PROJECT W3W PROTOCOL OVERVIEW - NEXT-GEN RWA PROTOCOL
W3W Protocol is a new generation Real World Asset ecosystem and protocol aimed at effectively tokenizing corporate assets, to build a bridge so that traditional businesses can access Web3 in an easier and more transparent manner. Recently, W3W Protocol also partnered with the 3S Wallet decentralized wallet project, to build more practical solutions to develop RWA's potential, while attracting more sustainable value into the market.
What is W3W Protocol?
W3W is a protocol that tokenizes traditional business assets and focuses on consumption-related assets such as goods, customer data, consumer transactions, promotions, vouchers, reward points, etc.
W3W creates a bridge to bring business assets to the Web3 environment and establishes compatibility between the Web2 and Web3 environments, which provide many practical applications of blockchain technology in the current business environment. Compatibility between the Web2 and Web3 environments will combine the core values between the two environments (for Web2, it is quick information connection and content creation, and for Web3, ownership and immutability), thereby creating new values from this combination for users.
W3W's tokenization protocol creates a completely new data relationship between users and the business itself. Tokenizing customer programs such as reward and promotion will help businesses regain initiative over customer data by creating many touch points with customers in the Web3 environment; this will provide a source of data stored directly on the blockchain, and ownership of all this data will be divided equally between users and businesses.
Tokenization will help businesses expand their customer network at optimal costs and develop across borders based on the characteristics of the blockchain platform. This happens naturally based on the need to trade in the secondary market for assets that businesses have tokenized such as NFT vouchers, Web3 loyalty points, NFT privileges, etc. With W3W's tokenized corporate RWA solution, businesses will gradually own data sources and limit their dependence on intermediary platforms.
W3W protocol’s destination is a global network of enterprise customers who have a deep understanding of the Web3 environment and use its RWA tokenization solutions in businesses to both bring value to users and create competitive advantages in an ever-changing business environment.
W3W Protocol includes the following components:
- W3W: a protocol to tokenize enterprises’ RWA and create compatibility between Web2 and Web3 environments.
- W3ID: crypto wallet-based decentralized identifier (like a citizen ID) to connect users to the W3W Network's global network of acceptance points, providing anonymity, security, ownership and cross-chain interoperability, thus helping users better understand the power of blockchain technology and the Web3 world.
- W3ID tiers: the classification for each designation, currently there are 4 classifications: Bronze, Silver, Gold, Diamond, with different benefits for each class. There are 2 ways to rank up: (1) Wallet asset value, (2) Collect W3W NFT sets.
- W3W NFT collections: native NFT collections that belong to the W3W protocol. There are 2 groups of NFTs in the W3W ecosystem: NFT-Gated (with the W3ID upgrade feature to experience the ecosystem) and NFT investment (with the main feature of earning in many different ways).
- W3Net: a globally linked offline and online point-of-sale network that allows you to enjoy incentives from businesses around the world, integrated by W3Net blockchain technology that interacts directly with your W3ID to provide you with a unique and more convenient shopping experience.
What sets W3W protocol apart?
- Tokenized Corporate RWA: This is the biggest difference in the way W3W approaches the market. “Tokenizing Corporate RWA” helps reach a larger number of users from the current ecosystems of Web2 businesses, as well as increase the amount of assets in the Web3 environment, therefore bringing new experiences to corporates' current user base by entering the world of Web3 easily and conveniently
- Compatibility: The W3W protocol creates compatibility between the Web2 and Web3 environments, providing practical applications of NFT technology in real-life environments.
- IRL Onchain transaction: “The world is coming Onchain”, similar to the popularity of the internet today. The W3W onchain protocol enables offchain transactions at points of sale, and this is also an extremely large market in the future on the Web3 environment. It is also an important element to create the Earn Real Yield model for investors of the W3W project.
We can see that RWA tokenization is one of the main trends that can create momentum for the growth cycle of the market in the near future. In particular, the corporate RWA market accounts for a large proportion of the overall market. This is also a very clear trend, with the enthusiastic participation of large and diverse global brands such as Starbucks, Nike, Adidas, Coca, Budweiser, Porches, Lacoste, Amazon, Google, etc.
W3W is a potential project in this field, with a developed product already having test indicators in real environments. With a clear direction, an experienced development team, and support from partners in both traditional and Web3 markets such as Kyber Network, Polygon and 3S Wallet, W3W fully embraces the ability to expand and build its name in the international market in the coming years.
Published on October 23, 2023
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