While the technological revolution of Web3 is still in its infancy, it is growing at an unprecedented rate, attracting trillions of dollars from investors globally. However, the attacks on vulnerabilities, including the recent $570 million bridge hack on the BNB Chain stressed the need for industry leaders to address the ongoing problem of safety and security within the space. P3 Network is a company aiding government officials and institutions in the analysis and betterment of this industry, serving as a vital step for the growth, adoption, and overall future of web3 technologies.
The Problem at Hand
Investors entering a new territory are often vulnerable due to their limited experience and knowledge, which makes crypto a scammer’s paradise. Scams include disappearing founders, marketing campaigns that lead investors to trust illegitimate projects, pump-and dump schemes where individuals see prices increasing quickly before suddenly dropping, simple hacks where private keys are stolen, and so on. Long story short, there have been over one billion dollars swindled in scams since 2021.
The solution to stop crypto scams in the near term is to work on building a proper regulatory framework and providing the right educational information.
The Road to Effective Mass Adoption
While there are many opportunities for growth and profit in this new digital economy, there are also risks. One major way to mitigate these risks is through education. By learning about the different aspects of web3, investors, governments, and institutions can make more informed decisions, better understand the associated risks, and implement emerging technologies more efficiently.
Along with this, support from governments goes hand-in-hand. The industry currently faces a lack of structure and regulation from governments, and the problem it presents is twofold. For one, it allows for large companies to take advantage of the situation and establish monopolies within the industry. Secondly, it also leaves room for fraud and scams to proliferate. The Wild West atmosphere of the Internet age is what led to the Dotcom bubble burst in the early 2000s, and a similar situation could easily happen again with Web3.
The Solution – Building a legitimate Ecosystem
The desire for countries and institutions to quickly adopt the technology and gain a first-mover advantage, yet be surrounded by an unregulated state of affairs, is simply not sustainable in the long run. P3 is stepping in to provide guidance and oversight to not only individuals but also government bodies and large establishments.
The platform is focused on global roundtable dialogue, and addresses financial risk, invests in core manufacturing sectors, accelerates the growth of blockchain and cryptocurrency technologies, and creates ecosystems that benefit nations across the globe. Their ability to create legitimate connections with stakeholders, government officials, and business leaders worldwide to build projects with strong fundamentals and value, makes the network a recognized leader in the field of blockchain technology.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
