded in 2021 and has become an award-winning online betting site and leader in the crypto iGaming market. It works with more than 60 software providers and includes a library of more than 10,000 games played globally. The platform was named Best Crypto Casino 2024 (SiGMA Eurasia), Best Crypto Casino 2023 (SiGMA Europe) and Rising Star Operator 2022 (SiGMA Europe), all in the few years since its launch.

Bets.io currently has its own sportsbook and affiliate program. Besides, is rapidly making its way to Web3 as an ecosystem. That means all Bets.io tokens, NFTs, loot boxes, blockchain gaming, and other features and mechanics will be tied together. Thus, players will be able to buy, exchange, sell or bet any of them, withdraw their values ​​or exchange them for physical items from our partners.

In short, the Bets.io Web3 ecosystem is a true product that will dictate the future rules of iGaming, and our players will be the first to immerse themselves in this never-before-seen gaming experience.

The content and links provided in this article are for informational purposes only. CriptoNoticias does not offer legal, financial or investment recommendations or advice, nor does it replace the due diligence of each interested party. CriptoNoticias does not endorse any investment or similar offers promoted here. For more information visit our Disclaimer.

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