Terminal 3 (Page 2)

Terminal 3— Empower a more equitable digital future

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\ Agentic AI is coming to enterprises, but to succeed it needs trust and receipts \ \ Agentic AI is the biggest change happening in enterprises today, but what's being overlooked is receipts and auditing agents just as we do employees.](https://blog.terminal3.io/agentic-ai-is-coming-to-enterprises-but-to-succeed-it-needs-trust-and-receipts/)\\ The Agentic AI Security & Governance Manifesto \ \ A new class of software is being deployed faster than the infrastructure to govern it. Autonomous AI agents — systems that can plan, reason, and act across networks, applications, and counterparties — have moved from research demos to live commerce, customer support, software engineering, and financial workflows in roughly eighteen months. McKinsey](https://blog.terminal3.io/the-agentic-ai-security-governance-manifesto/)\\ Why stablecoins are building a new global banking system \ \ Our newest blog post is a little different, an interview with Daren Guo, co-founder of Reap. Reap is a Hong Kong-based stablecoin infrastructure platform that lets businesses issue cards, manage business accounts and expenses, and make global payments using stablecoins.\ \ Reap was acquired by Payward, the parent company](https://blog.terminal3.io/why-stablecoins-are-building-a-new-global-banking-system/)\\ The world’s age verification laws show digital identity remains broken \ \ In December 2025, Australia did what everyone said was impossible and banned teenagers from social media. \ \ In a few days, Meta, X and other platforms had removed 4.7 million accounts. The Australian approach sparked a chain that has seen dozens of countries follow with their own versions or efforts](https://blog.terminal3.io/the-worlds-age-verification-laws-show-digital-identity-remains-broken/)\\ Apple’s Digital ID is a glimpse at a future we all will need \ \ Apple Wallet has made life a breeze for millions of iPhone owners worldwide. You can add all the bank cards in your wallet to your phone digitally and tap to pay securely. \ \ As a result, many of us now have less need to carry a wallet unless we are traveling](https://blog.terminal3.io/apples-digital-id-is-a-glimpse-at-a-future-we-all-will-need/)\\ Openclaw Is a Glimpse of the Future. It’s Also a Security Wake-Up Call. \ \ Every so often, technology gives you a glimpse of the future. It's magical, but also unfinished and dangerous.\ \ That’s the experience of using Openclaw.\ \ In the first two weeks of launch, the open source AI agent platform attracted more than 100,000 users. It spread mostly by](https://blog.terminal3.io/openclaw-is-a-glimpse-of-the-future-its-also-a-security-wake-up-call/)\\ How Asian governments are tackling digital ID and trust \ \ The phrase ‘digital identification’ conjures up vivid images of the future, which may include flying cards and everyone living in VR, but the concept is already here and advanced in many parts of Asia.\ \ Forward-thinking governments across the region have turned their already-successful physical ID card programmes into](https://blog.terminal3.io/how-asian-governments-are-tackling-digital-id-and-trust/)\\ W3TS Recap: SMART CONTACT feat. Kevin Kang (Reap) \ \ The Web3 Trust Summit 2025 concluded with a conversation that reframed stablecoins not as speculative instruments but as infrastructure for financial services export. \ \ The fireside chat between Kevin Kang (Co-Founder, Reap) and Yam Ki Chan (VP APAC, Circle) was yet another insightful addition to the Web3 Harbour SMART CONTACT](https://blog.terminal3.io/w3ts-recap-smart-contact-feat-kevin-kang-reap/)\\ W3TS Recap: Securing Digital Assets— Trust in Custody Solutions \ \ Why business viability matters as much as investor protection\ \ How do you build custody infrastructure that's both secure enough for institutions and flexible enough for emerging use cases? \ \ We concluded the 2025 Summit with experts coming together to tackle this fundamental question. The discussion, moderated by Dea Markova](https://blog.terminal3.io/w3ts-recap-securing-digital-assets-trust-in-custody-solutions/)\\ W3TS Recap: Capital Confidence— Institutional Investment in Digital Assets \ \ A panel on institutional investment in digital assets at the Web3 Trust Summit 2025, hosted by Terminal 3, revealed a rather counterintuitive truth: crypto's professionalization is succeeding precisely because it is becoming less exciting. \ \ The panel was moderated by Syed Musheer Ahmed (Founder, FinStep Asia) and brought together:](https://blog.terminal3.io/w3ts-recap-exchanges-market-makers-and-the-future-of-digital-assets-2/)\\ W3TS Recap: Exchanges, Market Makers, and the Future of Digital Assets \ \ How did the collapse of FTX help the Web3 industry revaluate what really matters in scaling digital assets? At the 2025 Web3 Trust Summit, panelists explored the gap in exchange infrastructure that was exposed by the November 2022 incident, and what technologies are needed to be ready for institutional capital](https://blog.terminal3.io/w3ts-recap-exchanges-market-makers-and-the-future-of-digital-assets/)\\ W3TS25 Recap: Building Trusted Digital Identities in the Web3 Era \ \ At the Web3 Trust Summit 2025, hosted by Terminal 3, the conversation turned to the most foundational infrastructure challenge that we face today: digital identity. Together, panelists explored how identity systems must evolve for a world of blockchain transparency and AI agents.