Digital assets an innovation comparable to great achievements is noted in a report by Wells Fargo, one of the biggest banks in the USA.

The well-known bank Wells Fargo recently published a special study in which it said that the invention of electricity was nothing compared to the innovation of digital assets.

In a special paper titled “Understanding Cryptocurrency,” Wells Fargo, the fourth-largest bank in the United States by market capitalization, compares the development of digital assets to that of the great achievements of humanity such as the internet, vehicles, and electricity.

The Value of the Internet

In a bullish report released at the beginning of August, its Global Investment Strategy Team referred to digital assets as the building blocks of a new internet.  The development of digital assets would bring “new possibilities and investment opportunities,” according to a message made to Wells Fargo investing customers.

“Many expect digital assets to be the building blocks of a new internet, the Internet of Value…

The Internet of Value is likely to be disruptive to the world of finance, just as the original internet was to communications and information. What it may mean for investors.”

Helping newbies is important

It’s interesting to note that Wells Fargo identified the “big picture” focus on technology as a key trend in the cryptocurrency business. Due to overly complex dApps and wallet management, the user experience within the crypto and web3 industries is well known to be subpar. A very high entrance barrier exists for new users because they are completely unfamiliar with terms like seed phrases, passphrases, tokens, blockchain, and token transfers.

The goal of Wells Fargo’s special report series on cryptocurrency, according to the bank, is to ensure newbies get the big picture principles before being buried in detail. The significance of this for the development of crypto and web3 cannot be overstated. It carries a lot of weight when a well-known name in banking releases a pro-crypto special study to inform non-crypto consumers of the long-term advantages of digital assets.

According to the study, all cryptocurrencies, smart contracts, and other tokens would be referred to as “digital assets.” By dispelling misconceptions about concepts like cryptocurrency, NFTs, and tokens, this use of language is a practical step toward enhancing the user experience.

The Conclusion

Wells Fargo compared how the current iteration of the internet transformed post offices, music stores, landlines, and local journalism in the report’s last six pages. It attempted to establish a standard to demonstrate how “The Internet of Value” will reinvent local currencies, payment networks, securities, property, and contracts using these comparisons.

Digital assets and innovation comparable to great achievements is not an understatement.

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