Is This the Future of Crypto? Web 2.0 vs. Web 3.0 Explained
2022’s crypto winter hasn’t been kind to the retail investor. People, who just got into crypto in late 2020 and early 2021, haven’t seen the true high’s and low’s of the technology. This begs the question that many are trying to answer: what is the future of crypto?
Is This the Future of Crypto?
Well it would benefit us in more ways than one if we were Nostradamus, we are not. However, we can use our best judgement to assess the current crypto landscape and try to convey that into what the future of blockchain technology holds.
Currently, the crypto community, or at least the retail investor sector, are left checking their Robinhood accounts waiting until their ETH.X, BTC.X and DOGE.X, remerge from red and turn green. Judging by November of 2021’s crypto boom, which sent nearly every coin soaring, they will have to wait a long time. How long? Again, I can’t say for sure. Though, can things really be worse for the community in 2023 as they were in 2022?
Never say never. But if we dig a little deeper, we will find what the brain trust of crypto is currently working on. The transition from Web 2.0 to Web 3.0.
👉 There are two different types of Blockchain developers:
1• There are those who work on building the architecture and design of smart contracts, and they are also concerned with the security of contracts.
— Khairallah AL-Awady (@Eng_khairallah1) November 15, 2022
The above tweet thread is a great starting point if you’re new to the Web 3.0 concept.
Essentially while everyone is freaking about their computer coins crashing, blockchain engineers are hard at work revolutionizing the smart contract and royalties space.
Social Media (Twitter) And Record Labels/Streaming Services
It also wouldn’t surprise to hear of Twitter announcing their own Web 3.0 concept in 2023. That would be very ‘Elon’ of Elon Musk wouldn’t it?
Imagine being able to monetize your Twitter account with the click of a button and receive crypto-based payments for your content. Sounds awesome, doesn’t it?
The same concept could be implemented by Spotify, who is rumored to pay $0.0033 per stream for musicians (credit to USAtoday). Imagine a crypto-based integration where Artist profiles and discographies could use blockchain for payments, royalties and ownership of their publications.
Sounds pretty dreamy, doesn’t it? There will be some companies to excel at the implementation of Web 3.0, and some, who fail to capture the essence of it.
The same can be said about streaming services like Netflix, Hulu, etc., who all provided a nice service at first, and now are basically light versions of the old-fashioned Cable television.
DAO
No, not Tao, the infamous nightclub in Manhattan’s Chelsea. I’m talking about Decentralized Autonomous Organization’s. Small communities of likeminded people working toward a similar goal. DAOs can provide status to those in the crypto world and other benefits.
Essentially another social-based element to Web 3.0. Starting to see a trend here?
Web 3.0 For the Greater Good
Be careful, that sounds a lot like Sam Bankman-Fried type talk.
However, after witnessing more political drama from the 2022 Midterm elections, I think we can all agree that there needs to be community-focused activities that bring people together, instead of dividing them.
The Midterms also showed us that the same old politicians will cling to what’s left of their power with every inch of their archaic fingernails. Perhaps Web 3.0 can bring out the best in people and strive for something with higher purpose than corrupt money-laundering schemes.
Here’s to hoping.
So anon, what do you think Web 3.0 will entail?
Good article
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