With its focus on digital ownership, decentralisation, control of data and privacy, Web3.0 advocates are eager to position it as the next evolution of the internet. Backed by blockchain technology, Web3.0’s core principles have primarily manifested in cryptocurrencies like Bitcoin and assets like NFTs.

The aim is to create a more autonomous internet, breaking down the monopolies and intermediaries that have defined Web2.0.

Of course, cutting-edge technology always brings with it trailblazers and early adopters. These people and groups take the risks that can earn the big rewards, but also the biggest losses. Web1.0, after all, had its dot com bubble.

If cryptocurrency prices are anything to go by, they show the opportunities and pitfalls the sector offers. And there are still challenges to overcome – decentralisation makes processes slower and more energy intensive, and the relative youth of the technology means current infrastructure still needs to catch up.

Organisations that can navigate these currents and solve these problems have the opportunity to define the shape of the next stage of the internet.

Our list features some of the companies working in the decentralised and crypto sector, keeping Scotland at the cutting-edge of a field that has the potential to redefine the internet as we know it.

Zumo

Edinburgh-based Zumo is the company behind Zumo Money, a crypto wallet and payments platform designed to help people manage their cryptocurrencies.

Formed in 2017, the company saw dramatic user growth between August 2020 and August 2021, growing a hundred-fold from 500 users to 50,000. It added another 10,000 after conducting a major sign-up campaign in December 2021.

Not only that, Zumo broke its £1m crowdfunding target in just four days back in August 2021.

In addition, the company has made several high-profile additions in recent years – most recently, a new operations officer, and before that its first CTO and two advisors to help it utilise Web 3.0.

Blockchain Technology Partners

Our provenance solution Chronicle is now GA and our management platform Sextant also got a boost!🚀#HyperledgerForum Read more👇 https://t.co/afFA4QK0FM

— BTP (@btpworx) September 12, 2022

Another Edinburgh-headquartered company, Blockchain Technology Partners offers a platform to support open-source distributed ledgers and smart contracts.

Founded in 2018 and led by CEO & Co-founder Duncan Johnston-Watt, the company aims to help its clients deploy blockchain infrastructure for enterprises. It boasts the Tel Aviv Stock Exchange among its customers.

Blockchain Technology Partners closed its seed funding round in 2021 when it brought in £2m, its second round of investment in 18 months.

In addition to its Edinburgh headquarters, the company also has a presence in Barcelona, London, New York and San Francisco.

Metanomic

METANOMIC LAUNCHES ‘THUNDERSTRUCK’ – 1st gamer behavioural analysis tool powered by AI#gamedevhttps://t.co/bTwAOSN415

— Metanomic (@Metanomic_) September 6, 2022

Web3 and metaverse gaming engine scaleup Metanomic aims to bring Web3.0 to gaming. Headed up by renowned Scottish futurist Theo Priestly, the company provides a platform to create game and metaverse economies.

Its platform will be used to run Hyperspace, an online video game being developed by Edinburgh’s Carbon Based Lifeform, also headed by Priestly.

Since March 2022, the company has made key hires across business development and engineering. This includes Nick Murray, who has previously worked at the Scotland Can Do Collective, Frog Systems and Startup Grind Scotland, to support the company’s commercial development.

In addition, it acquired Greek AI company IntooLab in May 2022.

Scotcoin

The Scotcoin Project Community Interest Company (CIC) is the company behind Scotcoin, a Scottish cryptocurrency. The business is touting it as one of world’s few purpose-driven cryptocurrencies, aiming to use the cryptocurrency to support a range of charitable and environmental projects.

Currently based on the Ethereum network, it is set to publicly list later this year. Once it comes to the open market, Scotcoin will trade exclusively on ProBit Global, an international exchange with over two million users.

In addition, its app, Scotscan, is currently available on the App Store and Google Play, helping users manage their Scotcoin assets.

Women’s Coin

Technology enables us to create a more equal and inclusive approach to teaching and facilitating Prof Christine Bamford, author of Virtual Learning Guide sets out a new paradigm for learner-centric support that focuses on empowerment, equality of time and diversity of thought. pic.twitter.com/GoXXRh1iC2

— Women's Coin (@womenscoin) April 17, 2020

Another cryptocurrency aimed at using the technology for good, Women’s Coin aims to support female education and empowerment.

