You may have already heard the term “Web 3.0” thrown around in relation to emerging technologies, particularly cryptocurrencies. So, what is Web 3.0 and what came before it? Web 1.0 describes the birth of the internet as we have come to know it.
Linked resources became available to search without an extreme amount of technical know-how.
Biggest impacts: Live news, online banking & trading, email/instant messaging.
Web 2.0 describes the growth of the internet over the past 2 decades.
Mobile access, powerful centralized applications, and social networks.
Biggest impacts: The rise of user-generated content, FAANG dominance, internet ubiquity.
Web 3.0describes the next evolution of the internet, which will disrupt the Web 2.0 status quo.
Building a decentralized, trustless internet with a greater degree of user input and utility.
Potential impacts: The proliferation of blockchain (distributed ledger) tech, the ‘internet of things’ (IoT), machine learning, and the rise of ‘the Metaverse'.
The influx of investor capital that has poured into cryptocurrencies bears many similarities to the wave of market speculation that accompanied the Web 1.0 revolution at the turn of the millennia. That’s because we’re on the verge of Web 3.0. Facebook’s ($FB) rebrand to ‘Meta Plaforms, Inc.’ helped cement the coming shift in mainstream awareness — Since then, the concept of Web 3.0 has fully entered the lexicon of American investors and consumers: Web 3.0 Mentions have risen more than +450% QoQ on a 30-day moving average.
And it’s not just the moniker that’s gaining traction…Underlying buzzwords relating to Web 3.0 are showing similar growth — Mention volume for terms like “decentralized”, “trustless”, and “machine learning” has also risen to new highs in recent months.
Web 3.0 isn't a flash in the pan. Tim Berners-Lee, the inventor of the World Wide Web, forsaw these advancements in the 1990's
Much like the Web 1.0 revolution, investor hype is flowing freely (maybe a bit too freely). The sober fact is that many companies and cryptos won't be long-term winners. Also, be on the lookout for more crypto-focused content in the future.