There is a correlation between Web 3.0, blockchain, and cryptocurrency. Although blockchain and cryptocurrency are more recent, the concept of Web 3.0 is not new. Web 3.0 was first talked about back in 2006 when a blog post was written about it by Jeffrey Zeldman.
What Is Web 3.0 and how does it work?
Simply put, Web 3.0 is the third generation of the internet. With it, apps and websites will be able to process data and information in a smart human-like way through decentralized ledger technology (DLT), big data, machine learning (ML), artificial intelligence (AI), blockchain, etc.
Originally called the Semantic Web by Tim Berbers-Lee, the world wide web inventor, Web 3.0 aims to be an intelligent, open, and more autonomous internet. As a result, machines and humans alike will be able to interact with data.
However, programs must contextually and conceptually understand data for this to happen. Web 3.0 appears to be an upgrade over Web 1.0 and Web 2.0. Having this in mind, AI and the semantic web will be the two pillars of Web 3.0.
Web 3.0 Correlation with Blockchain and Cryptocurrency
The strive for transparency and openness by both Web 3.0 and blockchain is just the beginning of endless possibilities. The symbiotic relationship and high convergence between these technologies and other sectors are to be expected.
This is especially true given that Web 3.0 networks will run on decentralized protocols - the building blocks of blockchain technology and cryptocurrencies. Web 3.0, blockchain, and cryptocurrency will be seamlessly integrated, interoperable, and automated through smart contracts. This will completely change how organizations conduct business operations.
With cryptographic hashes trusted to keep them unchangeable and extremely safe, blockchain aims to preserve the insights structured as blocks. As long as cryptographic keys exist, Web 3.0 will provide everyone access to resources, apps, agreements, and content.
To make the universe more accommodating for everyone, a wide range of decentralized solutions will also be available. Additionally, smart contracts and decentralized apps will automate some tasks, with blockchain paving the way for free and independent internet.
As Web 3.0 develops, more attention will be paid to the crypto players who are using the most cutting-edge technologies.
How Will Web 3.0 Impact Crypto Investments?
Web 3.0 is expected to rely on blockchain technology, but it is important to know the impact it will have on crypto investments. Ethereum is the most demanded Web 3.0 blockchain due to its role in fostering the creation of decentralized applications.
As a result, Ether is now the most popular cryptocurrency for long-term investors. Even though this is just a random example of Web 3.0's effects, a few blockchains are outpacing the competition. Graph, Helium, Livepeer, Filecoin, and other chains are examples.
The new internet will
offer a more individualized and tailored surfing experience, a more human-like and
knowledgeable search helper, and other decentralized advantages. All these are believed
to add to the development of a more impartial web. Cryptocurrency players are
ushering in Web 3.0 by embracing the blockchain technology wave, with the
environment itself capable of providing the required resources and apps.
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