Web 3.0 Is Much Bigger Than Cryptocurrency

We tend to get tunnel vision when we discuss what is taking place. As we are immersed in a particular area, it is natural for us to believe this is the center of all that is happening.

While we cannot deny the potential of both blockchain and cryptocurrency, it is only a small piece of the overall transition. What we are dealing with is Web 3.0. This is much different than Web3.

To start, we should contrast the two.

Web3 was a term created by Ethereum co-founder Gavin Wood. It was used to describe a decentralized ecosystem built on blockchain. As we will see, this is a component of Web 3.0.

It is also what most people in cryptocurrency refer to.

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What Is Web 3.0?

Web 3.0 is the next generation Internet. This is something that is still developing and, quite frankly, will only be realized in hindsight.

Nevertheless, when we look at it, we can see some factors going into it.

As mentioned, the basis of decentralized databases using blockchain is going to be crucial. This will move us from full dependence upon the centralized server system we presently use. They will still exist and be an important part of the overall system yet there will be other alternatives.

Web 3.0 has a few different names. Two that capture the essence are:

• semantic web
• spatial internet

To start, this is the merging of our digital and physical worlds. Spatial deals with space. This means the Internet is going 3-D. It stems from sensors and technologies such as 3-D mapping of the physical world.

We are also going to see artificial intelligence and machine learning harnessed and combined with advanced data mining techniques. In short, users are going to have a customized experience.

Over the years, there was a lot of talk about the Internet-of-Things. This was something that followed the typical technology hype cycle. It did, however, stress the change that is taking place.

Web 3.0 will be device-agnostic. Applications are going to not be OS specific. They will also appear on a wide range of gadgets (even more than today). We have computers, televisions, and smartphones today. Tomorrow, there will be microwaves, refrigerators, and washing machines.

The world is moving towards one of processors and sensors.

Web3 As The Foundation

Much of what we discuss in cryptocurrency is the foundation going forward.

Here are a few expectations that many have of the new structure:

• Open - much of the software is open source
• Distributed - the ability to engage without relying upon a central authority
• Trustless - counterparty risk is removed and account ownership provided

This all serves to allow for the monetization of data.

Right now we are looking at a system that is in its infancy. Ultimately, as data is moved away from centralized entities, the value proposition is suddenly open for negotiation.

Here is where things change completely.

Micro-Earning

Web 3.0 is going to be a world of micro-earning. This means that we are going to see micropayments becomes a bigger part of the equation.

Here is where blockchain and cryptocurrency excel. It is impossible to have such a system with financial intermediaries pushing up costs. Transactions have to be feeless (or near) for such a system to operate.

Data is exploding. It is valued so much that people are calling it the new oil. This is also why we are looking at a world where abundance will be the norm.

Everyone who is connected to the Internet is generating data. This is something that have a monetary value to someone. With micropayments, the system can be altered to provide compensation to the individual.

For example, an individual will be able to take the metadata from his or her television and sell the metadata to interested companies. This will earn micropayments distributed on a regular basis (even hourly) in the form of tokens.

Convergence

The most powerful technological advancement is convergence. As stated in the past, this is what made the expansion of the smart phone so rapid.

There was nothing really new about the IPhone. This was nothing more than a convergence of mobile, computing, and the Internet. All of these were facets people were familiar with. When they were combined in one device, it was explosive.

Web 3.0 will be the same way. In addition to blockchain and cryptocurrency, some of the possible components are:

• AR/VR/MR
• Machine Learning
• Artificial Intelligence
• Advanced communication systems (or networks)
• Generative AI (think ChatGPT)
• Geolocation Services
• Governance Structures

We also could potentially throw in quantum computing.

Each of this has its own path to advancement. However, as they are merged with each other, we can see how the impact is compounded.

Welcome to Web 3.0.

This is why we are looking at the most explosive period in technological advancement. Whatever we think about the impact of the Internet or smartphone, it is child's play compared to what is coming.

Many involved in cryptocurrency see the progress of Web3. This is vital to the overall system yet is still only a fraction what is taking place.

Basically, we are looking at:

• Web 1.0 = Read
• Web 2.0 = Read/Write
• Web 3.0 = Read/Write/Own

Web 2.0 also included the ownership aspect. The problem is that it was not on the part of the individual user. Major corporations such as Facebook, PayPal, and Amazon took over.

Web 3.0 is going to change this.

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