\ \ The discussion revealed a paradox: we are building](https://blog.terminal3.io/w3ts25-recap-building-trusted-digital-identities-in-the-web3-era/)\\ \ W3TS\ \ W3TS25 Recap: Stablecoins as the Connective Tissue of Digital Finance \ \ With 11 licensed virtual asset exchanges now operational and the stablecoin licensing regime launched in August, Hong Kong is translating ambitious policy into practical infrastructure. The first panel of the 2025 Web3 Trust Summit examined whether stablecoins truly function as the connective tissue of digital finance.\ \ Our opening panelists included:](https://blog.terminal3.io/w3ts25-recap-stablecoins-as-the-connective-tissue-of-digital-finance/)\\ \ Verifiable Private Identity\ \ The Robots Are Listening: Prompt Privacy in the Age of Agentic AI \ \ The exponential growth of AI is outpacing our ability to govern the safety and security of its data use.\ \ Agentic AI, a rapidly advancing form of autonomous decision-making AI, is\ transforming industries while raising new data privacy concerns due to the vast\ volumes of sensitive prompt data generated in](https://blog.terminal3.io/the-robots-are-listening-prompt-privacy-in-the-age-of-agentic-ai/)\\ \ Reports\ \ Empowering Trust: The Next Wave of Digital Identity \ \ Digital identity is at a turning point.\ \ Terminal 3’s new paper explores Verifiable Private Identity (VPI), a user-centric approach that uses decentralized and privacy-enhancing technologies to transform how individuals and enterprises manage identity, security, and compliance.\ \ inside you'll learn\ \* How Verifiable Private Identity protects user](https://blog.terminal3.io/empowering-trust-the-next-wave-of-digital-identity-2/)\\ \ SO WHAT?\ \ Tether: Crypto’s most controversial firm wants to be tech’s biggest player \ \ The final installment of our three-part series on Tether, the backbone of Web3 which makes tens of billions per year, looks at the future as it bids to grow its influence from the stablecoin leader to one of the most powerful firms in technology.](https://blog.terminal3.io/tether-cryptos-most-controversial-firm-wants-to-be-techs-biggest-player/)\\ \ SO WHAT?\ \ How controversy from day one didn’t kill Tether: it created Web3’s top company \ \ This is the second in our three-part series looking at Tether, the shadowy company behind the world’s most traded cryptocurrency—the USDT stablecoin.](https://blog.terminal3.io/how-controversy-from-day-one-didnt-kill-tether-it-created-web3s-top-company/)\\ \ SO WHAT?\ \ Inside Tether, the insanely profitable stablecoin firm that’s Web3’s backbone \ \ GM,\ \ This week is the first of a three-part series of Tether, the company behind USDT—the world’s most traded stablecoin—which has grown into a multi-billion dollar business that holds more US bonds than many countries, and is charging into AI and other areas.\ \ Let’s](https://blog.terminal3.io/inside-tether-the-insanely-profitable-stablecoin-firm-thats-web3s-backbone/)\\ AI Without Exposure: Real-World Applications of Terminal 3's Privacy Layer \ \ As AI agents become increasingly capable of handling complex tasks, they also require more sensitive personal information to function effectively. This creates a fundamental paradox: the more useful an AI assistant becomes, the greater the privacy risk it potentially poses.\ \ Terminal 3's decentralized private data network solves this](https://blog.terminal3.io/ai-without-exposure-real-world-applications-of-terminal-3s-privacy-layer/)\\ \ Verifiable Private Identity\ \ How Privacy-Enhancing Technologies Transform Digital Trust \ \ Users are unaware of how their personal information is collected, stored, and utilized, leading to skepticism about the safety of their data. At the intersection of decentralized technologies and privacy-enhancing technologies (PETs)—lies the solution to this trust deficit.](https://blog.terminal3.io/how-privacy-enhancing-technologies-transform-digital-trust/)\\ \ Verifiable Private Identity\ \ The AI Data Privacy Crisis: Why Trust Matters in an AI-First World \ \ In just a few short years, artificial intelligence (AI) has transformed from an abstract concept to a ubiquitous technology reshaping our daily lives. How can we govern the safety and security of it's data use?](https://blog.terminal3.io/the-ai-data-privacy-crisis-why-trust-matters-in-an-ai-first-world/)\\ \ Global Regulations\ \ Guide to Stablecoin Regulation in Asia: Hong Kong & Singapore \ \ TL;DR\ \* Hong Kong and Singapore are at the forefront of stablecoin regulation in Asia, each constructing frameworks aimed at balancing innovation, financial stability, and trust.