The influence of Web3 on the development of crypto: Interview Thee Web3 Qing
Published: 2024-05-31 11:26:26

[Thee Web3 Qing](https://x.com/QingTheCreator_) is a young professional in the space of video content and Web3, the founder of [Thee Creator’s Lounge](https://www.thecreatorslounge.net/).
Digitization is becoming a daily impulse for us, pushing us, so to speak, to the next phase of the Internet: Web 3. It is this Internet ecosystem, based on crypto wallets, blockchains, non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs), that encourages convenient application in business and beyond. What changes are happening with the advent of Web3, and how will they affect the market? Thee Web3 Qing tells about it.

**ABOUT THE PECULIARITIES OF ENTERING THE WEB3 SPACE**

> Q: How did you get into Web3, and how long have you been in the sphere?
> A: I was given a scholarship into a web3 academy, owned by my Ex-mentor.
> Q: I saw that you are the founder of Thee Creators Lounge. Can you tell me more about it?
> A: It was a community of Vreatirs in the Web3 space where I teach how to create content with my friends. The new community now is “Thee Qingdom”.
> Q: What is your experience with decentralized platforms or applications?
> A: Well, my experience with Dexs and Dapps has been good so far. I’ve never experienced hacking or draining, and I hope I don’t.

**ABOUT ADVANTAGES AND RISKS OF THE WEB3**

> Q: How in your opinion web3 has affected security and privacy of users?
> A: It has affected it positively because obviously you can’t compare web2 to Web3.
> Q: What do you see as the main security risks associated with Web3?
> A: Saving seed phrases in the phone, Google Drive, or mail. We should always back up manually. Writing it down somewhere.
> Q: What do you think are the key features that make Web3 more secure compared to Web2?
> A: The whole concept of Decentralization makes it more secure.
> Q: Do you know any examples of successful Web3 security implementations? Have you personally used any of them?
> A: Most Ethereum L2s like Base and Op worked on Eth’s security and made it better. Some other protocols followed suit.
> Q: What are the benefits of Web3 for you personally?
> A: I can make more money here without being restricted. I’m more respected in this space than the normal world because of how I’ve grown myself.
> Q: In your opinion, what are the most difficult barriers for developers in Web3?
> A: Making it completely decentralized yet risk-free.

**SYSTEMATICITY IN ACTION AS THE KEY TO SUCCESS**

> Q: Can you give advice for those who are just starting out on the Web3 path, how to overcome these challenges?
> A: Be patient, don’t drag anybody, never be satisfied or get too comfortable, have friends. Don’t trust anybody, but stay loyal till lines are crossed.

**Web3 and cryptocurrencies: what you need to know?**

For example, there are literally thousands of cryptocurrencies based on the blockchain, in the literal sense of the word. Some of them are not distinguished by special technologies, so their price is much lower. However, everything depends on the level of security and quality, which is a key indicator of Web3, and then the question arises — how does this process take place?

**The core principle of Web3 — decentralization**

And we begin to understand that this system is based on [decentralization](https://cointelegraph.com/learn/what-is-web-3-0-a-beginners-guide-to-the-decentralized-internet-of-the-future). Even in the case of Bitcoin, we can say that there is a category of specialists who are responsible for maintaining the code. There are many new blockchains that are not decentralized at all, such as TRON or Cardano.

So let’s go back to decentralization, and how it focuses on the main task of blockchain technology, which is opposite and different, and the huge circulation of cryptocurrency. There are certain driving forces in digital currency — these are people who own the majority of the money; respectively, they have a greater impact on the value of the currency and other management decisions.

Therefore, when switching to the Web3 ecosystem, it becomes clear that it will play a significant role. Crypto was the first, but for Web3, it is important to have a wallet — this is the basis; in 2023 the most popular according to the selection of [CoinGecko](https://www.coingecko.com/research/publications/most-popular-crypto-hot-wallets) are MetaMask and MyEtherWallet.

Unlike Web2, which only needed a browser, Web3 requires money and a wallet. Now let’s take a closer look at what Web3 offers in the crypto industry business and how it contributes to decentralization. The world of cryptocurrencies is taking a step towards the mainstream with the [release](https://www.coindesk.com/business/2024/03/11/with-mastercard-metamask-tests-first-blockchain-powered-payment-card/) of the first decentralized payment card, [MetaMask](https://metamask.io/) and [Mastercard](https://www.mastercard.com/global/en.html). This innovation allows cryptocurrency owners to seamlessly spend their assets “anywhere cards are accepted”. Decentralization empowers users — Web3 emphasizes decentralization through dApps, smart contracts, and DAOs, giving users greater control over their data and finances.

**MetaMask and Mastercard unlocks a new financial frontier**

The collaboration of MetaMask, a leading crypto wallet, and Mastercard, a payment giant, leads to a new level of accessibility and convenience for cryptocurrency users. We understand that MetaMask and Mastercard card open the “door” to the world of Web3, where crypto assets become an integral part of everyday life. As the MasterCard company [reports](https://www.mastercard.com/news/press/2022/october/mastercard-makes-it-easier-safer-to-buy-crypto/), it can guarantee a high level of transaction security, and MetaMask will ensure reliable storage of cryptographic assets. According to preliminary information, the card will not require intermediaries, giving users full control over their finances. Also, Metamask partners with other global leaders such as [BitGo](https://www.bitgo.com/), [Cactus Custody™](https://www.mycactus.com/) and [Cobo](https://www.cobo.com/). These partnerships provide the security and operational backbone including the world’s top cryptocurrency exchanges and platforms. Collaboration between MetaMask and Mastercard brings cryptocurrency spending into the mainstream by offering convenience and security through a shared payment card, signaling increased affordability and security. 

Another impetus was the fact that Visa, the world leader in digital payments, announced the signing of a Memorandum of Understanding (MoU) with the European crypto exchange [WhiteBIT](https://whitebit.com/ua), which is a [partner](https://beincrypto.com/visa-whitebit-crypto-partnership/) of Mastercard. This cooperation aims to help WhiteBIT establish links with banks and other financial institutions, promoting the wider adoption of cryptocurrencies. This indicates that Visa is once again becoming an active player in the cryptocurrency market, recognizing its growing popularity and potential.

It is worth noting that Web3 can be used to create decentralized virtual worlds where users can own and use their digital assets. This leads to the emergence of new types of cryptocurrencies that are used to purchase virtual goods and services, as well as decentralized gaming platforms. It is important to emphasize that Web3 is an active component in crypto-circulation and decentralized financial protocols (DeFi)

**The rise of Web3: powering the future of cryptocurrency**

Therefore, Web3 is becoming the driving force behind the development of the cryptocurrency sphere, which is adapted to the requirements of the time. This can be confirmed by the use of decentralized applications (dApps) that work on the blockchain, the application of smart contracts, and the concept of a Decentralized Autonomous Organization (DAO). The peculiarity of such organizations is that they are represented by rules that are encoded in the form of a special program, which cannot be influenced by the central management but is under the control of its members. Web3 adoption on the rise: major payment processors like Visa are recognizing the potential of crypto by forging partnerships with crypto exchanges (e.g., WhiteBIT) to facilitate wider adoption.

**CONCLUSION**

The main requirement of the modern user is the confidentiality of their data. Therefore, Web3 is focused on a society that will have control over its data, digital life and financial transactions, which will be reliably protected. The crypto world is adapted to new requirements, because it promotes innovation, freedom and security.