The next big development in cryptocurrency is Web 3.0. Although many aspects are still unclear, Web 3.0 refers to making a more intelligent version of the Internet. For example, the use of artificial intelligence to respond to customer queries or applying decentralization to open new experiences. Since decentralization is one of the main aspects of Web 3.0, it means that blockchain and crypto-assets will play an important role. In fact, experts predict that cryptocurrencies will be central in Web 3.0. Crypto-assets will help set up new ways to incentivize and coordinate Internet services.
Specifically, cryptocurrency will nurture a novel Web 3.0 bionetwork characterized by aspects such as user-owned platforms, dispersed work protocols, and reorganized infrastructure. But the industry still needs to focus on simplifying and enhancing user experiences before expecting attraction higher adoption.
What role will cryptocurrency play in Web 3.0?
Web 3.0 was viewed as the next level in the Internet revolution, defined by Semantic Web. Pioneered by Tim Berners-Lee, this new system would give rise to machines and computers with the ability to analyze information on the Internet. Today, Web 3.0 is frequently associated with decentralization. And blockchain and cryptocurrency play a crucial role in their evolution. Both enable 3 main features of Web 3.0:
According to Adam Soffer, product developer lead at Livepeer, a video-distribution platform, blockchain, and cryptocurrencies are at the core of Web 3.0. They enable developers to implant incentives and economic rules into open source programs. It also creates token-synchronized networks. He further states that incentivizing people to partake in Web 3.0 protocols will permit developers to solve problems that need massive organization.