\ \* Hong Kong has implemented an extensive, mandatory licensing regime for fiat-backed stablecoins.\ \* Singapore has developed a tiered model under revised Payment Services Act](https://blog.terminal3.io/guide-to-stablecoin-regulation-in-asia-hong-kong-singapore/)\\ \ Verifiable Private Identity\ \ From Faith to Proof: How TEEs Shield Your Data in the Cloud \ \ Learn how chip-level Trusted Execution Environments protect data in the cloud while enabling fast AI automation and compliance.\ \ TL;DR\ \* Heavy fines, rising insurance premiums, and public distrust now follow every data leak or software mishap, costing companies billions each year.\ \* TEEs: a proven chip-level security method that](https://blog.terminal3.io/how-trusted-execution-environment-shield-your-data-in-the-cloud/)\\ \ SO WHAT?\ \ Why decentralized ID is the hottest thing in Web3 right now \ \ GM,\ \ Decentralized identity is the hot topic in Web3 right now.\ \ The launch of a token for the billion-dollar valued Humanity Protocol and World’s big-name partnerships with Tinder, Razer, and Visa mark a turning point: decentralized ID is finally going mainstream.\ \ As AI blurs the line between](https://blog.terminal3.io/why-decentralized-id-is-the-hottest-thing-in-web3-right-now/)\\ \ Verifiable Private Identity\ \ Zero Knowledge Proofs: What They Are, How They Work, and Why Your Business Needs Them \ \ Discover how zero-knowledge proofs prove compliance, block fraud, and slash breach costs without revealing customer data.](https://blog.terminal3.io/zero-knowledge-proofs-business/)\\ \ Global Regulations\ \ Vietnam Legalises Digital Assets Under New Digital Technology Law \ \ Discover how Vietnam’s Digital Technology Law defines crypto assets, mandates strong KYC / AML controls, and how Terminal 3’s ZKP identity rails keep firms compliant.](https://blog.terminal3.io/vietnam-digital-assets-law/)\\ \ SO WHAT?\ \ Stablecoin payment adoption is rocketing— and this is only the beginning \ \ GM,\ \ Shopify, Stripe, PayPal, Visa, Uber, Apple, Google… these are some of the companies that have integrated or are considering integrating stablecoins into their business.\ \ We wrote about the potential of stablecoins nearly 18 months ago, but the concept of digital money has rapidly gained traction even over that short](https://blog.terminal3.io/stablecoin-payment-adoption-is-rocketing-and-this-is-only-the-beginning/)\\ \ SO WHAT?\ \ Can MANTRA regain trust and momentum after a 95% token price drop? \ \ GM,\ \ Launching a token can make founders of Web3 startups rich—and in far quicker time than it takes to be acquired or go public in an IPO. Cryptocurrency markets are liquid, but that can also spell peril for companies if their token price falls.\ \ That’s the subject of](https://blog.terminal3.io/can-mantra-regain-trust-and-momentum-after-a-95-token-price-drop/)\\ \ News\ \ Letter from the Founders: Seed Round Reflections and Thanks \ \ Dear Friends,\ \ When we founded Terminal 3, we were imagining what the internet could be if it were truly equitable. We envisioned a digital world where privacy is a right not a privilege, and where businesses can innovate without compromising trust. Our mission is to prove that data should be](https://blog.terminal3.io/seed-round-reflection-thanks/)\\ \ News\ \ Terminal 3 Raises US$8mn Seed Round to Scale Privacy Technology In New Age of AI \ \ Hong Kong, 30 April 2025: Terminal 3, a Hong Kong-based Web3 startup, has successfully raised a seed funding round of US$8m. The investment will drive the development of a novel data privacy and security protocol due for launch later in the year and accelerate the adoption of the](https://blog.terminal3.io/terminal-3-raises-us-8mn-seed-round-to-scale-privacy-technology-in-new-age-of-ai/)\\ \ SO WHAT?\ \ Circle IPO: A unique money printing model that will divide investors \ \ GM,\ \ Circle’s IPO has been talked about for a number of years, and finally it just took a big step to reality after the US firm—which issues popular stablecoin USDC—filed to go public on the New York Stock Exchange (NYSE).\ \ This week we’re digging into its](https://blog.terminal3.io/circle-ipo-a-unique-money-printing-model-that-will-divide-investors/)\\ \ SO WHAT?\ \ The growing convergence between traditional payment and finance and Web3 \ \ GM,\ \ This week we’re looking at the growing convergence between traditional finance and payments and the Web3 industry. This year alone, billions have been spent on acquisitions both ways and companies on both sides are likely to increasingly look like each other.\ \ Let’s dive in!\ \ Best,\ \ Jon and](https://blog.terminal3.io/the-growing-convergence-between-traditional-payment-and-finance-and-web3/)\\ \ SO WHAT?\ \ 3 big takeaways from the record $1.5 billion ByBit hack \ \ GM,\ \ It’s been a month since Web3’s largest ever hack took place: ByBit lost $1.5 billion at the hands of North Korea-affiliated hackers. The audits are in, the real-time stories have been written, but what are the bigger takeaways from this catastrophic event?