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The largest investment bank, Wells Fargo, has released a six-page report for its investors as an introductory document on cryptocurrencies. The company has made an attempt to explain in simple terms the importance and innovation of blockchain technology, as well as to give readers an understanding of how the world will change.
Bank analysts compare the emergence of cryptocurrencies with the invention of electricity, the car and the Internet.
In particular, Wells Fargo makes it clear in a simple picture the transition from the current web2, which supports sites of textual information, video and pictures, to web 3, where the user can transfer money without intermediaries, take loans, tokenize assets, personal information and receive other security services.
The bank presented to investors the transition to web 3 as the Internet of value, which will destroy the existing traditional financial system. The user experience will also change, just as it has changed with the advent of the Internet.
The World Wide Web has opened up new opportunities for buying goods in online stores, purchasing video games and books through online subscriptions, watching movies in streaming services, etc. The real innovation was the emergence of social networks, which became a real revolution in interpersonal relationships.
The problem with the development of the Internet of Value is the high barrier to the required minimum technical knowledge. It is difficult for a traditional user to understand the operation of smart contracts, the principles of functioning of decentralized networks, the procedures for opening a wallet, storing seed phrases, etc.
Wells Fargo believes that these challenges will be overcome as cryptocurrencies become mainstream. The Bank will contribute to this by continuing to issue reports similar to the first released in the form of introductory information on digital assets. The bank draws the attention of its investors to the fact that early adopters will receive exceptional financial benefits from investing in cryptocurrencies.
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