Founded by CEO Professor Christine Bamford in 2017, it uses its tokens to provide micro-credit business loans for women helping them set up small businesses, creating a self-reliant and sustainable future.

To support its mission, the group says 50% of pre-tax profits made from the asset will be donated to support humanitarian work by United Nations SDG 5 Women’s Equality. In addition, when charitable donations are made, no intermediary fee is deducted.

The group is supported by FinTech Scotland, Scottish Enterprise, Zortrex Ltd, Napier University, and Glasgow Caledonian University.

Trade in Space

https://twitter.com/trade_space/status/1570686946284048384

Trade in Space combines earth observation and blockchain technologies to help make global trader easier and more sustainable.

The company – based in the Scottish capital – uses satellites to survey agricultural land. The intelligence gathered on the assets are then turned into tokens and stored on its distributed ledger. Then, it uses smart contracts to track goods throughout the supply chain journey, and reduce friction in global trade.

For example, in 2020, the company used satellites to broker a trade between Colombian coffee producers and UK-based roasters. The transaction was then recorded on the company’s distributed ledger.

Its work in Colombia was supported by a £56,000 research and development grant from Innovate UK’s Sustainable Innovation Fund. And in July 2021, Trade in Space received a corporate investment of £500,000 from an agricultural supply chain management business.

Nova Finance

Edinburgh-based Nova Finance utilises decentralised finance (DeFi) and automation to help its users invest their money.

The Nova platform allows users to develop investment portfolios while automating traditionally complex investor and yield strategies, thus improving accessibility for every day crypto investors.

Recommended

• Two UK firms awarded £4m to remove space debris
• 81% of companies had a cloud security incident in the last year
• ORIC expansion gains momentum with £2.8m funding boost

The company was co-founded by SageCity heads Adam Greenberg and Tom Sichel. Though relatively young, it secured $3 million in funding last year.

At present, the firm is building its consumer-focused application, and plans to launch a crypto expert web application for the final quarter of this year.

MX3 CS

We're developing a way for businesses in the hospitality industry to easily recoup the energy consumed by customers during their stay. This article highlights the problem: https://t.co/M5QbwHX61P #energy #management #AtomEV #MX3CS #evcharging #evcharger #hospitalityindustry pic.twitter.com/6ElpgD6gG9

— MX3CS (@Mx3Cs) September 1, 2022

As it stands, one of the biggest reasons people are reticent to trade in their fuel-powered cars for an electric alternative is down to “range anxiety” – essentially, the fear of getting stranded by way of their car running of juice as a result of charging infrastructure not quite being there yet.

Adressing this “range anxiety” is at the heart of what Edinburgh-based MX3 CS do. They’ve created a portable blockchain-connected smart meter called AtomEV,

It works by piggybacks on existing, ubiquitous electrical infrastructure – the millions of 3-pin power sockets that can be found in every building throughout the UK.

AtomEV sits between the charging cable and the power socket and connects to the Internet via a companion app. It calculates the value of energy consumed and then almost instantly transfers payment into the plug socket owner’s bank account.

Although slow compared to a fast charger, it does offer a seamless way to pay for energy if you’re caught short.

BetDex

Founded by three former FanDuel executives, BetDex is a decentralised sports betting protocol built on the Solana blockchain.

The fact that’s it built on a public blockchain allows users to engage in fast and low-cost trades.

In November last year, the company secured $21 million in funding – the largest ever seed round by a UK startup – to launch their new venture, led by San Francisco-based crypto investment firm Paradigm and FTX.

At the time, Varun Sudhakar, Co-Founder and CEO of BetDEX, said: “The sports betting industry charges high prices for poor products and limits trades by its most successful users.

“BetDEX is diametrically opposed to this approach, we will successfully compete against incumbents with a markedly superior product and low fees, which is now possible with the advent of the blockchain technology. Winners will always be welcome on our protocol.”