\ \ Our newsletter](https://blog.terminal3.io/3-big-takeaways-from-the-record-1-5-billion-bybit-hack/)\\ \ SO WHAT?\ \ The SEC Just Flipped on Crypto: What It Means for Web3 \ \ Dropping 2-year-old Coinbase lawsuit signals a major shift in US crypto regulation](https://blog.terminal3.io/the-sec-just-flipped-on-crypto-what-it-means-for-web3/)\\ \ SO WHAT?\ \ USA, AI and developers: what does 2025 have in store for Web3? \ \ Our predictions for this year and our review of last year’s forecasts](https://blog.terminal3.io/usa-ai-and-developers-what-does-2025-have-in-store-for-web3/)\\ \ SO WHAT?\ \ Our 10X recap of Web3 in 2024 \ \ GM,\ \ Happy New Year! We enjoyed a restful festive period here at SO WHAT and we are excited to be back. How excited you ask? Excited enough to 10X our annual recap, which includes 30 must-note topics from the year that was 2024.\ \ Stand by for our predictions, which](https://blog.terminal3.io/our-10x-recap-of-web3-in-2024/)\\ \ News\ \ Terminal 3 partners with Varmeta to advance Web3 identity solutions \ \ We are excited to announce our strategic partnership with Varmeta, an end-to-end development studio building products with emerging technologies to revolutionize industries.\ \ This collaboration brings together Terminal 3's expertise in privacy-preserving verifiable identities with Varmeta's comprehensive capabilities in Blockchain and AI development. Together,](https://blog.terminal3.io/terminal-3-partners-with-varmeta-to-advance-web3-identity-solutions/)\\ \ SO WHAT?\ \ How Bitcoin looks at $100K compared to $1K \ \ GM,\ \ The world of Web3 is crazy at the best of times, but it’s been a particularly wild ride over the last few weeks since Donald Trump won the US Presidential election. The President-elect has said a number of positive things about crypto and Bitcoin generally—his win](https://blog.terminal3.io/how-bitcoin-looks-at-100k-compared-to-1k/)\\ \ News\ \ Terminal 3 joins Soneium as an infrastructure ecosystem partner \ \ Terminal 3 is officially live on Soneium to bring Web3 technologies to everyday users.\ \ As part of the Soneium community, Terminal 3 will support emerging Soneium-based projects with private, native digital identity, universal credentials, and decentralized storage solutions. By enabling seamless integration, Terminal 3 allows developers and builders on](https://blog.terminal3.io/terminal-3-joins-soneium-as-an-infrastructure-ecosystem-partner/)\\ \ News\ \ Terminal 3 powers BuckID: Decentralized user profiles for gamers on BeraBucks \ \ BuckID, powered by Terminal 3 Identity, is officially live on BeraBucks.com.\ \ BeraBucks is a decentralized gaming platform designed to connect the largest gaming communities in one place. Built on BeraChain, BeraBucks offers gamers a space to engage and compete, while offering community-driven gaming brands an unparalleled loyalty and](https://blog.terminal3.io/terminal-3-powers-buckid-decentralized-user-profiles-for-gamers-on-berabucks/)\\ \ SO WHAT?\ \ Meet Pump.fun, the memecoin factory making $1M a day \ \ GM,\ \ One of the most lucrative companies in Web3 today may also be one of the most controversial. This is not a company aiming to build a new internet, democratize financial services, or pursue other lofty goals. In fact, critics accuse it of enabling gambling, although some have praised it](https://blog.terminal3.io/meet-pump-fun-the-memecoin-factory-making-1m-a-day/)\\ \ News\ \ W3TS24 Highlights: Building Trust in a Digital World \ \ ICYMI: Learnings from the 2024 Web3 Trust Summit in Hong Kong](https://blog.terminal3.io/w3ts24-highlights-building-trust-in-a-digital-world/)\\ \ SO WHAT?\ \ We will never know who created Bitcoin—and that’s a good thing \ \ GM,\ \ This past week has been dominated by Satoshi Nakamoto, after HBO released its long-anticipated documentary aiming to answer the question of who created Bitcoin.\ \ No spoilers just yet, if you haven’t seen the show, but the truth is that we don’t need to know Satoshi’s](https://blog.terminal3.io/whoissatoshi/)\\ \ SO WHAT?\ \ Token2049: a Web3 carnival with 20K people and Ethereum-Solana showdown \ \ This is probably the most important Web3 event in the world\ \ GM,\ \ It’s been a busy couple of weeks and we apologize for our absence. But we are back and recovered after a major week in Singapore.\ \ We returned to Token 2049 in the country known as Little Red](https://blog.terminal3.io/token2049-a-web3-carnival-with-20k-people-and-ethereum-solana-showdown/)\\ \ News\ \ Terminal 3 joins Hedera in Building All-in-One Toolkit for Tokenizing Real-World Assets \ \ At Terminal 3, we believe in the transformative power of Web3 technologies to enhance financial ecosystems. Since our inception, part of our mission has been to reduce friction between digital assets and regulated spaces by leveraging private identities and credentials. We aim not only to streamline processes but also empower](https://blog.terminal3.io/terminal-3-joins-hedera-in-building-all-in-one-toolkit-for-tokenizing-real-world-assets-2/)\\ \ SO WHAT?