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7 minutes read

What Is Web 3.0 Crypto?

By Jonathan Tarud
An illustration of a digital landscape.
By Jonathan Tarud
7 minutes read

Web 3.0 crypto is here to stay. Just like the world changed with the introduction of Web 2.0, we are now experiencing a revolution. HiTech concepts like decentralized finance, smart contracts, and non-fungible tokens are gaining traction. Although it may still be unclear what use cases these new technologies have, they will only strengthen their presence in our lives. Their adoption is inevitable, even if it takes some time.

Crypto markets are part of the Web 3.0 revolution. Thanks to their potential as digital assets and the rise of decentralized apps through the use of Blockchain technology, users and companies alike can benefit from crypto technology under the guiding principles of the new Web.

There is still a long way to go before there is a mainstream adoption of these technologies, but it will happen sooner or later. Most of them will, one way or another, use the latest advancements in Artificial Intelligence, giving birth to a new way to interact with the Internet. This will open up many new opportunities for businesses and communities that want to develop digital products and services for the new Web.

This post explains what Web 3.0 crypto is, its importance, and how it might bring important changes to how apps are developed. If you have an app or are planning to build one, staying up to date with this vital topic is essential.

Web 3.0 Crypto Explained

The names Bitcoin and Ethereum have become very popular in recent years. Most people think of them when crypto assets are mentioned. What most people don’t know is that these cryptocurrencies are not just valuable assets in crypto markets. They are powerful technologies that can be used to build revolutionary products like decentralized apps that use Blockchain technology. 

Apps that use crypto assets are expected to help ignite a revolution even more drastic than the transition from the first version of the Web to its second iteration. After all, they will make fundamental changes to how the Internet works.

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These new types of apps operate under the principles of what is commonly referred to as Web 3.0. They operate using Blockchain technology, which will require fundamental changes in how apps will be developed in the near future. This comes as no surprise. After all, they have the potential to become pillars of what is known as Web 3.0.

Let’s take a look at this vital concept.

A Brief History of the Web

Before we analyze what the latest version of the Web entails, let’s take a look at its predecessors.

During its early years, the first version of the Web resembled a large version of Wikipedia in which sites were linked to one another in a simple and direct way. Users couldn’t generate content as they do today, and companies did not use websites to collect data.

This all changed as new technologies emerged. Websites started collecting data (think of social media platforms), and at the same time, they helped users share their content easily. This new version of the Web, referred to as 2.0, became known for its easy and abundant information sharing. 

This version of the Web was made possible thanks to technologies like cloud computing, social media, and mobile apps. Its main characteristic, as mentioned, was that, in contrast with the first static versions of the Web, users were able to share their content through platforms in exchange for allowing companies to make use of their data. In other words, it was a place for vast amounts of data to be generated, helping a whole new economy emerge.

Some of the most relevant characteristics of this version of the Web were the ad economy and personalized news feeds. New digital products and advances in web development allowed large companies like Google and Amazon to emerge. Still, it also created specific problems in terms of market dominance and user data privacy. Some of these issues are yet to be solved, and many experts claim that the new Web might be a potential solution.

Today, as Artificial Intelligence has become better and more powerful, we see new and innovative ways in which the Web is evolving. It is moving away from large data networks controlled by a few players into communities with decentralized governance and new ways to interact and do business.

Web 3.0

The 3.0 version of the Web is sometimes referred to as the Semantic Web, a term coined by Tim Berners-Lee, the father of the World Wide Web. The term Semantic Web refers to the possibility of data being interpreted so that it becomes possible to offer users a more personalized experience. 

The 3.0 version revolves mostly around the ideas of openness, trust, and being permissionless. This means that, in essence, decentralization is at the center of this new version of the web. 

Whereas in the 2.0 version, users were not the owners of the content they generated, it is expected that users will be, in a way, owners of their data in this new version. In theory, the content will be managed through what is known as a DAO, a Decentralized Autonomous Organization. In this figure, no single company controls the information being uploaded and shared. Instead, everything is stored in a distributed ledger through Blockchain technology, meaning that all network participants are, to a certain extent, owners of their own data. 

This is where the importance of cryptocurrencies comes up. Built on a Blockchain, they allow different apps to share information in a decentralized manner. They do not share user data through traditional third parties as it is done today. This sounds like something trivial, but it might have some important consequences as to how the web itself and the economy around it work.

Cryptocurrencies and the New Web

The new Web has been given many names, such as the Semantic Web or Web 3.0 crypto. This last is sometimes misleading because, in reality, it isn’t just about crypto. It would be more accurate to say that it is about Blockchain and allowing new types of apps to be built. But, even that would fall short. Many other technologies come into play for this latest iteration of the Web.

This has important implications for apps built using these new technologies. For a start, it will require developers that are familiar with how these apps are built, and sometimes, even more important, understanding how their business models can be successful.

The app development industry is seeing an important transition towards a new way to interact with users. Artificial Intelligence and Machine Learning will be at the center of this process. 

Final Thoughts on Web 3.0 Crypto

A lot is going on right now in the world of digital assets. Most headlines are focused on the speculation around them.

The world has experienced a boom of digital assets, even though there is no consensus on what they are and their potential impact. Their market capitalization has boomed, but this does not necessarily reflect their actual value. Their real value lies in their utility for society, which does not lie in market numbers. 

While many are looking for financial advice to invest and make some money in the long term, others see in this new technology the possibility to revolutionize the world. If you are looking for a partner that understands the potential of Web 3.0 crypto to build the apps of the future, contact a trusted app development partner.

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