Cryptocurrency and Web 3.0
Blockchain is an essential part of the future of Internet! What to expect from the worldwide Web 3.0 and what’s the place of cryptocurrency within it? BTCMEX explores.
Web 1.0 protocol started uniting people from all over the world online. Web 2.0 created a consumer-centered environment where personal information is treated as data. The previous versions of the web served the needs of the society and did their jobs pretty well, but the times are changing. Privacy and security issues are driving the Internet to decentralization which comes along with the blockchain. A system, like a blockchain network, allows web users to take back control and enables us to establish self-governed identities, along with proved and verified data. Here it comes – Web 3.0.
Information is not a number of bits anymore, it’s becoming an extension of human identity. Web 3.0 is often called semantic web, personalized online space that heavily relies on technology and interconnects machines. In this particular ecosystem, virtual items or information becomes more valuable than physical items. To put it simply, we appreciate the weather app for the knowledge that we need to take an umbrella in advance more than having an umbrella. We get notifications when our plane is delayed or even when our food is going out of date in the fridge!
Experts say that Web 3.0 is a data-driven and semantic web. The user will type a query on the web; the web will understand the context and essentially will meet the needs of the user. So, the next-gen search engine will not only search for the matching keywords but also perform the context search based on the user’s behavior and preference.
Internet of things, cloud computing, AI, and the world of augmented reality will make the third generation of web. What is the place of cryptocurrency within it then? Web 3.0 browsers are fostering crypto adoption.
Web browser developer Opera Software AS launched added support for in-browser transactions with Bitcoin and Tron. This follows the company’s initial launch of an in-browser Ether wallet in 2018. The latest announcement is part of the company’s grander plan to make Web 3.0 easier to access for the average consumer. Brave Software Inc., another web browser developer, had first incorporated wallet technology into its browser to allow web users to earn cryptocurrency for performing or permitting certain actions that they already do with traditional browsers without earning anything. Other platforms looking to implement similar Web 3.0 features are also active.
Bitcoin introduced digital property.
Imagine how critical the Internet is for everyday life, and we had been in an era where we didn’t have property rights. Bitcoin changed that. Now, the web has property rights. People own their own stuff. We can directly own cryptocurrencies, we’ve got smart contracts and Web 3.0 applications. They are derivatives of property.Muneeb Ali, founder of Blockstack PBC
Ali predicts that with users moving from the Web 2.0, all will realize how the underlying technology to enable cryptocurrencies is the same as the technology that enables Web 3.0 apps.
Asset tokenization and blockchain supply tracking are already widely used around the world. Instead of insecure databases and opaque data sharing practices, Web 3.0 will return control to the users which means they will be able to access data from anywhere; mainly being driven by cloud applications and smart-phones.
Let’s embrace 3.0 – the new era of Internet coming very soon.