\ \ Prediction markets have blown up around the US election—are they here to stay? \ \ GM,\ \ More than $1 billion has been wagered on the 2024 US election using a Web3 service that could break out into the mainstream. That figure is impressive, but it is even more notable considering the platform in question, Polymarket, is banned from offering bets on US soil. \ \ Welcome to](https://blog.terminal3.io/prediction-markets-have-blown-up-around-the-us-election-are-they-here-to-stay/)\\ \ SO WHAT?\ \ Telegram is essentially a Web3 company now \ \ GM,\ \ Telegram CEO Pavel Durov’s arrest on August 24 in France has sparked major discussions across the Web3 space. \ \ Governments across the world have raised their focus on Telegram and Durov, predominantly on the impact of its lack of content moderation, and the debate between privacy and anonymity. While](https://blog.terminal3.io/telegram-is-essentially-a-web3-company-now/)\\ \ SO WHAT?\ \ Why crypto’s most polarizing figure is worrying Bitcoiners \ \ GM,\ \ Bitcoin is the front door to Web3, but this month it has been a major talking point after one of the industry’s most controversial figures became involved in a key asset that bridges Bitcoin to the rest of Web3: that’s wrapped BTC, aka WBTC.\ \ This week we](https://blog.terminal3.io/why-cryptos-most-polarizing-figure-is-worrying-bitcoiners/)\\ \ SO WHAT?\ \ North Korea has made over $3B from Web3 hacks—here’s how \ \ GM,\ \ $3 billion.\ \ That’s an estimation of just how much money North Korea has made from cryptocurrency hacks between 2017 and 2023.\ \ There’s no sign that the regime is slowly down, however. Last month, North Korea was thought to be the attacker that stole $235 million from India-](https://blog.terminal3.io/north-korea-has-made-over-3b-from-web3-hacks-heres-how/)\\ \ SO WHAT?\ \ Tokenized funds are on the rise—no wonder JPMorgan wants a piece of the action \ \ GM,\ \ Earlier this month, 150-year-old bank Goldman Sachs said it plans to launch its first tokenized funds. The news generated plenty of attention—but why?\ \ The premise is that tokenized funds will knock down the walls and allow anyone to enjoy access to financial instruments that are currently](https://blog.terminal3.io/tokenized-funds-are-on-the-rise-no-wonder-jpmorgan-wants-a-piece-of-the-action/)\\ \ SO WHAT?\ \ Anonymous and accountable: how blockchain can change the game for polls \ \ GM,\ \ Speaking your mind online can come at a price in some countries—even just indicating your preference can be costly in some, too. This week we are looking at how blockchain technology can have a tangible impact on free speech and opinion online.\ \ We’ve written about zero-knowledge](https://blog.terminal3.io/anonymous-and-accountable-how-blockchain-can-change-the-game-for-polls/)\\ \ SO WHAT?\ \ Farcaster, the billion dollar Web3 social project, has ambitious plans \ \ It may not have huge user numbers but its goal to connect social networks and apps fulfills an ambition Twitter once held\ \ Web3 social media service Farcaster raised eyebrows in May when it announced that it had raised a massive $150 million round that valued its business at $1 billion.](https://blog.terminal3.io/farcaster-the-billion-dollar-web3-social-project-has-ambitious-plans/)\\ \ SO WHAT?\ \ Telegram’s aborted blockchain project came back from the dead and is now the hottest platform in Web3 \ \ GM,\ \ Web3 is all about taking unfair advantages. Last week, we looked at how Coinbase used its position as an industry bellwether and public company to develop the second largest Ethereum layer-two platform in less than a year.\ \ On a related theme, today we are diving into TON, the](https://blog.terminal3.io/telegrams-aborted-blockchain-project-came-back-from-the-dead-and-is-now-the-hottest-platform-in-web3/)\\ \ SO WHAT?\ \ Inside Base—the blockchain Coinbase launched to reach a billion users \ \ GM,\ \ Coinbase is one of the leading names in Web3. When it makes a move, the industry sits up. In August 2023, it launched a layer-two (L2) blockchain—designed to help make transactions on Ethereum 10X cheaper and significantly faster. \ \ The lofty goal is to onboard the next billion](https://blog.terminal3.io/inside-base-the-blockchain-coinbase-launched-to-reach-a-billion-users/)\\ \ Verifiable Private Identity\ \ Verifiable Private Identity: The One Thing Needed For Regulated Digital Assets to Scale \ \ A Verifiable Private Identity (VPI) is comprised of self-sovereign data (stored and accessed via an identity oracle) and privacy-preserving ‘identity assets’ such as Decentralized Identifiers (DIDs) and Verifiable Credentials (VCs).](https://blog.terminal3.io/verifiable-identity-the-one-thing-regulated-digital-assets-need-to-scale/)\\ \ SO WHAT?\ \ A controversial trademark claim may sour this year’s most-anticipated Web3 launch \ \ GM,\ \ Matter Labs is the story of the year. Its zkSync platform is used by millions who enjoy faster and cheaper transactions on Ethereum. Oh, and it is about to launch the year’s most-anticipated token.\ \ But it became talk-of-the-town for all the wrong reasons last](https://blog.terminal3.io/a-controversial-trademark-claim-may-sour-this-years-most-anticipated-web3-launch/)\\ \ SO WHAT?