How Can Cryptocurrencies Help in the Development of Web 3.0?

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With so many changes that are happening in the cryptocurrency world on a daily basis, it might be almost impossible to stay on top of those crucial ones. That is why we at Bingbon are constantly trying to bring you the most important updates on the hottest topics in the crypto sphere. After DeFi and NFTs, one more interesting trend that has been gaining more traction in the past few weeks is Web 3.0 and its connection to different crypto projects.

What is Web 3.0? 

Before we dig deep down and see what projects from the cryptocurrency ecosystem are connected to Web 3.0, it is important to know what Web 3.0 really represents. As is obvious from its name, Web 3.0 is describing a new improvement, upgrade or even paradigm shift on the Internet as such. Web 3.0 is a term coined by Tim Berners-Lee who invented a World Wide Web. This computer scientist from the United Kingdom described about 5 years ago a Semantic Web, which would build upon the current Web.

The Semantic Web, also known as Web 3.0, would differ in several main characteristics from Web 2.0. As Tim Berners-Lee described it, the Web 3.0 should be getting closer to his vision of open, trustless and permissionless Internet that he imagined, than any other form of Web that has been used before. And mainly these three characteristics should highlight the main differences between the current Web 2.0 and the Web 3.0. 

web internet blockchain
Evolution of the Web, Source: medium.com

As described thoroughly in this article, Web 3.0 should be open in the sense that it is built from an open source software by an open and accessible community of developers. It should be trusted by the network itself which would allow participants to interact publicly (or privately) without the need for a trusted third party, leading to truthfulness of the whole Web. And Web 3.0 should be permissionless to anyone, which should simply mean that there would not be any need for authorisation from a governing body for users, suppliers or developers. 

Does all of this sound familiar? Open, trustless and permissionless? These characteristics are without any doubt connected to cryptocurrencies, which should help with the establishment of the new era of the internet. But before we look closer on that topic, let’s see what other changes the Web 3.0 can bring. 

AI plays crucial part 

The change to Web 3.0 will be also connected to the shift that is currently being more visible than ever before. The AI (artificial intelligence) revolution is almost everywhere around us. However, if AI is connected to the new decentralised data structures that Web 3.0 should bring, the potential applications are limitless.

These can be applications such as climate modelling or drug design, but also more concrete ones like improvement of Siri or Wolfram Alpha. Siri and Wolfram Alpha are also good examples of how the connection of AI and Web 3.0 can improve everyday lives. Both of these tools are improving almost constantly to bring better user experience and satisfaction. Yet many believe that they are still in their early development phases and that they have much more to offer.  

However, the new internet will provide much more than this. It is believed that this shift has the ability to customize browsing experience thanks to AI and can help with empowering each individual user. The users themselves will become more sovereign over their data and the Web 3.0 will be much more present in their lives thanks to the online connection of everyday machines like home appliances, types of transports or different types of IoT. Several cryptocurrency projects are already on the route of assisting with this currently unimaginable shift. Which are the most promising? 

Crypto and Web 3.0

Crypto plays an undeniably important role in the development of Web 3.0. Adam Soffer of Livepeer for example stated that blockchain technology and cryptocurrencies themselves are at the heart of Web 3.0.

“They are what allow developers to embed economic rules and incentives in open source software and create token-coordinated networks.” 

Web 3.0 is directly connected to cryptocurrencies. As was described above, the critical ideologies of both are very similar since they are about open, trustless and permissionless solutions for its users. There are already several projects from the crypto space that are worth looking at when it comes to Web 3.0. 

Polkadot and Kusama

When talking about Web 3.0 projects in the cryptocurrency ecosystem, Polkadot (DOT) should probably be one of the first ones mentioned. This “Ethereum killer” is trying to develop the most robust platform for security, scalability and innovation. In combination with Kusama (KSM), an experimental blockchain platform that serves as a test bed for Polkadot, these projects are having an increasingly big impact on the future of Web 3.0.

Internet Computer

Another interesting project that had an incredible intro into the cryptocurrency TOP 10 is Internet Computer (ICP). This truly innovative project is already building its own ecosystem with different applications and solutions already built upon it such as Plug Wallet, decentralized web hosting Fleek, community owned professional network Distrikt or blend of luxury goods and NFTs – Origyn. 

ICP promising projects
Examples of ICP ecosystem, Source: dfinity.org

Ocean Protocol

Ocean Protocol (OCEAN) is still a rather small, but still significant cryptocurrency project that connects this space with Web 3.0. It offers tools for the Web 3.0 Data Economy and tries to unlock the value of data itself. It allows data owners and consumers to publish, discover and consume data in a secure, privacy-preserving fashion, which is what Web 3.0 truly should be about. 

Filecoin

Filecoin (FIL) is described by some as an AirBnB of data storage. This project creates a network where miners earn Filecoin by providing open hard-drive space to users who spend Filecoin to store their files encrypted. This is all done in a decentralized way and can be perceived as an option for Web 3.0 data storage. 

The Graph

“Web 3.0 is a new stack for a radically better internet. All data is stored and processed on an open network with verifiable integrity. The Graph makes querying this data fast, reliable and secure.” 

GRT price analysis
How does The Graph work, Source: thegraph.com

Description of yet another cryptocurrency project, The Graph (GRT), which is aiming to solve issues connected with Web 3.0, mostly indexing. 

The list of crypto projects connected to Web 3.0 goes on. If you are interested in finding out more, you can for instance explore Sia (SIA), BitTorrent (BTT), Storj (STORJ) or Livepeer (LPT).