The Decentralab Co., Ltd. specialising in building Web3 apps shows its strong ambition to master blockchain technology, thereby providing the market useful solutions.

Mr. Le Thanh Tung (second, left) and colleagues from Japan discuss blockchain. (Photo courtesy of the character)

Mr. Le Thanh Tung and his colleagues have established the Decentralab Da Nang Co., Ltd. with the aim to build and develop Web3 after realising that Web1 and Web2 have certain limitations.

As the company's director, Mr. Tung said Web3 has been developed from Web1 and is a new development direction in parallel with the current Web2.

Web3 is the name some technologists have given to the idea of a new kind of internet service that is built using decentralized blockchains. Web3 focuses on blockchain technology and concepts, including digital identities, smart contracts, and decentralized applications (dApps).

By recording activities of users in the blockchain, Web3 will help users use their data across the entire network environment and communicate between websites with just a single account.

Web3 helps enhance privacy and transparency, eliminate middlemen, or intermediary figures, and facilitate data ownership and digital identity solutions.

In addition, blockchain technology can allow more direct transactions and interactions without intermediate services and servers like today.

Although graduating from Information Technology Major under the Vietnamese-French Training Programme of Excellent Engineers (PFIEV) at the Da Nang University of Science and Technology and having been working in the fields of information technology and entertainment, Mr. Tung has still encountered certain difficulties when starting his business, especially a lack of human resources.

As shared by Mr. Tung, he has attracted human resource for the company through new, realistic and highly feasible ideas.

“In addition, in the initial stage, when the company’s capital is limited, the form of company shares will be distributed to employees. In the future, when capital is more abundant, we can recruit a few more employees to meet the company's growth rate” revealed he.

Another difficulty facing the company is the lack of guidance, advice and support from experts.

Although Mr. Tung has been working in the field of information technology for a long time, blockchain is still a new field, and there are no specialised training courses in this field. Therefore, he has found it difficult to access knowledge, concepts, and models about the blockchains technology.

However, he and his associates have quickly overcome these difficulties when joining the Da Nang Business Incubator (DNES).

DNES has helped the company locate a viable business model, as well as increase its growth opportunities and its ability to receive investment capital, thereby improving the capacity of founders in creating, leading and developing startup projects.

At the same time, DNES has supported the company in developing plans to improve the leadership team's capacity, providing strategic advices, solving current problems, and standardising the process system.

Moreover, DNES has provided the company with some useful training courses about business model, strategic thinking, finance and accounting, and skills to call for investment capital.

CEO of DNES Nguyen Van Chuong emphasised that Web3 is the future of the creative economy worth hundreds of billions of dollars with the ability to allow users to take ownership, and control data and their own identity.

In the coming time, DNES will work with companies that focus on developing technology on a decentralized platform like Decentralab to form a community of web3 builders with the active participation of elements in the ecosystem, investment funds, reputable domestic and foreign partners, and a network of mentors. The purpose is to continue to create new value for the community through decentralised applications (dApps), decentralised financial applications (DeFi), and NFT content creation in the metaverse virtual universe.

Reporting by CAO TAI - Translating by M.DUNG