IOST has announced its strategic partnership with DBX Global with the core objective of shaping the future of the Web3 sphere. Notably, their focus will be on leveraging the potential of Social platforms and Digital Infrastructure that is based on blockchain technology.
Specifically, the strategic partnership between IOST and DBX will look to drive the development of DID-related services and products on the network. While the exploration of DID services and products is in its early phase, there is anticipation about how it will turn out in the future. Rightly so, for the Web3 sphere is not universal, and yet it is grabbing millions of eyeballs.
DID, or decentralized identity, includes features related to mapping and extension of user profiles from Web2. It simply carries it forward to Web3 while maintaining the theme surrounding the Web3 events. DID is often referred to as Sharing Time, and it now regularly appears on Twitter and other social media platforms.
Web3 is expected to hit the peak stage in the near future. Before it does, IOST and DBX want to make sure that there is widespread adoption of DID within the ecosystem.
Several companies are venturing out into Web3; however, they face a lot of problems, like the high cost of user participation and fragmented technological framework. There is a huge possibility of finding a way to circumvent these issues under the collaborative efforts of IOST and DBX Global.
Another reason why the strategic partnership comes at the right time is that decentralized social platforms are yet to gain the desired momentum. Despite being of great importance in the decentralized virtual world, they are in the early stage, looking for support, without which the collapse is only inevitable. Needless to say, challenges prevail at all stages, including, but not limited to, a hard-to-understand user interface.
Therefore, DBX and IOT have outlined that the objective of their partnership is to establish a Web3 social platform that is scalable, stable, and secure. The user side will experience ease in entering the ecosystem without any barriers, with better usability and reliability.
The news of the partnership has sparked a severe interest in its native token – IOST. It was last seen being traded at $0.0091, with a decrease of 1.78% in the last 7 days. The currency year could end on a positive note for IST, with the token being traded at $0.016. The highest value it has seen is $0.1365. Per IOST price prediction, the token may begin getting closer to that value by the end of this decade, that is, 2023.
There is a greener reception by the community, with many asking IOST to expand its operations to places including Egypt. Others have congratulated the team for this partnership. The partnership between IOST and DBX further sheds light on the fact that DBX can be accessed through a mobile application on iOS and Android.