Benefits Web3 brings to Web2
Web3 is the natural progression in the evolution of finance, promising greater fairness and transparency in addition to lower costs. Data shows that there is an uptick in interest of Web2 and fortune 500 companies aiming to benefit from integrating onto Web3. A large discrepancy can however be seen between reported interest and actual adoption, which Entangle seeks to alleviate with its Oracle Infrastructure.
Web2 companies struggling to adopt Web3
Web2 companies confront substantial challenges in transitioning to web3, primarily due to fears stemming from vulnerabilities in decentralized systems like bridges. A notable instance is the MultiChain exploit, which led to a staggering loss of over $1.5 billion.
Beyond regulatory duties, Web2 companies and institutions have significant obligations, prompting them to find solutions not entirely dependent on third-party infrastructure providers. Although some platforms offer authoritarian assurances or customization options, they often fall short of the rigorous security standards these institutions demand.
Current Approaches and Limitations
In response to these challenges, some companies have chosen to create their own blockchain solutions. Though this path offers more control, it's resource-intensive, requiring substantial investments of time, money, and expertise. It also exacerbates the divide between Web2 and Web3 entities instead of fostering integration.
Entangle addresses institutional demand through a modular approach to security, ensuring flexibility to cater for diverse demands. At the heart of Entangle's design is its oracle solution, utilizing agents called "Keepers" to aggregate information, which is crucial for functions like cross-chain messaging or aggregating real-world data on-chain.
Entangle can support any category and number of Keepers, accommodating the growth ambitions of any enterprise, placing a high premium on trust and transparency. Institutions may freely blend custom sets of consensus nodes with Entangle´s to achieve the necessary level of control, significantly alleviating residing challenges in relation to adoption.
Through seamlessly integrating Keepers managed by Web2 entities with decentralized Keepers of Entangle, they harmonize enhanced control with the advantages of decentralization.
Efficiency is central to its design, ensuring cost-effectiveness even at high transaction volumes. Distinguishing Entangle further is its adaptability, seamlessly interfacing with a wide spectrum of blockchain ecosystems, from EVM to non-EVM, Cosmos, or even private blockchains.
Features of Entangle's Oracle Solution
The Entangle Oracle Solution opens up a variety of possibilities, including cross-chain messaging across different blockchains, establishing a new benchmark for interoperability.
It also features an integrated risk management system that closely tracks deviations in off-chain deposits, enabling institutions to swiftly adjust their on-chain approaches.
Furthermore, the platform supports accurate minting of real-world assets based on off-chain deposits. Leveraging data-driven methods, Entangle can process information from sensors, paving the way for novel applications like carbon emission monitoring.
Transitioning Web2 companies into the Web3 ecosystem is riddled with challenges, most notably those tied to security and infrastructure compatibility. Entangle, with its comprehensive and adaptable solution, emerges as a pivotal player in facilitating this transition, allowing for a new era in bridging the gap of Web2 and Web3.