Web3 Report: Decentralized Technologies Are Now Being Developed by Experienced Tech Professionals

In order to get a better understanding of the current state of the industry, the Ferrum Network team conducted a survey “to gather insights from participants about their involvement in and views on Web3.”

In order to get a better understanding of the current state of the digital assets sector, Ferrum Network conducted a survey to gather insights about crypto and blockchain/DLT industry developments.

The results of this survey provide valuable information on the platforms and sources “used to stay informed, factors influencing investment decisions, and the preferred methods of buying and selling tokens and coins.”

Based on the results of their survey, it seems “that the majority of respondents have been involved in Web3 for at least a couple of years, with about 45% having 2–5 years of experience and 22% having more than five years of experience.”

This suggests that decentralized technologies “have a significant number of seasoned participants who have been around for a while and have a good understanding of how things work.”

It’s also worth noting “that there is a significant portion of newer participants, with 6.3% having 0–12 months of experience and 30.2% having 1–2 years of experience.” This indicates that the blockchain industry is “still attracting new users and that there is a continuous influx of people looking to get involved.”

The report added that there could be “a number of reasons why 45% of respondents have 2–5 years of experience in Web3.” One possibility is “that these individuals saw potential in the technology early on and decided to get involved.” They may have “believed in the potential of blockchain and cryptocurrency to revolutionize various industries and were excited to be a part of this change.”

Another possibility is “that these respondents saw the potential for financial gain in Web3 and decided to invest their time and resources in learning about it.” They may have “been attracted to the crypto market’s high volatility and potential for quick profits.”

The report also mentioned:

“In summary, Web3 is a dynamic and fast-moving space, with many sources and platforms for staying up to date on the latest developments. Most people rely on social media, particularly Twitter, as well as forums and blogs, to keep informed. When it comes to buying tokens and coins, Binance and PancakeSwap are the most popular platforms, with a smaller percentage using DEXs like UniSwap.”

The report added that factors that influence investment decisions “include the social media presence and approachability of the team behind a project, as well as the quality of the documentation and whitepaper.”

However, some people “admitted to being influenced by hype when making investment decisions.” In terms of other thoughts and comments about the industry, there was a mix of optimism and caution, “with some people stressing the importance of doing one’s own research and protecting assets from scams and others expressing excitement about the potential for growth and innovation.”

Based on the results of our survey, Ferrum Network will be “focusing on exploring other platforms and expanding our reach to new users in order to grow our community.”

As noted in the update, Ferrum claims it is “ushering in the era of blockchain interoperability 2.0.”

Powered by a multichain messaging engine known as Quantum Portal, Ferrum Network’s mainnet will aim to “bring value, data, and functional interoperability to every chain in the industry.”

You can utilize Ferrum Network “to build and deploy solutions on one network and instantly enable multichain functionality without the burden or technical debt that comes with managing a multichain infrastructure.”

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