The initial wave of blockchain-based messaging platforms attempts to fill in the gaps in Web3 adoption.
Forget about monitoring data breaches across numerous channels and platforms, decentralised finance transactions, or votes in autonomous decentralised organisations. You won’t be required to enter your phone number or traditional email address because your Web3 mailbox will take care of it for you. Your wallet address will instead receive and arrange all of this data.
The Web2 experience with Web3 privacy and security, and, most crucially, a focus on Web3 challenges, are at least some of the promises made by Web3 communications firms as they work to develop the first generation of blockchain-based messaging platforms.
Users may receive information in their mailbox, such as monthly statements from a wallet, transaction notifications, and hack updates, among other features, according to Swapnika Nag, co-founder of Hashmail, an Indian startup that debuted in beta on October 1.
Users can now exchange emails with their existing wallet addresses thanks to the startup. Nag explained, “That’s just an inbox that feels a lot like email, but on the backend, you just connect with your wallet address and your messages.”
As a direct line to users and a potential marketing tool, the technology offers native Web3 businesses an alternative to Telegram and Discord as a communication channel.Users benefit from an additional layer of defence against phishing attacks, as well as the possibility of token rewards from paid advertising and subscriptions.
“In Web3, your wallet serves as your point of access, and that’s the way you log in. Basically, most programmes know that about you, Nag said.
EtherMail, a platform that offers encrypted wallet-to-wallet communication, is another business making an effort to ease the industry’s communication barrier. EtherMail announced a $3 million seed investment headed by Fabric Ventures and Greenfield One in August.
According to an EtherMail representative, “most users nowadays buy a token and speculate on its price without connecting to the community.” Direct communication may spur greater adoption by assisting users in understanding and engaging with their chosen communities.
EtherMail aims to provide a paywall similar to HashMail to filter spam and encourage readers to profit from any incoming advertising, along with subscriptions and other resources for businesses.
Despite their potential, Web3 emails don’t appear to pose a short-term danger to Web2 message providers, according to Nag. But in the long run, as consumers look for basic advantages like decentralised storage and privacy, we might see an increase in the popularity of Web3 native emails.
A potential future iteration of the internet known as Web3 is built on public blockchains, a technology for maintaining records best known for allowing cryptocurrency exchanges. Emergen Research predicts that the market would grow to $81.5 billion in 2030, although there are still issues with security and compatibility.