A whole new version of the internet could be on the way if it is for the venture capitalists in Cryptocurrency goes. The term Web 3.0 was first coined by Gavin Wood, Ethereum‘s co-founder. An idea that has been around since 2014 but has been picking up speed since last year.
Now, many large tech companies, cryptocurrency investors, and venture capital firms are pushing for the concept of Web 3.0. Twitter founder Jack Dorsey recently tweeted that this new version of the internet will not be owned by users, although many people believe about it. Instead, he says, venture capitalists will be behind and benefit most from it, driving the internet forward in this new iteration.
What is Web 3.0?
This potential new version of the internet that has been proposed is said to be powered by cryptocurrency. It would be a decentralized internet that would make people believe that it is controlled and managed by users. Dorsey tries to break this view, which he believes is completely wrong.
In Web 3.0, users should be able to communicate and collaborate without worrying about moving away from centralized hubs for resources and operations. It is supposed to be a revolutionary new version of the Internet, which focuses on accessibility and an intelligent exchange of information. An example of this would be centralized servers, which are considered obsolete, and a multitude of computing devices that take their place to provide information to users. This would be a peer-to-peer setup that offers personalized insights for search queries and is not regulated by any government agency.
In other words, the concept of decentralized finance, which is the elixir of life and framework of cryptocurrency, would essentially carry over to the internet.
Of course, such an endeavor takes a lot of help to get started. However, Chris Marszalek, founder of Crypto.com, says it doesn’t take money from venture capitalists to start building Web 3.0. He says it would be “a difficult road” to get this version of the internet working without a venture capitalist, but it also means investors wouldn’t have to sell to make that happen.
What would this mean for cryptocurrency?
There are many voices in the cryptocurrency industry advocating Web 3.0. An Internet designed in this way and operated by cryptocurrency would mean great things for the crypto market. It would bring a whole new practical benefit to cryptocurrency, skyrocket the values of current cryptos and open the door for many more.
This is incredibly exciting for the crypto industry, but it has proven problematic getting Web 3.0 off the ground and, as in the current crypto market, there is a constant threat of regulations and laws that limit the sky-high dreams of those currently envisioning Web 3.0 .
Source: Crypto News Deutsch