\ \ Tornado Cash brings privacy to Web3—legal cases against it could dampen future innovation \ \ GM,\ \ The trial of the developers behind a Web3 platform called Tornado Cash is dividing public opinion. Tornado Cash is a service that brings privacy to the transparent world of blockchain-based transactions. One developer has been sentenced to five years in jail in The Netherlands, while another faces trial](https://blog.terminal3.io/tornado-cash-brings-privacy-to-web3-legal-cases-against-it-could-dampen-future-innovation/)\\ \ SO WHAT?\ \ Decentralized identification could fix the broken mess of secure data storage, but it’s a long road with many hurdles \ \ GM,\ \ It’s been an eventful few weeks for the concept of decentralized, blockchain-based identification. \ \ Worldcoin, the project co-founded by Sam Altman, last month announced plans to introduce its own chain. That was quickly followed by MicroStrategy—yes, the firm synonymous with buying loads of Bitcoin—revealing it](https://blog.terminal3.io/decentralized-identification-could-fix-the-broken-mess-of-secure-data-storage-but-its-a-long-road-with-many-hurdles/)\\ \ SO WHAT?\ \ Here’s what we learned from the first Bitcoin Asia event \ \ GM,\ \ Bitcoin continues to be the story of Web3 this year, so you know we had to attend the inaugural Bitcoin Asia event which took place on SO WHAT’s home turf in Hong Kong.\ \ We spent the week at side events, dinners, drink meetups, breakfasts and, of course, the](https://blog.terminal3.io/heres-what-we-learned-from-the-first-bitcoin-asia-event/)\\ \ SO WHAT?\ \ DePIN is Web3’s buzziest topic—and it could be key to the AI revolution \ \ Decentralized physical infrastructure network are offering new ways for cloud computing, mobile networks, EV charging and much more\ \ Decentralized physical infrastructure network (DePIN) is one of the buzziest topics in Web3 right now. The concept is to build physical networks that can run without middlemen. File-storage, WiFi, mapping and](https://blog.terminal3.io/depin-is-web3s-buzziest-topic-and-it-could-be-key-to-the-ai-revolution/)\\ \ SO WHAT?\ \ Bitcoin’s halving is complete—what happens next is pivotal for all of Web3 \ \ GM,\ \ It finally happened. Last week saw the latest Bitcoin halving, an event that decreases the rewards received by Bitcoin miners—who are integral to the process of transactions and new coin minting.\ \ If you heard about the halving but don’t really get it, this is the issue for](https://blog.terminal3.io/bitcoins-halving-is-complete-what-happens-next-is-pivotal-for-all-of-web3/)\\ \ SO WHAT?\ \ The past, present and future of Bitcoin’s new and exciting developer landscape \ \ GM,\ \ Bitcoin, Bitcoin, Bitcoin. The upcoming halving is all that Web3 is talking about—although the crazy weather in Dubai, where the latest Token 2049 event is happening, is not far behind.\ \ Halvings tend to be a tense affair. Past events have been preceded by a sizeable drop in Bitcoin](https://blog.terminal3.io/the-past-present-and-future-of-bitcoins-new-and-exciting-developer-landscape/)\\ \ SO WHAT?\ \ Memecoin season is here—and there’s a lot more to memecoins in 2024 \ \ GM,\ \ Dogecoin. Pepe Coin. Dogwifhat. Degen. Shib Inu. Bonk. Based Fink. Jeo Boden. These are some of the thousands of ‘memecoins’ that traders have bought this year. Memecoins are a unique part of the cryptocurrency landscape. Based around tapping online memes, they offer little in the way of utility, trade](https://blog.terminal3.io/memecoin-season-is-here-and-theres-a-lot-more-to-memecoins-in-2024/)\\ \ SO WHAT?\ \ Starbucks’ voyage into Web3 loyalty is over—but not because of NFTs \ \ GM,\ \ Starbucks became the biggest global brand to dive into NFTs when it announced a Web3 loyalty program called Odyssey in September 2022. But that voyage of discovery comes to an end this week after the coffee giant abruptly announced its closure after less than 18 months.\ \ Odyssey was widely-](https://blog.terminal3.io/starbucks-voyage-into-web3-loyalty-is-over-but-not-because-of-nfts/)\\ \ SO WHAT?\ \ DAOs could be Web3’s most disruptive feature—but they haven’t taken off yet \ \ GM,\ \ We wrote about Nouns DAO, one of the most prominent DAOs in Web3 back in September, but this week we are looking at DAOs in more detail after the US state of Wyoming introduced a new law that permits them to operate as non-profit organizations.\ \ The legislation, the](https://blog.terminal3.io/daos-could-be-web3s-most-disruptive-feature-but-they-havent-taken-off-yet/)\\ \ SO WHAT?\ \ Mobile, AI and the search for killer apps: the future of Solana \ \ GM,\ \ It may seem obvious now, but when Solana launched in 2020, there was no real alternative to Ethereum. The expensive gas fees required to make any transaction on the Ethereum blockchain were exactly why Solana was created, as we explained last week. Today, though, there’s any number of](https://blog.terminal3.io/mobile-ai-and-the-search-for-killer-apps-the-future-of-solana/)\\ \ SO WHAT?