Explain web 3.0 Tokens? do they influence the future of cryptocurrency?

The age of the new internet version is emerging that will not only interpret what you provide to it but also will comprehend everything via voice, text, or any other method. 

It is going to be a translational phase in the area of the web, which people are referring to as web 3.0. Further, the unique thing about web 3.0 is that it is going to be completely decentralized. Yes, blockchain technology is also entering the world of the internet to revolutionize the traditional internet framework. 

Also, experts say that we will be able to consume information in a more personalized manner in comparison to before.

Let us look into the evolution of the internet, web 3.0 tokens, and how it influences the future of cryptocurrency. 

Table of contents

  • A brief overview of web 3.0 technology
  • Development in the area of Web 3.0 technologies
  • Web 1.0 (1989-2005)
  • Web 2.0 (2005-present)
  • Web 3.0 (under development)
  • Understanding web 3 token
  • How will web3 influence the future of cryptocurrency? 
  • Closing Thoughts

A brief overview of web 3.0 technology

The creator of the World Wide Web, Tim Berners Lee, has been working to introduce web version 3 in our current internet ecosystem. 

Version 3 of the web aims at facilitating a more independent, smart, and open internet. 

In this new framework, digital data will operate and link in a decentralized system which might come out to be an influential enhancement of the existing internet, i.e., Web 2.0. 

Furthermore, blockchain technology will enable data to interact with machines and people effectively. However, to make this possible, the program should understand the data in both a contextual and conceptual manner. Further, Artificial Intelligence and the semantic web are two main elements of web 3.0. Blockchain developers are working continuously to make this happen as soon as possible.

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Development in the area of Web 3.0 technologies

Web 3.0 technology is basically an evolution of the previous web tool generation that is willing to combine with disrupting technologies like blockchain and AI. Also, it will establish efficiency in the connection between increasing uses of the internet and its users. Let us explore its existing versions: 

Web 1.0 (1989-2005)

The earliest and most dependable internet version was Static web 1.0 in the 1990s. This version offered limited information without any facility for user interaction. In fact, back in the day, no such thing as user pages or commenting on articles was in existence. 

Hence in those days, it was very hard for users to find out what they were looking for as there was no existing algorithm that could list out web pages as per users’ search input. 

Web 2.0 (2005-present)

The present internet operates with web technologies such as HTML5, JavaScript, CSS3, and many others. Further, with these technologies, startups were able to create user-interactive online platforms, including Wikipedia, YouTube, Facebook, and many other websites. 

Furthermore, with its advancement, opportunities for user-generated content, social networking sites came into existence. Now you can share data across multiple applications and platforms easily. 

Web 3.0 (under development)

Since the introduction of the internet, the field has been developing continuously. But now, with the arrival of the third generation of the internet, everything will experience a huge revolution. 

The new development will allow the internet to become more innovative and use data similar to human-like intelligence with the help of Artificial Intelligence. Furthermore, it will conduct intelligent programs to offer assistance to users. 

The semantic web aims to automatically connect people, systems, and home devices together, as per Tim Berners Lee. 

Thus, in the future, both machines and humans will be involved in the production of content and decision-making processes. 

Hence we will be able to experience the smart creation and distribution of customized information to every internet user. Some of the essential features of 3rd generation internet are: 

  • Semantic Web
  • Ubiquity
  • 3D Graphics
  • Artificial Intelligence

Understanding web 3 token

Web 3 tokens are digital currency that will run either on a decentralized framework of numerous peer-to-peer nodes or blockchains. 

Also, there is a possibility of it using a combination of these two systems that will form a new cryptocurrency economic platform. 

These applications are known as decentralized apps or dApps, which will be in high use in the area of web 3 technologies. Here are a few characteristics that web 3 tokens will have: 

  • Trustless
  • Verifiable
  • Distributed and strong
  • Self-governing
  • Permissionless
  • Stateful
  • Native built-in payments.

How will web 3 influence the future of cryptocurrency? 

Web 3.0 Tokens will hugely depend on decentralized applications, and we have already seen the potential of dApps over blockchain networks. 

Also, tokens that have a connection with web 3 applications are to exceed expectations if we compare them with altcoins and Bitcoin. 

As per Messari, there was a 2244% increase in the average worth of web 3.0 tokens in August. 

Although this margin is lower in comparison to the growth of non-fungible-tokens which was 2726 %, it is still better than the growth of Bitcoins which was only 37 %. 

Hence, as per data, web 3 tokens might be a new interest of crypto investors who want to gain big profits.

Despite the recent downturns of the cryptocurrency market, some of the best-decentralized web cryptocurrencies are enjoying considerable profits. 

Some of them include BitTorrent (BTT), Helium (HNT), and Livepeer (LPT) that have been seeing a rise of 800% within a period of months. 

Crypto advisors believe that it is going to be collectively fruitful for the crypto market. 

As per a research analyst, the significant development of the web 3.0 environment and how it is preserving the majority of its profits even after downturns of the crypto market is appreciable. 

Moreover, an increase in prices implies that there will be an expansion in demand and services, which will benefit the crypto economy. 

Closing Thoughts

Recently most of the trends in blockchain technology is revolving around the development of web 3.2 tokens. Though they are just starting, the growth in their applications and values is attracting high demand. 

Get in-depth information on cryptocurrency trading and its ecosystem at the BLOCKCHAIN COUNCIL

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