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Taiwanese crypto projects share a glimpse of the future of web3 world : Google Cloud x Web3 Virtual Forum
The Crypto market is down at the moment, with top-dog coins dropping more than 50% since May. In a moment like this, venture capital firm Andreessen Horowitz (a16z) said: “It’s time to build.” What’s next in Web3? Google Cloud host a web3 forum Wednesday (June 22), on which Taiwanese crypto startups and VCs share their insights about the latest trends and technologies at Web3, NFT, and GameFi. The participants include XY Finance which controls property worth USD$60 M, and Lootex which provides a trading platform for GameFi.
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Prepare a mass audience for the crypto access: User Experience upgrade
NFT market has had explosive growth in recent years, with a daily trading volume reaching USD$780 M. NFTs minted by large corporations trigger great attention, including NBA top shot, Nike x RTFKT, and Adidas x BAYC, etc. Utilities of NFTs have diversified, offering owners physical products, VIP memberships, and even properties in metaverses.
With the boom of well-developed blockchain protocols and smart contracts, user experience is the next step, according to Hsuan Lee, co-founder and CEO of Blocto. Currently, the high entry barrier of blockchain yields a low conversion rate of less than 5%, and yet 90% of the population lack knowledge about crypto, according to the company’s research.
To prepare a mass audience for web3, Blocto came up with a solution that makes the registration process finished within 10 seconds. By partnering with web2 applications, users can set up their wallets with social media accounts. They built the wallet services on Google Cloud, providing a custodial experience to the users. As for the non-custodial experience, wallet services would be wired to mobile devices, where signature authentication is needed for every step.
The boom in web3: GameFi, DeFi, and open metaverses
“We expect the next billion crypto users are coming from gaming, with an expected USD$300 Billion market value by 2026,” said Ann Chien, the principal of Infinity Ventures Crypto. With metaverses and GameFi projects popping up, GameFi transactions have seen a 2934% increase in 2021. Therefore, the VC is investing in games, infrastructure that builds games, and guilds that skill the blockchain games, according to Ann.
A good game consists of fun game features, well-designed tokenamics, and a large community. It requires a web3 infrastructure that realizes interoperability, easy user onboarding, and provides tools for web2 developers.
Due to an increasing focus on game experience, the trend shifts from play-to-earn to the play-and-earn mechanism, according to Karen Kao, CMO of BOXTradEX. To meet the demand of huge markets, BOXTradEX comes up with layer2 solutions for NFT and GamFi ecosystem, transforming traditional game designers into web3.
XY Finance, a cross-chain aggregator for DeFi and Metaverse, also contributes to the infrastructure building with its services like token bridging, liquidity solutions, and multi-chain swaps, according to Wilson Huang, founder of XY Finance.
As for making the games more interesting, GalaXY Kats infuses dynamic NFTs into games. The project empowers users to mint their own tokenized weapons and customize their NFTs. Dynamic NFTs are more community-driven, with which players can adjust and change in accordance with the gameplay, said Rudolph Hsieh, product Mmanager at GalaXY Kats.
Speaking of tokenamics, Hana, the COO of Perpetual Protocol, introduced vePERP implementation, which is a solution equipping pools with high liquidity and high rewards. Curve war occurs due to veToken designs when various protocols are competing to ensure that their preferred pools are offering the highest rewards, according to Hana. veTokens are used for governance, meaning that community members that lock their tokens for longer have more weight.
However, Hana points out that veModels like Convex require long lock-up periods and reduce the degree of decentralization. Perpetual Protocol integrates protocol Uniswap v3 so that users could deposit at any market via vePERP. It provides users with benefits like boosted voting power and flexibility.
A more competitive web3 environment
The fundraising model has changed in web3, said Ching Tseng, the principle of AppWorks. Tokens get listed in public exchanges way earlier than equity, resulting in a crowded private market and a narrow window for investment. More people are involved in tokens. Thus, with a wide distribution of tokens, prices are easily affected by buyers. Moreover, tolerance of startups making mistakes is lower, further violating the prices, said Ching. Therefore, a solid foundation and infrastructure are a necessity for startups to gain a foothold in web3.
Google Cloud powers web3 projects to take on the challenges, according to Eefy Lin, the customer engineer at Google Cloud. To tackle the environmental impacts stemming from blockchain, Google Cloud supports driving the consensus algorithms other than proof of work, realizing zero carbon footprint. To improve the scalability of crypto projects, Google Cloud offers node hosting, which lowers the settlement time and gas fees. The BigQuery Public Dataset of Google Cloud contains cross-chain data and smart contracts, allowing users to perform advanced analytics.
At the same time, crypto startups have the urgent need to level up their security. In the first three months of 2022, hackers have stolen over USD$1.22 billion, especially in DeFi protocols. Google Cloud also has security solutions like Cloud KMS. Cloud KMS stores private keys for users, and at the same time allows the project owners to manage permissions on individual keys.
With more tools and in-trend technologies in their hands, crypto projects will walk into a more competitive web3 environment, which will shape a better web3 world as a result.
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