\ \ The rise, fall and recovery of Solana—the original alternative to Ethereum \ \ This week we begin a new series looking at Solana, a blockchain firm that might just be the most interesting company in Web3.\ \ That’s a bold statement to make but there’s so much about Solana that captures the rollercoaster-like nature of Web3 over the last few years.](https://blog.terminal3.io/the-rise-fall-and-recovery-of-solana-the-original-alternative-to-ethereum/)\\ \ SO WHAT?\ \ Airdrops: How free crypto tokens could change the future of marketing \ \ GM,\ \ Can you imagine earning $7,000 for owning a JPEG?\ \ Ok, we’re exaggerating a little but that’s roughly what happened when a new Web3 platform called Dymension launched earlier this month. The project gave $7,000-worth of its newly-minted token to holders of some NFT](https://blog.terminal3.io/airdrops-how-free-crypto-tokens-could-change-the-future-of-marketing/)\\ \ SO WHAT?\ \ Stablecoins: The essential but controversial bridge between crypto and stability \ \ GM,\ \ This week’s issue is the final in our series into how the Web3 space is maturing in 2024. We previously looked in detail at the arrival of US ETFs and the trillion-dollar opportunity of RWA (Real World Assets). Up next is stablecoins.\ \ These are hugely influential assets](https://blog.terminal3.io/stablecoins-the-essential-but-controversial-bridge-between-crypto-and-stability/)\\ \ SO WHAT?\ \ Real World Assets are a buzzword but also Web3’s trillion-dollar opportunity \ \ GM,\ \ Welcome back to SO WHAT and the latest in our series of deep dives into how the Web3 space is maturing in 2024. This week we are focusing on Real World Assets (RWA), a buzzy phrase that essentially describes the concept of tokenizing… real world things. That ranges from](https://blog.terminal3.io/real-world-assets-are-a-buzzword-but-also-web3s-trillion-dollar-opportunity/)\\ \ SO WHAT?\ \ ETFs will change the game for Bitcoin—we just don’t know how yet \ \ GM,\ \ Last week, we started a series exploring three ways in which digital assets will mature in 2023, and today’s installment dives into way #1: US Bitcoin ETFs.\ \ This isn’t to pump bags or polish cryptocurrency tokens but to explain that, after years on the fringe, crypto and](https://blog.terminal3.io/etfs-will-change-the-game-for-bitcoin-we-just-dont-know-how-yet/)\\ \ SO WHAT?\ \ Web3 grew up in 2023—here's how we expect it to mature in 2024 \ \ GM!\ \ Welcome to 2024. We aren’t even two weeks into the new year, and it has already been historic: the first Bitcoin ETFs have been approved in the US and are already trading! Which brings us to our first SO WHAT series for 2024 … Web3 is Growing Up. \ \ The](https://blog.terminal3.io/web3-grew-up-in-2023-heres-how-we-expect-it-to-mature-in-2024/)\\ \ SO WHAT?\ \ Our 3 biggest takeaways from Web3 in 2023 \ \ GM,\ \ Today, we have a special review of the year that was 2023 through the eyes of Web3. It’s been an eventful year, perhaps mostly for the wrong reasons, but the past few months have seen more positive narratives emerge and hope for brighter markets and skies in 2024.](https://blog.terminal3.io/our-3-biggest-takeaways-from-web3-in-2023/)\\ \ SO WHAT?\ \ Ordinals have made Bitcoin fun again—but also divided once more \ \ GM,\ \ This week we are diving into a controversial topic: Bitcoin Ordinals aka NFTs on the Bitcoin network.\ \ Bitcoin purists wish NFTs would stick to places like Ethereum or Solana. Yet the birth of JPEG collections this year on Bitcoin have contributed to Bitcoin’s incredible price surge in recent](https://blog.terminal3.io/ordinals-have-made-bitcoin-fun-again-but-also-divided-once-more/)\\ \ SO WHAT?\ \ Two of Web3’s top media outlets sell to crypto exchanges—will they lose their integrity? \ \ GM,\ \ This week’s issue is the second of a two-part series on media. We looked at the power that outlets have and now we are looking at the scene after two major outlets—Coindesk and The Block—found new owners in November.\ \ The market may be quiet, but](https://blog.terminal3.io/two-of-web3s-top-media-outlets-sell-to-crypto-exchanges-will-they-lose-their-integrity/)\\ \ SO WHAT?\ \ The complicated and conflicted relationship between Web3 and media \ \ GM,\ \ Welcome back, we’ve been on a long hiatus but are back with the first of a two-part series on the media in Web3.\ \ Last month, media outlet CoinTelegraph posted an erroneous tweet to its 1.9 million followers claiming BlackRock’s Bitcoin ETF had been approved. That](https://blog.terminal3.io/the-complicated-and-conflicted-relationship-between-web3-and-media/)\\ \ SO WHAT?\ \ Fan Tokens come under fire as supporters continue to lose money \ \ GM,\ \ This week we’re looking at sport and Web3 and a polarizing debate around fan engagement.\ \ Soccer team Tottenham Hotspur sits top of the English Premier League after its best start to a season since 1980. But despite the feel-good factor around the team, there’s concern after](https://blog.terminal3.io/fan-tokens-come-under-fire-as-supporters-continue-to-lose-money/)\\ \ SO WHAT?