We’re currently experiencing the worst crypto bear market ever recorded, with a loss in value of $2 trillion since 2021 and projects collapsing. Bitcoin recorded a 70% loss since last November. While rising inflation rates, a downward market and crypto winter have many projects struggling, these market conditions favour those who are building and providing technology with real-world value over those who are just creating hype. The dust always settles.
While exhibiting at conferences, hosting gatherings and entertaining countless conversations, we were assured that the world is looking for decentralized infrastructure projects that provide truly innovative technology. Still today, blockchain and Web 3 projects hold very low utility. Jack Dorsey’s plans to build a platform called ‘Web 5’ is just another example of market dynamics.
In the meantime, ThreeFold – hand-picked as a top Web 3 startup – keeps building the technology for a better world, and we recently got noticed by some major players in the market. More info coming soon.
The Internet of Internets & Tech Highlights
In May, we introduced you to the Internet of Internets which will interconnect us all, while providing us with digital sovereignty, privacy and meaningful experiences. The Internet of Internets is infinitely scalable and in line with our glocal strategy. It empowers people to build their own regional Internet infrastructures that will be interconnected on a global level.
And with each new Grid release, we’re getting one step closer to solidifying the foundation of the Internet of Internets. The team is working hard to further develop and advance the Grid. A massive thank you to our incredible tech team and the community of Grid testers!
The ThreeFold Grid is currently on testnet version 3.6.0. This release includes some significant updates like Uhuru v1.2 (beta), improvements to the app and the wallet, new planetary network functionalities, on-chain farmer voting, and a lot more. Huge progress was also made on TF Chain: DAO support, the support of dedicated nodes, farm certification, and other features vital to our mission were implemented. Vote for releasing ThreeFold Grid 3.6.0 on mainnet now!
To provide a better user experience and to simplify processes, the TF Connect App received several upgrades and new features like farm management, the Planetary Network, ThreeFold Wallet V3, and many backend improvements.
Additionally, we made huge progress in making TFT more accessible to the world by launching and evolving the “Get TFT” platform which allows anyone to buy TFT directly with Bitcoin or with fiat currency.
Community Development & The ThreeFold Ecosystem
While we started the year 2022 with about 1,450 3Nodes in 57 countries, we’re now up to more than 3,200 3Nodes connected from 81 countries – thanks to all farmers who built or bought and connected 3Nodes. In early 2022, we officially opened up registrations for validator nodes and are proud to have many amazing validators already verified!
Throughout the last few months, some of the team has been travelling to places around the world to meet new people, to share our vision and to expand our community on the ground – from Dubai to Miami and Austin, to the Nile and Zanzibar. We met with investor groups and other blockchain projects with which we’re in discussions around opportunities for collaboration. And we’ll continue to build meaningful relationships with local communities and to explore opportunities around the world to connect the dots.
We shared about the historic partnership with Paradise Hills – a key milestone for our Internet of Internets model as the very first partnership for Community Clouds. Together, we’re bringing the world’s largest decentralized Internet Cloud powered by TF Chain into homes in Dubai.
In addition to continuing our work and projects with key partners like ownCloud and Take Action Global (TAG), we announced a few exciting partnerships including IETSA and, most recently, OpenNebula, as well as joined initiatives like Structura-X. These partnerships are crucial to improve digital sovereignty, to foster blockchain and Web 3 education, and to further drive edge and cloud innovation.
What’s coming in the second half of 2022
We’re currently in a phase of expansion with many new ecosystem developments, tech advancements and building blocks for the Internet of Internets happening all around. We’re very proud of our progress and the strong ecosystem around us. Together, we continue to build.
As ThreeFold co-founder Kristof de Spiegeleer shared in this post, we’re planning to launch FreeFlow/Uhuru, an alternative to centralized exchanges, and our DAO. Additionally, dedicated nodes with support for Pocket Network, FreeFlow/Uhuru and Presearch will be made available. Read the updated ThreeFold Grid Roadmap to see what’s planned for the next releases.
On top of that, we’re working on multiple banking projects and country implementations, key steps in the journey to create a truly decentralized world. At this point, we’re not able to share more. Nevertheless, these projects emphasize the value of and need for our technology, and we’ll be sharing as much as we can as we go!