The Promise of WEB3 and Blockchain

WEB3 and Blockchain technology offer tremendous hope and promise to drastically improve data transparency and data sharing, as well as reduce the risk of a central point of failure for corporate, government and private entities.

Many of us are guilty of describing blockchains, the core of WEB3, as “trustless” systems that create trustless economies. However, by now most of us have come to realize that the term “trustless” is ambiguous, confusing, and most importantly, inaccurate.

Although a blockchain at its essence is a tamper-proof data structure that takes away the need of trust between its users, we have come to experience that it’s the ecosystem around it at which trust is still consistently being abused. Take all those projects within crypto that bank on hype and promises that end up running away with the funds of all of those believing and supporting it. Even exchanges, the entities that have been build on safeguarding their clients assets with their custodial products have proven to be a liability in the space from it’s inception up until today. From MT. Gox up to FTX and all in between, trust remains the critical factor consistently abused.

Unfortunately this is holding back the adoption and full potential of the space. It even gives room to an unwanted overregulation from authorities that could turn out negative for the fundamentals of the space.
This is quite ironic since the very ideology of the industry is actually supposed to be centered around creating an environment of “trustlessness”: the lack of requirement for trust, and the independency of territorial authorities and regulators.

The ultimate answer to this has to come out of harnessing the power that blockchain offers us to begin with. The space needs a WEB3.0 solution with which every participant can contribute in self-regulation of the space by taking advantage of the crowds wisdom.

This is how TokenWize was born!
We are developing a revolutionary decentralized WEB3 trust mechanism. Keep an eye on our website as we will soon offer specific information on the project.