A brand-new Internet model is gradually growing, and traditional finance is constantly being subverted. In this era, everything will be redefined. This is Web3.0, also known as Web3 – the next era of the Internet. In fact, as early as 2014, some experts proposed the concept of Web3. It was not until recent years, driven by blockchain, cryptocurrency, and metaverse, that the concept and theory of Web3 became popular rapidly. More and more institutions, governments, and VCs are pouring into it, and many applications have been derived. So what exactly is Web3? Why Web3 can redefine new finance?
Web3 redefines new finance
The core features of Web3 mainly include: decentralization, artificial intelligence, semantic web, no intermediary and permissionless, ubiquitous and so on. Web3 is supported by distributed ledger technology, a new generation of Internet based on blockchain, and is considered to be a collection of basic technologies for building the Metaverse. Its main innovations include openness, privacy, co-construction, and decentralization with the help of technologies such as blockchain and smart contracts.
At present, various financial services such as decentralized lending and decentralized insurance have been formed based on Web3. Taking the lending business as an example, under the framework of Web3, decentralized lending has formed new lending models such as over-pledge, liquidity pools, and flash loans.
Among them, the decentralized lending that has been formed is mainly aimed at crypto currency assets, and it has built a complete business model relying on Web3.
Compared with traditional lending, decentralized lending also has more obvious characteristics. It is mainly divided into the following points:
First, it helps to protect personal privacy. Under the centralized loan framework, loans and borrowings are carried out around relevant individuals or enterprises. Before lending, banks need to know whether the individual or enterprise has the ability to repay the loan. Decentralized lending and lending can take place without any party identifying themselves. However, the borrower must provide collateral, and if the borrower’s loan is not repaid, the lender will automatically obtain the collateral.
Second, it can promote business cost reduction and efficiency increase. The use of smart contracts in decentralized lending can effectively reduce manual errors and repeated operations, and reduce business costs. In addition, smart contracts can reduce the time-consuming paperwork of traditional bank loans and improve business efficiency.
Third, decentralized lending can obtain funds from around the world, which makes it easier for borrowers to obtain loans and helps to obtain lower loan interest rates.
Compared with Web2, Web3 focuses more on improving user privacy and security, as well as emphasizing innovative technologies, using artificial intelligence to support machine interaction and advanced analysis. In addition, Web3 uses a decentralized network to return the control of data to the owner, and users can use their own data ownership by themselves.
Overall, compared with the traditional Web2, Web3 has greatly improved and changed in terms of technology, application, and data status. It also breaks the traditional limitations of Web2 and redefines new finance.
CoinEx breaks the shackles of traditional finance and lowers the threshold for cryptocurrency financial transactions
Like Web3, regardless of origin or background, CoinEx, a global cryptocurrency asset trading platform, is dedicated to new finance. The exchange is one of the infrastructures of the cryptocurrency industry, and CoinEx is an indispensable part of the cryptocurrency industry, and it is the easiest platform and way for the general public to enter the Web3 industry.
As an indispensable part of the Web3 era, CoinEx has always adhered to its own platform concept. In 2022, CoinEx will upgrade the platform Slogan, dedicated to “making cryptocurrency asset transactions easier”. CoinEx helps the general public to easily join the cryptocurrency world by simplifying the product side, light investment on the asset side, and warm service awareness. CoinEx hopes to break the traditional financial shackles and lower the transaction threshold in the cryptocurrency world, so that people all over the world who want to join the ranks of Web3 can easily join and become a part of the Web3 era. At the same time, cryptocurrency users around the world can use CoinEx without barriers, unlimited, simple and easy, and start every simple cryptocurrency asset investment.