Since Web3 is still relatively complex, only 8% of people fully understand it despite the increased interest. According to the survey, while more than 90% of individuals have heard of ‘crypto,’ further investigation reveals a vast information gap about ‘Web3. ’
A16z suggests that Web3 will continue to expand at the same pace as the internet did to get one billion users by 2031. But this is all rather theoretical for now and actual real-world use cases where the value of Web3 is demonstrated to the ordinary user are still few and far between. One might relate Web3 to things like NFTs, marketplaces, and the metaverse. However, with these trends becoming less trendy, some wonder if Web3 has staying power.
The development and advancement of Web3 are comparatively slower than what was expected by many industry experts for the simple reason of its complexity. It may be difficult to understand and use the product because of the terminology and user experience. Buterin of Ethereum admits that there is still more work to be done to make Web3 less exclusive and more accessible to users.
Web3 continues to rely on Web2 platforms and services. In the development of Web3, its mass adoption can never be achieved without reference to the failures and successes recorded in Web2. The web3 user experience must become more simple. For example, making purchases on the Internet using a credit card is a simple and understandable process, unlike many Web3 actions. If technology such as ChatGPT is introduced in the form of a chat interface, it means that it is user-friendly to anyone. This kind of standardized usability for users is also missing in Web3.
There are Web3 enthusiasts who will argue against such simplification of technology and consider it as an act of gatekeeping. They demand wider usage but do not offer non-initiated users an easy entryway to Web3. Other major issues include security and transparency. This ambiguity can be counterproductive for people who are afraid of getting scammed and losing their money.
Web3 can’t and shouldn’t be separated from Web2. Rather, Web3 should be a progression, an improvement on Web2, and utilize the best parts of what was already developed. This integration would mean that there is going to be a continuation of what is happening as well as better transitions and innovation. This is because Web3 can adopt some of the paradigms that make Web2 user-friendly, governable, and sustainable.
Companies must identify ways to make Web3 usable and desirable for consumers. An example is Trust Wallet SWIFT which Account abstraction was implemented for easier usage as there was no need to remember keys and passphrases. For instance, PassKey enables users to log in to Web3 wallets using popular Web2 technologies.
It also helps to shift the language used in Web3. Web3 requires simple language rather than terms like ‘keys’ and ‘gas fees’. Consumers demand real solutions that can be applied to their everyday lives. The ability to meaningfully simplify complex Web3 technology is essential for greater adoption.
If Web3 proceeds at its current pace without inclusion and realism, it will become stagnant. The successes and failures of Web2 must be taken into consideration for the advancement of Web3. I have realized that being strategic with how we combine Web3 and Web2 is a way of saving time and effort as well as building a more accessible decentralized web.
Lazarus Group Back at It? UN Report Exposes Alleged North Korean Crypto Heist
A confidential United Nations report exclusively obtained by Reuters shows that North Korea’s notorious Lazarus hacking group routed millions of dollars worth of stolen cryptocurrency to their nation last year.
In March 2023, North Korean Hackers made away with $147.5 million of cryptocurrency from HTX a crypto exchange owned by TRON founder Justin Sun. The following year, they were able to use this stolen money and launder it through Tornado Cash, a crypto mixer, into North Korea.
Last week a report was sent to the UNSC sanctions committee which described the investigation into the 97 North Korean cyberattacks on cryptocurrency companies from 2017 to 2024 which together account for approximately $3.6 billion. The report also noted that North Korean IT workers who are based in other countries earn huge forex for the reclusive nation.
They are also looking into a report from The New York Times that Russia had released $ 9 million out of the $ 30 million in frozen North Korean assets and allowed North Korea to open a bank account in South Ossetia that would make it easier for it to get access to international banking networks.
Through the Lazarus Group and other North Korean hackers, some of the most successful hacks in the crypto and DeFi industries have taken place and have been the most profitable using the Tornado Cash platform for money laundering. The US banned Tornado Cash in 2022 claiming it facilitated money laundering for North Korea. By 2023, two of its co-founders were arrested for helping launder over $1 billion, including for North Korean hackers.
Another recent UNSC report showed that North Korea makes half of its revenue through hacking activities. In 2023 they began to focus on Cryptocurrency platforms and broke the record for several hacks. However, the total amount of stolen money has decreased compared to 2022, although the number of hacks has grown, which coincides with the crypto market cycle downturn.
A blockchain analysis firm called Chainalysis estimated in 2023 that North Korean hackers had stolen just over $1 billion in cryptocurrency. They placed a lot of emphasis on DeFi platforms, where they managed to steal roughly $429 million. They also attacked centralized services, exchanges, and wallet providers and made away with $150 million, and $330.9 million, and $127 million, respectively.
The North Korean Lazarus Group keeps targeting the cryptocurrency industry, sending stolen assets through mixers like Tornado Cash. Despite greater awareness and restrictions, these people remain one of the main threats to the financial stability of different countries.
Can You Get Bitcoin Back from Satoshi’s Wallet? This Accidental Transfer Says No
Recently, someone transferred 0. 10754671 BTC which is approximately $7,211 to the well–known Genesis address which is believed to belong to the creator of Bitcoin Satoshi Nakamoto. This wallet was never transacted until it was created and now contains over 100 BTC, with a total value of $6. 75 million.
One individual accidentally sent 0 on the 17th of May at block height 843,872. 10754671 BTC to Nakamoto’s Genesis wallet. The error was recorded by Arkham Intelligence – a system that tracks blockchain transactions. They quoted “Some individual tried to sacrifice an Ordinal for [pups token] last night and instead sent nearly all their BTC holdings to Satoshi Nakamoto – about 7K of them.
Bitcoin’s 15th anniversary: Another accidental transaction of 26. 917 BTC, worth $1. was sent to this address – 8 million. It came pre-loaded with 50 BTC that were hardcoded into the Genesis wallet and has received thousands of small transactions called “dust transactions” over the years. The latest transfer of 676 BTC ensured that it surpassed the 100 BTC mark.
The Genesis address of Satoshi Nakamoto has always been associated with the capitalization of Bitcoin and the elusive character of its author. But every so often a payment will get sent to the wallet instead, and it sits there as a symbol of the crazy origins of this incredible new technology. These funds represent the vision of Bitcoin’s enigmatic creator and the principles on which this digital currency was designed.
While a bad experience for those who mistakenly pay their Bitcoin to Nakamoto’s wallet, these transactions still indicate the continued interest in Bitcoin’s history and the significance of its founder. The fact that the Genesis wallet remains untouched gives credence to the role of Satoshi Nakamoto in the crypto space.
