A Comprehensive Blockchain Ecosystem Fueling Web 3.0
Beyond the fundamental blockchain technologies of Bitcoin and Ethereum, technical expertise in the crypto space has limited adoption on a broader scale. There is an educational gap that prevents many non-tech savvy users, as well as the modern enterprise, from entering the space. If a protocol was able to create a secure and user-friendly ecosystem, rather than relying on one cryptocurrency or blockchain technology alone, the potential benefits are vast. If this ecosystem was able to provide efficiency, scalability, systems of automation, built-in sustainable growth mechanisms, uphold strong security measures, and continually evolve with state of the art blockchain technology, it would be an exceptional addition to Web 3.0 infrastructure. If proper levels of participatory automation were successful, it would have a significant impact on increasing adoption and daily use case for DeFi, Web 3.0 and blockchain technology at large. Similar to how DOS evolved into Windows, a Web 3.0 ecosystem has yet to bridge the gap to mass application adoption.
Source Protocol is a comprehensive blockchain technology suite for individuals, enterprises and developers to easily use, integrate and build Web 3.0 applications. It is a broad-spectrum technology ecosystem that transforms centralized web tools and financial instruments into decentralized ones.
In addition to Source's core products, which include a highly efficient layer 1 blockchain for secure and scalable app development and a full DeFi suite for borrowing, lending, staking, swapping, liquidity pooling, etc., Source's backend infrastructure is being made available for white label integration with existing online banking and finance solutions in order to more efficiently service a massive chunk of the traditional finance industry.
The Source team has a combined 30 years of experience in blockchain technology and cryptocurrency markets and its founders have been active since 2013. Through this experience, the team has come to recognize the benefits and drawbacks that various cryptos/blockchains have to offer. While many of these technologies are showing promise, it is undeniable that much of crypto's mainstream use is plagued by low transaction speeds, expensive gas fees, network congestion, lack of scalability, 51% attacks, centralized exchange hacks, minimal interoperability, and billionaire influencer tweets, etc. A major lack of solvency, liquidity and economic sustainability with prominent protocols, centralized or otherwise, has also become very clear. Evidence of this fact is arguably more visible due to the hype and what many would consider extreme over-valuations of “meme coins” and NFTs. This has created an irrational market lacking a significant presence of real utility and a dominant technology.
While Bitcoin remains king as a store of value, and Ethereum leads the way in smart contract capabilities, the slow transaction speeds of BTC and ETH’s ever-increasing gas fees have hindered enterprise development and excluded many retail investors from being able to utilize valuable apps, smart contracts and tooling. This lack of scalability has ushered in a new “race to build the modern railroad,” with competing layer one blockchain technologies such as Cardano, Polkadot, Solana, Polygon, Avalanche, Binance Smart Chain, and Cosmos all trying to build the most efficient, secure and affordable blockchains available.
From a business and economic perspective, the market will naturally seek out ecosystems that excel in these categories. For this reason, Source commits to building on, integrating with and implementing the most efficient, compatible and adaptable tech as the space evolves over time.