The current market downtown seems like most of the cryptocurrencies are almost dead. Even the recent decline in the most traded cryptocurrency, Bitcoin affirms it that this year the performance of cryptocurrencies are not upto the mark. The massive drop in the market capitalization of Bitcoin can be clearly seen this year.
According to CoinMarketCap, in the above chart, we can clearly see the huge drop in the market cap of Bitcoin. As on January 1, 2022 the Market Cap of Bitcoin was at $884.89 Billion and at present (October 04, 2022) it dropped to $380.04 Billion. The same massive-drop can be seen in Ethereum with almost half of the market cap decrease.
Report Analysis on Crypto as a Payment
In September 2022 Google Cloud partnered with Binance, a cryptocurrency exchange on a smart contract blockchain service. Binance got hardly mentioned in the statement as the whole focus was on the redesigned BNB Chain. But as per the Deloitte report from June 2022, among the 2,000 retail executives, 85% of them want to be able to accept bitcoin as a payment. On the other hand 83% of respondents think that cryptocurrency will become legal cash within the next 10 years, where 54% already invested more than $1 million to enable digital currency payments.
Web3 Technology
Web3 technology is becoming the next-gen of the internet (World Wide Web). It is a decentralized version of the existing internet using distributed ledger technology (DLT) as its foundation. While cryptocurrency, blockchain, self-sovereign identities (SSI), and decentralized finance are all products of DLT (DeFi).
Jaco Vermeulen, CTO of BML Digital, said on Web3 Technology that the concept of Web3 as a whole is characterized by a similar sense of security. He stated that, “Web3 tools are likely to push credit/debit cardless techniques and link accounts to specific identities via NFTs and biometrics. This would be used for transaction validation as well as payment account identification. As a result, it is no longer necessary to know account or credit card numbers, increasing security.”
While he also added the use of Web3 technology eventually replaced the internet as we know it today.
Source: https://www.thecoinrepublic.com/2022/10/04/crypto-is-almost-dead-does-web3-technology-need-crypto/