Web 3.0, the new breed of the internet, aims to be a decentralized version of the virtual world, where users can interact and collaborate intelligently without worrying about the central, data-specific repositories. And to make the web evolution more inclusive and less biased, blockchain technology is the resource to focus on. With blockchain getting into the thick of things, the crypto realm in a few years from now could transform into a more impactful space. And leading crypto exchanges like
CoinSwitch Kuber
may spearhead this evolution, making crypto a far bigger word than just a productive form of investment.
But what is Web 3.0? Well, it is the next internet revolution where the focus will be on intelligent information accessibility. For instance, search engines in the Web 3.0 era will return personalized insights based on your search context. Centralized servers will be replaced with information present on multiple computing devices. Overall, it will be more of a peer-to-peer internet with no single authority.
So the next time Google shuts down for a few hours, don’t fret as Web 3.0 will soon take care of issues like this.
Why is Web 3.0 relevant today?
A discussion concerning Web 3.0 can quickly get overwhelming for the uninitiated. In reality, it aims to make the internet more open source to avoid hacks, leaks, and dependence on centralized repositories. Put simply; Web 3.0 is more like a system for the users, ideated by the users, in the form of creator-driven platforms.
ET Spotlight SpecialGoing forward into 2022, Web 3.0 is becoming quite relevant as most users are continually focusing on customized and personalized browsing experiences. And, there is a growing need for humanized search assistants that are way more intelligent, completely ubiquitous, and powered by semantics, AI, and yes, Blockchain.
Web 3.0, blockchain, and crypto: How are they linked?
Just to reiterate, Web 3.0 strives for openness and transparency, so does blockchain. But this isn’t where the parallels end. Blockchain, as we know it, aims at keeping the insights organized as blocks, with cryptographic hash entrusted to make them immutable and secure.
Once Web 3.0 becomes a reality, the virtual world will see resources, applications, content, and agreements that are accessible to all, provided the cryptographic keys are in place. There will be a slew of decentralized options around to make the universe more inclusive for each one of us.
But you must be wondering, where do cryptocurrencies fit in in this discussion?
Firstly, with blockchain paving the way for a more ‘democratic’ form of internet, it would finally come down to dApps and
Smart Contracts
to automate specific processes. And that is where the top crypto players come into play. Going forward, crypto players that would offer the best technology to contribute to the Web 3.0 ecosystem will get the maximum attention.
How does Web 3.0 change the reality of crypto investments?
Now that we have set the premise and expectations straight in regards to Web 3.0 and its dependency on blockchain technology, it is important to understand what all this means for specific cryptocurrencies and the investment-specific outlook.
ET Spotlight SpecialFor instance, Etherum comes across as one of the more popular Web 3.0 blockchains, courtesy of its prominent role in helping developers with decentralized apps. This eventually puts Ether on the radar of long-term crypto investors. While this is a random example, there are quite a few blockchains that edge past others when the Web 3.0 relevance is concerned. And some of these chains include The Graph, Filecoin, Livepeer, Helium, and more.
Therefore, the next time someone tells you that crypto is a bubble that will bust all your investments along, kindly explain the nature of the crypto-internet connection that runs deeper than financial superpositions. Honestly speaking, the entire crypto investment area is backed by tech-based facts that hold numerous precedents.
PoW, NFTs, and mainstream crypto adoption
Aligning crypto with Web 3.0 might take time as the technology itself is complex and, rather, multivariate. For instance, some of the top crypto players driving the Web 3.0 boom, like Kadena, Helium, Flux, and more, follow the tried and tested, Proof-of-Work consensus model, albeit with several improvements to make the new generation of internet fast and more secure.
And with the global bias shifting towards Non-Fungible Tokens and creator monetization, these Web 3.0 incentivizing tokens mentioned above are expected to enjoy some well-deserved attention in the middle and long term.
Still unsure about the facts! Well, Livepeer, or rather LPT, rose by 1050% alone in 2021, as stated by
Web3Index
, owing to the fact that the global streaming industry is presumed to be valued at $250 billion by the end of 2026.
However, for putting faith in these new yet capable cryptocurrencies, you would still need to wait for proper mainstream adoption, with developers extensively getting onto these chains and developing decentralized platforms and apps to kickstart the Web 3.0 revolution.
What’s the future like for cryptos?
Despite exuding potential, people continue to see cryptos as mere investment opportunities and new means of exchanging value. But the reality is that crypto players, riding on the wave of blockchain technology, are opening up to Web 3.0 with the ecosystem itself capable of breeding the requisite resources and applications.
As much as investing in cryptos or using them to facilitate transactions seems productive enough, the future shouldn’t just be about these traits. Instead, even if you keep trades, investments, and exchange value aside, crypto players will continue to have a role to play in the Web 3.0 renaissance. Also, leading players in the Indian crypto space like
CoinSwitch Kuber
believe that educating users about the benefits of blockchain and crypto is a better way to make them relate to the concept of decentralization better.
In the end, trading and investing in cryptocurrencies are more like byproducts of a concept that is way bigger. And for those who aren’t quite welcoming towards the concept, Web 3.0 should gradually be able to change their viewpoint over time.
Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, express or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.
