An increased number of institutions, companies & individuals are becoming interested in Web 3.0, Blockchain & Cryptocurrencies boosting their adoption extensively. Along with this adoption come innumerable new challenges that need to be addressed most efficiently.
Web 3.0 technologies expansion across all segments create a silo effect with data & personal information scattered across networks, wallets & marketplaces. As a result, people:
Are losing track of their virtual assets
Need to do a KYC each time it is needed
Lack visibility over their investments
Have to remember the passwords of each and every one of their wallets
As of now, Web 3.0 lacks a platform that could consolidate and verify data spread across different ecosystems into one centralized data hub to break this pattern.
On top of limiting decentralization, the lack of interoperability between Web 3.0 projects & blockchain ecosystems also create barriers to innovation, economic growth, and free trade, which slows down the development and massive adoption of such technologies.
One of the main objectives of Web3.0 should be breaking this silo to add interoperability between ecosystems from a data & information standpoint, as is already the case for transactions. Indeed, bridges allow transactions to be made between networks. Still, nothing similar exists to connect personal data and assets to their rightful owners.