What is the Status of Web 3.0 and ERC-3643 in the Ethereum Community?

Web 3.0 Tokens and Ethereum Improvement Proposal

The Ethereum community has officially approved the ERC-3643 Ethereum Improvement Proposal (EIP), making it a recognized standard for tokenizing real-world assets (RWAs). This process is similar to the way ERC-20 and other popular standards were established in the past.

The accepted standard, which was proposed in 2021, is built on the ERC-20 protocol and includes two distinct permission layers to increase security and compliance. It verifies a user’s eligibility for a token through a self-sovereign identity (SSI) framework, providing verifiable yet anonymous credentials.

Web 3.0 tokens have become increasingly popular as they are used for securities tokenization, RWAs, payment systems, and loyalty programs. Goldman Sachs and other companies have invested heavily in the technology, and the main features of Web 3.0 are now being explored by AI developers and blockchain experts.

Asset Tokenization and Web 3.0

Asset tokenization is the process of converting the value of a physical or digital asset into a digital token on a blockchain or distributed ledger. Benefits of asset tokenization include improved liquidity, faster settlements, transparency, and access to a variety of markets. Real-world applications include fractional trading of real estate, art, financial assets, and intellectual property.

Management consulting firm Roland Berger estimates that asset tokenization will grow to a market worth $10 trillion by 2030, a significant increase from the current value of around $300 billion. Companies exploring the technology include JPMorgan, Goldman Sachs, and Société Générale. Data from VanEck Research shows that the total market capitalization for RWAs reached $342 billion in September.

Web 3.0 is the next generation of the internet, which is powered by decentralized technologies such as blockchain and artificial intelligence. It is expected to bring a new level of security, privacy, and scalability to the internet. Top web 3.0 tokens include Ethereum, Polkadot, and Cardano. Web 3.0 is a real technology, and blockchain is an important part of it. Goldman Sachs is one of the leading firms exploring the potential of web 3.0.