By Mark Ackman
It goes without saying, but considering the bear market that cryptocurrencies are in right now, it is becoming very obvious that very few of them will make it out of it unscathed. Not only have prices for various cryptocurrencies plummeted in the past few weeks but the DeFi space has also been plagued with hacks and attacks from bad actors.
The most recent victim of such an attack happens to be Binance itself, which lost over $100 million. As a whole, the attack allowed Binance to recognize one of the major weaknesses that currently exist in the crypto framework.
However, Binance was also quick to recover from its loss and has since been working on various projects that will help improve its scope. The main one that it is looking to unveil is the Web 3.0 launch.
Coinbase Looking to Unveil Major Web 3.0 Effort
A common thing that most people say about cryptocurrencies is that a bear market is one of the best times to work on new products or services. And as the biggest crypto exchange in the US, Binance is currently working on launching its web 3.0 platform.
The major reason why they are focusing so much on web 3.0 is that they believe that it is next on cryptocurrency’s plate. the Crypto market saw the summer of DeFi in 2020 and the Spring of NFTs in 2021.
So with now being Web 3.0’s time in the sun, Binance is looking to create a platform that will allow them to grow the ecosystem. Therefore, they want to move past this hack as soon as possible and start working on a better way to improve the system.
A Platform that Will Make Developing Apps and Games for the Blockchain Much Easier
Developing apps or games for the blockchain is never easy, as developers need to first know how to make a node on the blockchain, which will allow them to start writing code there. This is often complex, and most developers are not looking to learn a new programming language just so that they can start developing an app on the blockchain.
With the Binance 3.0 service called Node, developers will be able to adjust their apps or games to make it more compatible with the blockchain.
First Blockchain They Will Support is Ethereum
The service will start by supporting Ethereum, which is often the most popular blockchain for developers. However, they also have plans to keep it going, as they will eventually have support ready for a variety of other blockchains as well. Binance is looking to build a very robust community, which it will do so by providing developers with the right tools.