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How is crypto setting the stage for Web 3.0?
The last few years have brought a raft of innovations in the digital world, from decentralized finance (DeFi) to non-fungible tokens (NFT), and a whole world of crypto in-between. Now, the next big digital innovation is the advent of Web 3.0 and it promises to be an all-encompassing change to the way we interact with the world around us. And cryptocurrencies are setting the stage for this new development.
Touted as a revolutionary new development, Web 3.0 is the third generation of the internet which combines artificial intelligence (AI), machine learning, big data, and other innovative technologies to create a web experience that is more intuitive, immersive and intelligent.
This new type of internet will require data to be connected in a new, decentralized way, using decentralized protocols and smart contracts similar to those already being utilized in DeFi. As Web 3.0 seeks to create a truly symbiotic relationship between human and machine, existing digital technologies that underpin the world of cryptocurrencies will become an important building block for this internet of the future.
The concept of Web 3.0 is not a new one. Jeffrey Zeldman, one of the early developers of Web 1.0 and 2.0 applications, wrote about Web 3.0 in a blog post back in 2006. Over the years, we have seen this idea gain traction, for example with the rising prominence of the Internet of Things (IoT), which has underpinned the proliferation of internet-connected devices, including the development of new ones, such as voice-controlled AI assistants (like Apple’s Siri, Amazon’s Alexa and Samsung’s Bixby).
Today, those in the know are suggesting that cryptocurrencies and DeFi will be at the heart of this new type of internet, with blockchain technology becoming an important building block. From open-source cloud storage, such as Filecoin, to DeFi solutions that aim to democratize money, like YIELD App itself, Web 3.0 promises to bring together digital innovation across all areas of our lives.
In the same way as DeFi does with finance, Web 3.0 is also set to democratize the internet itself by empowering individuals to take control of their own data. It is expected to shift away from the current centralized computer structures, meaning all computers on a network will have access to the same information in a transparent way. Essentially, it’s blockchain technology on a grand scale.
Web 3.0, Decentraland and NFTs
Another element of Web 3.0 is the use of revolutionary graphics technology to blur the lines between reality and the digital world. With some futurists calling it the Spatial Web, it is likely to focus on creating 3D digital worlds not dissimilar to the likes of Decentraland – a decentralized 3D virtual reality platform which uses the Ethereum blockchain.
Decentraland allows users to build their own scenes, artwork and challenges, creating an entire virtual world where digital assets can be traded. Some of the most lucrative NFT sales have taken place on Decentraland, including the most expensive virtual land plot ever, which sold for $913,228 back in June 2021. This land must be bought and sold using Decentraland’s own token, MANA, which now boasts a market capitalization of $1.4 billion, according to CoinMarketCap.
With NFTs and blockchain technology leading the way in virtual reality innovations, it’s easy to imagine the pivotal role these technologies will play in developing this new, intuitive and personal internet experience.
Just as the crypto ecosystem can provide the necessary building blocks for Web 3.0, the latter potentially has the power to drive digital assets into the mainstream. For example, it could see cryptocurrencies being integrated seamlessly into the digital payments system, removing the need for complicated and often costly on and off-ramps. Decentralized ledger technology could also be used to protect copyrights, democratizing the world of digital content by giving everyone the opportunity to create.
The use cases for this new, decentralized form of the internet are endless. Essentially, Web 3.0 could allow users to create their own personalized metaverses online, which can encompass all areas of an individual’s life – their finances, work and entertainment.
The prospect of this fully digital world is arguably the most exciting thing since the creation of the first cryptocurrency, Bitcoin, and it could truly change the way we live our lives and interact with the world around us. Digital assets are in pole position to set the stage for Web 3.0 and the journey has only just begun.