\ \ Hong Kong regulator goes transparent after two Web3 hacks hit hard \ \ GM,\ \ September was a tough month for Hong Kong’s Web3 community. \ \ Hong Kong has emerged as a real beacon for Web3 over the past year with groundbreaking regulation, adoption among traditional industries and a growing community. But two unsavory incidents—a fraud case and a hack—which have seen](https://blog.terminal3.io/hong-kong-regulator-goes-transparent-after-two-web3-hacks-hit-hard/)\\ \ SO WHAT?\ \ Nouns DAO—the pioneering project that lost $27M but remains in good health \ \ This week we’re looking at Nouns DAO, a unique Web3 organization that is pushing barriers with a decentralized and free-spending approach to building a community that’s entirely open source..\ \ “Nouns is a community-owned brand that makes a positive impact by funding ideas and fostering collaboration. From](https://blog.terminal3.io/nouns-dao-the-pioneering-project-that-lost-27m-but-remains-in-good-health/)\\ \ SO WHAT?\ \ We went to the largest Web3 event in Asia so you didn’t have to \ \ GM,\ \ As promised last week, we’re dropping insights from Token 2049 in Singapore, an annual event that attracts more than 10,000 people… and that’s not including those who roll up exclusively for the many side events arranged alongside the show.\ \ Grab a coffee and let’s get](https://blog.terminal3.io/we-went-to-the-largest-web3-event-in-asia-so-you-didnt-have-to/)\\ \ SO WHAT?\ \ It’s event season—and Web3 events are like no others \ \ GM,\ \ A private yacht party\ \ A-list international DJs debuting new tracks\ \ A dozen hot pink Ferraris\ \ No. This isn’t Gary’s Christmas list. This week, we’re talking about the crazy world of crypto conferences.\ \ It’s good timing since Token 2049, one of the world’s most](https://blog.terminal3.io/its-event-season-and-web3-events-are-like-no-others/)\\ \ SO WHAT?\ \ The good, bad and ugly of Web3 social networks \ \ GM,\ \ This week’s issue is a little later than usual as I (Jon) went back to my European roots with a very typical August break which only just ended. \ \ We hope you enjoyed your summer break, too. We’re getting back to business this week with a look at](https://blog.terminal3.io/the-good-bad-and-ugly-of-web3-social-networks/)\\ \ SO WHAT?\ \ These two financial giants are Web3’s least likely advocates \ \ Fintech giant PayPal recently jumped into Web3 with a stablecoin product, but what about other financial giants dipping their toes.\ \ This week, we are looking at Visa and Mastercard, two companies that in theory shouldn’t be major Web3 advocates based on their core business. Both, though, see the potential](https://blog.terminal3.io/these-two-financial-giants-are-web3s-least-likely-advocates/)\\ \ SO WHAT?\ \ Reddit shows Coca Cola how NFTs are done \ \ GM,\ \ This week we are looking at NFTs. Not apes, doodles, cats or punks, this is the world of corporate and company NFT rollouts and how they can be used to build and strengthen community. \ \ The two might seem at odds given a precipitous drop in the NFT market, with](https://blog.terminal3.io/reddit-shows-coca-cola-how-nfts-are-done/)\\ \ SO WHAT?\ \ PayPal's stablecoin isn’t true crypto... but that’s okay \ \ GM,\ \ Thanks to everyone who signed up and spread word of the newsletter after we went public last week. We appreciate your early support and have loved your feedback. Write to us at sowhat@terminal3.io.\ \ This week’s topic was a no-brainer after PayPal, the once-pioneering fintech](https://blog.terminal3.io/paypals-stablecoin-isnt-true-crypto-but-thats-okay/)\\ \ SO WHAT?\ \ Worldcoin is controversial—but they got one important thing right \ \ Gm,\ \ This week, we take a look at the controversial Web3 project Worldcoin, and its lofty goal of creating a global universal ID system to enable anyone on the planet to claim basic income every week.\ \ We’ve seen long lines of people queuing for the iris scan; governments cracking](https://blog.terminal3.io/worldcoin-is-controversial-but-they-got-one-important-thing-right/)\\ \ News\ \ Terminal 3 Raises Pre-Seed Funding for Decentralized User Data Infrastructure \ \ Terminal 3, a Hong Kong-based Web3 startup, has successfully raised an oversubscribed pre-seed round to build user data infrastructure for a decentralized future. The company announced today a world-class investor group comprising 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, Bored Room Ventures,](https://blog.terminal3.io/terminal-3-raises-pre-seed-funding-for-decentralized-user-data-infrastructure/)\\ \ SO WHAT?\ \ It’s not the end of crypto in the US—but things will never be the same \ \ Gm,\ \ We’ve started this newsletter because we see a gap in the market explaining the technology and future use cases of web3, without being sidetracked by profit-chasing, tribalism or the (ample) drama that unfolds. \ \ In this inaugural newsletter, crypto stares into the abyss in the US where the](https://blog.terminal3.io/its-not-the-end-of-crypto-in-the-us-but-things-will-never-be-the-same/)

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