Web 3.0 is the next stage in the evolution of the Internet. It will make the online world smarter and more powerful than ever. It will use AI technology to proactively respond to requests. It will also emphasize decentralization, bringing with it new features and experiences. In other words, this evolution of the Internet will rely on networks similar to blockchain technology. So, can we expect a relationship between Web 3.0 and cryptocurrencies?
Many wonder how much of the Internet can be decentralized. First came decentralized finance (DeFi) and now the next big step for cryptocurrencies could be Web 3.0. In order to be able to offer the many functions envisaged by this new era of the Internet, decentralization will most likely be one of the essential characteristics. This is also the reason for the central role of cryptocurrencies and blockchain in the new web.
Speaking to Cryptonews.com, industry experts claim that cryptocurrencies will be an integral part of Web 3.0 and crypto assets will create a new incentive system for the decentralized internet.
Of course, the exact date has not yet been set. But it’s widely believed that it won’t be much longer. Over the past year, tokens from decentralized internet applications have seen an average increase of 244%, outperforming bitcoin (37%).
Data released by Arca Chief Investment Officer Jeff Dorman shows that the Web 3.0 token crypto sector grew 22% in the last week of July, eclipsing Bitcoin and all other sub-sectors.
Many of the best-known web 3.0 coins, including Livepeer (LPT), Helium (HNT) and BitTorrent (BTT), have grown by at least 800% this year despite a slump in many cryptocurrency markets.
How important will cryptocurrencies be for Web 3.0?
It is also known as the “semantic web”. It was assumed that in the future, computers and machines would be able to analyze all data on the Internet. Over time, however, the concept has evolved and it is now decentralization. For this reason, cryptocurrencies will play an important role.
A DFINITY Foundation spokesperson said:
Crypto and Blockchain are a necessity for Web 3.0. They enable the three key characteristics of Web 3 – decentralization, permissionlessness, and trustlessness.
This statement is backed by Adam Soffer, product manager of decentralized video distribution platform Livepeer (LPT). He says cryptocurrencies and blockchain are at the heart of Web 3.0.
Not all industry experts agree that cryptocurrencies will play such a central role in the web of the future, but they do agree that they will be important to its operation. The main question is to what extent the Internet can really be decentralized.
While most of the Internet is still owned by a handful of companies, those companies will still be able to create barriers and sensors and control much of what happens on the Internet. Although a fully decentralized Web 3.0 is unlikely, we can expect the new Internet era to have a closer relationship with crypto and blockchain.