Nowadays, big tech companies manage huge volumes of visitors that are very used to the username/password login style. These companies are using the same vision to authenticate and most have chosen Auth0 to do it. It’s clear that companies prefer to outsource the authentication process and not to manage the security in-house.

The question I’m trying to open up is how these companies are going to introduce their users to web3 and whether they should do it or not.

If they don’t do it, probably a competitor would enter the game and try to take advantage.

The competitors could be:

Building Efficient/attractive loyalty programs.
Building Micropayment between users
Sharing revenue from advertisement with users
Developing any other process that we can’t yet imagine on top of a blockchain.

Since the last implementation in Ethereum, some L2 have had a significantly low cost to make transfers, so right now the cost of gas for a transaction is almost irrelevant. We can affirm that this bull market is a great moment for some big fish to let their users dive into crypto.

Simplifying user onboarding

One of the first obstacles in the adoption of Web3 is user onboarding. The concept of digital wallets, private keys, and blockchain transactions can overwhelm even the most techie users. Simplifying this process by providing a familiar authentication experience is crucial. New users should use something more familiar to their existing social accounts. This makes it easier to start using Web3 apps and gets more people interested.

Enhancing security without sacrificing usability

Security is crucial in Web3, where users have more control over their data. Web3Auth uses advanced cryptographic techniques to ensure that users enjoy the ease of traditional logins, and their data and digital assets remain secure. This dual focus on security and usability addresses one of the biggest concerns for companies looking to make the leap to Web3: protecting their users without making the process uncomfortable.

Streaming platforms

The Revolutionary Move: Paying Viewers with Tokens

Imagine a scenario where Netflix, or a similar platform, uses Web3Auth to create a seamless way for users to build their own digital wallet at login. Now add to this vision the innovative approach of rewarding users with Netflix's own token for watching movies and watching ads. This concept could fundamentally change the viewer’s experience and engagement in a number of ways.

Increase user engagement and satisfaction

Rewarding users for the time they spend watching ads could dramatically increase engagement and satisfaction. The act of compensation transforms the experience from passive consumption to active participation. Users feel valued and directly benefit from their attention and engagement, fostering a more positive association with the platform and its advertising.

Encouraging a community-driven ecosystem

This model could also encourage the growth of a vibrant, community-driven ecosystem around the Netflix platform. Users could trade tokens, discuss the best ways to earn them, or even create content around them. This aspect could turn viewers into active participants and brand ambassadors, organically promoting the platform and its content.

Addressing Ad Skepticism

The introduction of ads on a platform previously free of them can lead to user skepticism and dissatisfaction. However, compensating users for watching ads could mitigate these negative perceptions. By offering a tangible reward, Netflix can ease the transition and highlight the value exchange.

Rewarding Creativity and Engagement

Social media platforms thrive on user-generated content and engagement. By introducing a token-based reward system, platforms can incentivise the creation of high-quality content and meaningful interactions. Users can earn tokens for creating popular content, engaging with posts, or even participating in community-driven events and challenges. This encourages a richer content ecosystem and rewards users for their contributions.

Enhancing User Retention and Satisfaction

The introduction of a reward system could significantly boost user retention and satisfaction. Knowing that their time and creativity are valued and directly rewarded, users are likely to feel more connected to the platform. This sense of ownership and participation can foster a more engaged and loyal community, which is crucial for the long-term success of any social media platform.

By rewarding users for their contributions, Twitter, Instagram, or TikTok can pioneer a new model of social media monetisation that benefits both the platform and its users. This approach challenges the traditional ad-revenue-centric models by diversifying revenue streams and distributing value more equitably among users. It also opens up new avenues for advertisers and brands to engage with the platform, possibly through the purchase of tokens or sponsorship of specific content and challenges.

Chat Apps

Facilitating microtransactions and Peer-to-Peer payments

The introduction of decentralised wallets opens up several possibilities for microtransactions and peer-to-peer payments directly within the app interface. Users could pay for services, donate to creators, or split bills with friends—all within the same app they use daily for chatting. This convenience could significantly boost the adoption of digital currencies for everyday transactions, bridging the gap between traditional finance and the complicated world of cryptocurrencies.

Building a More Inclusive Financial Ecosystem

By making it incredibly easy for users to own and use a crypto wallet, WhatsApp and Telegram can play a crucial role in promoting financial inclusion. Many of their users in developing countries might not have easy access to traditional banking services but do have access to a smartphone. With Web3Auth, these users can participate in the digital economy, send and receive money, and access financial services that were previously out of reach.

Conclusion

To wrap it all up, we're at a really interesting point where the old internet (Web2) and the new, exciting blockchain-based internet (Web3) are starting to merge. It's like we're building bridges between two lands. One is familiar with lots of users who like easy logins, like using their email or a social account. The other land is new, with lots of promise for privacy, security, and cool ways to use money online. Web3Auth is like a magical gate that helps people easily move from the old land to the new one without having to learn all the complicated stuff about how the gate works.

Think about how cool it would be if your favorite streaming site, like Netflix, started giving you digital coins just for watching shows. Or imagine posting on social media and getting paid in tokens that you can actually use. And what if, in apps like WhatsApp or Telegram, you could send money to a friend as easily as sending a sticker? All of this can be done without making you jump through hoops to set it up.

Web3Auth is making it possible for companies to offer these exciting features without scaring their users with the hard parts of blockchain tech. It's important for these big companies to start thinking about how to introduce these features. If they don't, someone else will, bringing in all kinds of new ideas we're just starting to imagine, like paying users for watching ads or sharing profits.

With everything getting cheaper to do on the blockchain, especially with the latest updates making transactions cost almost nothing, there's no better time for companies to jump in. This isn't just about making things easier or safer; it's about opening up a whole new world of possibilities for users and companies alike. It's about making the internet a place where you get more control and even get paid for your time and creativity. And of course it’s about marketing and becoming different from your competition.

So as we move forward, the big question isn't if companies will make this shift, but when and how well they will do it. The organisations that get on board now will be the ones leading the way into this exciting future.

The Bridge Between Web2 and Web3