As per the reports, Bitcoin has earned the respect of the Brazil Central bank’s chief recently. In other words, Fabio Araujo, the Central Bank of Brazil’s chef has commended Bitcoin for its technical features. So, the reports tell us that Bitcoin has become a major financial innovation and it has given a rise to a lot of products as of late.
In fact, we should also mention that Araujo has highlighted bitcoin’s role in paving the way for the development of the much-awaited web3 concept. The world is going through a transition period now. The digital market has gained a lot of popularity over the years. In fact, it has also helped the research process and other studies on CBDCs. So, if you want to know more about it, then go through this article and find out everything.
The Functionalities of Bitcoin Praised by Central Bank’s Chef
The head of the central bank of Brazil in a recent event discussed the shifting landscape of digital currency at length. In fact, he also stressed the fact that it’s one of the primary goals of his company to add intelligent features to the crypto coin.
Araujo also revealed that Brazil’s central bank began looking for the features of crypto coins more than a decade ago. He said, “in 2009, with the introduction of Bitcoin and distributed database technology that promotes the development of web3, we began to accelerate this process.”
Well, it’s true that the crypto coin has provided PoW or proof of work. It’s essential for the production of web3 services. Now, let’s take a look at web3 if you have no idea about it.
What is Web3?
So, if you want to know more about what Araujo spoke about web3, then it’s essential to know about web3 first. As per the sources, web3 is the 3rd gen web technology. Web or what we also know as the world wide web is the basic layer of the internet.
It supports a variety of apps as well as websites. Moreover, in the year 2014, it was Polkadot creator and Ethereum co-founder Gavin Wood who first used the term web3.
They used this term to refer to a ‘blockchain-based decentralized online ecosystem’. However, it wasn’t until 2021 that the concept of this web3 gained prominence. Currently, due to the results of Bitcoin’s advocates and technologies, it has become famous.
In the end, we can say that Bitcoin’s pros are the reason why its market in Brazil is expanding at a rapid rate. The reports tell us that more than 10 million Brazilians own the crypto coin at present.