Shopify, Telegram exploring Web3.0 possibilities

Friday 26 August 2022 08:29 CET | News

Canada-based ecommerce platform focusing on solutions for merchants, Shopify, and encrypted social media platform Telegram have announced that they are both exploring Web3.0.

Telegram aims to soon integrate Web3.0 into its highly encrypted messaging system, while Shopify has participated in a USD 24 million Series A funding round for startup Thirdweb, which is developing tools for the third iteration of the Internet, Web3.0.

Telegram to integrate Web3.0

The founder and CEO of Telegram, Pavel Durov, states that by integrating Web3.0 it will create a new platform where owners of usernames can transfer them to interested parties in safe transactions, having guaranteed ownership on the blockchain by NFT-like intelligent contracts. Subsequently, other parts of the Telegram ecosystem consisting of channels, stickers, and emojis will become part of the marketplace, allowing safe transactions between users. 

The news falls shortly after the encrypted platform announced a USD 5 premium monthly subscription that allows users to download files, among other perks. With Telegram premium, clients can also store up to 10 stickers, follow up to 1,000 channels, create up to 20 chat folders with a total of 200 talks each, pin as much as 10 chats to the main list for quick access, or add a fourth account to any Telegram app.

Although these features are available by default and free in other instant messaging platforms (including Line and WhatsApp), Telegram users prefer this line of communication for its highly secure end-to-end encryption that makes conversations untraceable. 

However, this type of encryption received backlash from governments and international agencies throughout the years, as suspicions of malicious conversations and dark web threads surfaced. Moreover, the instant messaging app is known as the default communication channel for various terrorist and extremist organisations, including ISIS, Hezbollah, and Al-Qaida.

Global ecommerce platform for merchants Shopify and encrypted social media platform Telegram have announced that they are both exploring Web3.0 possibilities.


Shopify to invest in Web3.0 

At the same time, the fast-growing provider of ecommerce solutions Shopify is exploring the Web3.0 concept and has invested in Thirdweb. The company is said to be founded in 2021 with USD 5 million in seed capital funding from several investors. The latest funding round was led by venture capitalist Katie Haun and claimed to bring Thirdweb’s total valuation to around USD 160 million.

Part of the capital infusion will be used to expand the company’s gaming offerings, while another chunk will be required for the startup’s expansion and tech development. It is one of the several Web3 infrastructure providers and aims to offer developer tools to create new applications based on blockchain technologies.

Hyping on Web3.0

Web3.0 is the latest approach of the Internet that bases on decentralisation and transparency, as opposed to the current version which is mainly dominated by big corporations.

It grown to include various applications of blockchain-based decentralisation, including NFTs , the metaverse, and blockchain games. 

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Keywords: Web 3.0, web3, dark web, blockchain, NFT, gambling, ecommerce, ecommerce platform, funding, metaverse, AML
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3