Earnity’s Domenic Carosa and Dan Schatt: Taking Advantage of Web3 Technology

In late 2021, a new player in the crypto space emerged after Earnity raised more than $20 million. Under the leadership of fintech veteran experts Dan Schatt and Domenic Carosa, the company aims to provide an online marketplace where users can earn, collect, learn about, and exchange tokens or portfolios of digital assets. The platform is powered by web3, the latest internet iteration that uses blockchain technology to decentralize its management.

Some of the features of web3 that are embedded in its system are discussed below.

Semantic Web: As implied by its name, semantic web is a feature of web3 that enables machines to decode meaning from web data, allowing them to generate, share, and connect.

AI: Through AI, web3 machines and devices will be able to efficiently read and decipher the meaning and emotion of web data. Through this feature, web3 will enable platforms to filter through and present data based on user preference.

Connectivity: Thanks to semantic metadata, information is much more connected in web3 than before. Moreover, anonymous single-sign-on will become available, which will permit users to have a single username and authentication method across all platforms and accounts. Through this, the users will have control of their sensitive personal data.

Ubiquity: Ubiquity means having the capacity to be everywhere at any given point in time. For example, web3 will allow the intercommunication of devices in a user’s environment, which means users can access their needed services anywhere. Think of it as an improvement of the Internet of Things.

Self-Governing: Since blockchain technology democratizes ownership of a platform or application, web3 can also distribute decision-making power based on the quality of a user’s purchase into the application. Through this feature, web3 can foster an open, trustless, and permissionless network.

Web3 is still in its infancy stage, and there is still a lot more development underway. Dan Schatt and Domenic Carosa emphasize that through web3, Earnity will be able to create an intuitive, safe, and secure space for crypto transactions.