The necessity of Web 3.0 Supporting Tools

It receives recognition from more and more people as the potential for blockchain technology grows and the extensive cases of utilizing distributed ledgers emerge. It advances for companies and organizations of different sizes and types, and the benefits of blockchain are becoming more and more evident.

There are dozens and hundreds of blockchains operating as platforms these days. In reality, high barriers obstruct users to utilize those platforms to function as those are intended to. High transaction cost and low speed are just simple issues and in order for users to utilize the blockchain technology, they must learn complicated concepts such as a private key, a public key, an address and staking and it is difficult to ask for support when a user lost wallet or got hacked; sometimes it is difficult to be called as a technology that works in the 21st century.

In case of Ethereum, there are a large user pools because of first mover advantage, however the daily fee reached sixty billion GAS(*Footnote: based on etherscan.io on May 21st, 2020) and a single transaction takes about an hour with the payment of minimum fee that it is virtually impossible for ordinary users and business users to use in daily life.

Moreover there are several diverse, innovative and well-made DApps(decentralized applications) existing, however due to the limitation of the blockchain platform, users are not fully utilizing the function of the platform, but use it as a hedge of cryptocurrency provided from the platform.

This platform is well-aware of the limitations of existing blockchain platforms and firmly believes a game-changing blockchain platform can be created by overcoming those limits.