If you are into cryptocurrencies, then you must have heard about Web 3.0 and how it is going to change the world around us. If you are surprised what this new version of web is is and how it is related to cryptocurrency, then this article is for you.
Introduction to Blockchain and Its Uses
Block chain Technology has taken the whole world by a storm. It has given rise to the concept of decentralisation in cryptocurrencies. It is a digital ledger that is distributed across a network and having control, not vested in a single authority, but in the entire network.
This blockchain, even though famous for its use in cryptocurrencies, has the potential to make our life easy and secure in other fields also. It can be used in securely sharing of medical data, tracking royalties of Intellectual properties, preventing piracy of original content and easing cross border payments. In addition to all of them, it can be used in providing internet services also, and this is where the concept of Web 3.0 is born.
What Is Web 3.0
Web 3.0 is the next version of internet employing Blockchain technology for delivery of services. In web 3.0, the data will be connected in a decentralized way, with no tech giant having the over arching ownership, control and authority.
The internet, that we are currently enjoying is known as Web 2.0. In this version of web, the data is stored in centralized treasures and mostly controlled by the tech giants like Amazon, Facebook, Google etc. Web 3.0 will eliminate the intermediaries and a person will no longer require have to use Google, Facebook, Twitter etc. to get and disseminate information. The big Bulls, wielding too much power, will be gone.
Web 3.0 will be a fully democratic version of internet. It will be of the users, for the users and by the users, unlike Web 2.0, where users contribute towards the internet, but don’t have too much control over it.
In Web 3.0, a user will be provided with a single identity, and with the same identity, he can use social media, emails, buy cryptos etc. Web 3.0 will be a token based iteration of web, where each participant will be allotted a token, with which he can vote and interact with other participants.
Web 3.0 was originally envisaged by the inventor of the World Wide Web Tim Berners Lee himself. He called it Semantic Web and hoped it to be autonomous, open and fragmented.
Web 3.0 and Cryptocurrency
Since Web 3.0 and maximum number of cryptocurrencies are working on Blockchain technology, therefore the two are supposed to have a seamless and deep relationship with each other. Inspired by the concept of DeFi (Decentralized Finance) in finance sector, people now want to use the technology of decentralized currencies for making Web free from the clutches of Big Bulls. People want the Cryptocurrencies to bring to internet what DeFi brought to the finance sector.
There are certain cryptocurrencies that can act as a kick starter of Web 3.0. These cryptocurrencies aim at making Web fully democratic and accessible to all. By investing in such cryptocurrencies, a person is actually investing in development of Web 3.0.
Some of these cryptocurrencies are:
1. Filecoin
The Filecoin company envisages liberating the users from centralized storage and limited locations by establishing a decentralized storage network aimed at storing the humanity’s most important information. The company believes that the users are kept away from their own data and that it is being controlled by the Big Bulls, who then dictate terms like price, jurisdiction etc. of the services. To democratize the system, it wants to infuse an open digital market.
The FileCoin model awards the data storage providers with a file coin if they prove that they are doing so properly. This checkup is performed by the other users on the network.
2. Helium
Helium is one of the most important Web3.0 cryptocurrencies. The Helium company calls its decentralized network the “People’s Network”. It is the one of the fastest growing decentralized networks and aims at integrating LoRaWAN (LoRaWAN is a low power Wide Area Networking protocol) with Blockchain technology for delivery of web services.
3. Polkadot
This is another Web 3.0 cryptocurrency with a market cap of over 42 Billion US Dollars. Polka dot employs a special type of Blockchain called Parachain, which is an unbounded (can be used to send any type of asset or data, not only tokens), rich and advanced blockchain. This crypto company aims at creating a diverse decentralized network consisting of independent platforms, online communities etc, to enhance the interoperability and delivery of services.
These are some of the cryptocurrencies that can be thought as kick starters of Web 3.0. By investing in these Web 3.0 cryptocurrencies, a person is actually preparing for another technological revolution. This is a golden opportunity before you and a chance for you to stay at an advantageous position than the others.