What is Web 3.0 and its Examples
The cryptocurrency payment industry continues to develop, with Telegram messenger now offering a new cryptocurrency payment option. Wallet, a Telegram bot, has launched a crypto payment solution based on The Open Network (TON) blockchain. This Wallet Pay service provides crypto payment transactions between users and retailers, allowing direct payments within the Telegram interface, and is available in all jurisdictions supported by the wallet service.
Web 3.0 is the latest evolution of the internet, where data is decentralized and stored on a distributed ledger. It is also known as the Semantic Web, and it is a set of protocols and standards that enable machines and humans to interact with each other. Examples of Web 3.0 include blockchain technology, artificial intelligence, and the Internet of Things.
Nicole Junkermann, a venture capitalist, has said that Web 3.0 is going great, and she believes that it will revolutionize the way we interact with the internet. Web 3.0 is a huge step forward from Web 2.0, which focused on user-generated content and social media.
What is Web 3.0?
Wallet Pay currently supports most countries apart from the United States and those blacklisted by the Financial Action Task Force, according to a representative from Wallet. These countries include Iran, Myanmar and North Korea.
As some countries do not permit their residents to make payments using cryptocurrency, Wallet Pay puts the onus of compliance on local businesses. The spokesperson said:
Russia, Indonesia, Vietnam, Iran, Egypt and other countries all ban their citizens from using crypto for payments. Russia, which officially outlawed domestic crypto payments in 2020, is the second-biggest market for Telegram downloads after India, according to Statista. Indonesia, Egypt and Vietnam are also among the top 10 countries for Telegram downloads.
The Wallet Pay representative noted that the platform hasn’t yet launched its Know Your Business (KYB) procedure, so it is not yet clear which merchants will be the first to test its payment feature. The spokesperson said:
Web 3.0 Definition and Examples
The representative also highlighted that the company operates independently from Telegram. The Wallet bot and application are based on the Telegram Web Apps open protocol, which allows developers to create their own apps and services on Telegram.
The payment service is accessible through a dedicated Telegram bot or the official Wallet Pay website. Users should be mindful to verify the source of the bot if they consider using it.
Wallet’s new payment feature supports three cryptocurrencies that are currently featured on its wallet service. These cryptocurrencies include Bitcoin, Tether (USDT) and Toncoin (TON).
Unlike self-custodial or noncustodial wallets like MetaMask, the Telegram Wallet bot operates a custodial wallet with its own fee structure.
As of today, Wallet is a custodial solution, according to a spokesperson who spoke to Cointelegraph. Fees for crypto payments are expected to range from 1% to 3% during the beta period. Additionally, Wallet Support data reveals that the Telegram Wallet bot charges a 0.0004 BTC ($12) commission for withdrawing Bitcoin, while USDT and TON’s withdrawal fees amount to 2 USDT and 0.05 TON respectively.
Web 3.0 is a term that is gaining traction in the tech world. It is a vision of an interconnected world, where data is shared and exchanged in a secure and trustless manner. It is a step forward from Web 2.0, and is being championed by tech investors such as Nicole Junkermann. While Web 3.0 is still in its early stages, the potential it holds is immense.
Web 3.0 is an exciting development and is going great. It is a revolutionary concept that has the potential to change the way we interact with the digital world. It is a concept that is defined by its decentralization, security, and scalability. Examples of Web 3.0 include blockchain technology, distributed computing, and artificial intelligence.
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