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stc Bahrain, a world-class digital enabler, has announced a strategic partnership with Lionscraft, a leading Web3 technology and strategy firm, to develop a framework that supports the next evolution of the digital economy. The partnership aims to position stc Bahrain as the leading provider of Web3 framework solutions in the Kingdom and the region, enabling businesses to leverage the benefits of blockchain technology and the decentralized web.

What is Web3 and Why is it Important?

Web3 is the term used to describe the third generation of the internet, which is based on blockchain technology and decentralized protocols. Unlike the current web, which is dominated by centralized platforms and intermediaries, Web3 empowers users to own and control their own data, identity, and digital assets. Web3 also enables new forms of innovation and collaboration, such as decentralized applications (DApps), non-fungible tokens (NFTs), and the metaverse.

Web3 is important because it represents a paradigm shift in the way we interact with the digital world. It offers various benefits for users, such as:

• Increased privacy and security: Users can protect their data from unauthorized access and manipulation, and verify the authenticity and integrity of transactions.
• Enhanced user experience and personalization: Users can customize their online interactions and access a variety of services and applications that cater to their needs and preferences.
• Greater transparency and trust: Users can verify the source and validity of information and content, and participate in governance and decision-making processes.
• Access to innovative and inclusive opportunities: Users can create and exchange value, express their creativity, and join communities that share their interests and values.

How will stc Bahrain and Lionscraft Collaborate to Build Web3 Framework?

stc Bahrain and Lionscraft have formed a strategic partnership to build the infrastructure for Web3, integrating their telecommunications and blockchain capabilities. The partnership will facilitate the development and deployment of innovative Web3 solutions in the Kingdom and the region, supporting the digital transformation and economic diversification goals of Bahrain Economic Vision 2030.

The partnership will also pave the way for new opportunities and use cases for stc Bahrain and its customers, such as:

• Offering Web3 framework solutions as a service to businesses and organizations, enabling them to launch and scale their own Web3 projects and initiatives.
• Developing and launching new products and services that leverage Web3 technologies, such as NFTs, DApps, and metaverse platforms.
• Enhancing the existing products and services of stc Bahrain with Web3 features and functionalities, such as stc pay, stc cloud, and stc IoT.

The partnership agreement was signed in a virtual ceremony that took place entirely in the Sandbox metaverse, showcasing the innovative spirit and vision of both entities. The agreement was also structured as an NFT on the Avalanche network, ensuring its transparency and traceability.

What are the Comments from the Leaders of stc Bahrain and Lionscraft?

Mr. Saad Odeh, Chief Wholesale Officer at stc Bahrain, expressed his excitement about the partnership and the potential of Web3 to transform the digital landscape. He said:

“We are proud to partner with Lionscraft, a pioneer and leader in Web3 technology and strategy, to build the infrastructure for the next evolution of the digital economy. As the first telecom operator in Bahrain to lead the way for Web3, we aim to offer a range of Web3 framework solutions that enable enhanced user experience, data sovereignty, and innovation. We look forward to collaborating with Lionscraft and other stakeholders to create a vibrant and thriving Web3 ecosystem in the Kingdom and the region.”

Dr. Adilah Hussien, CEO of Lionscraft, also expressed her delight and optimism about the partnership and the future of Web3. She said:

“We are thrilled to join forces with stc Bahrain, a world-class digital enabler, to lay the foundation for a decentralized future. We share a common vision and mission to empower users and businesses with the tools and capabilities to harness the power and potential of Web3. Together, we will build a digital infrastructure that fosters innovation and collaboration, and inspires others to contribute to the Web3 movement.”