From PayPal to Web3: Digital identity could play key role in unlocking mainstream adoption
The financial payments industry has seen its fair share of evolution, and is currently at an inflection point with Web3. The advent of the consumer internet in the 1990s brought unprecedented opportunities, democratizing access to information and communication, and revolutionizing digital commerce. Email revolutionized communication by facilitating instant messaging across borders. This soon led to numerous attempts at introducing digital money systems, but none were as successful as PayPal. Source: Unsplash Founded in 1998, PayPal made it easy for people to send and receive payments securely, regardless of their location or currency. PayPal stood out when it first launched because of two key features: security and simplicity. This solved the problem of online card fraud and made it easy for users to purchase products without sharing their card details with merchants. Today, information and money are transferred seamlessly via numerous online services. The protocols that power these s...