Web 3.0 is going to change the lives of billions. This is something that we are seeing being developed before our eyes. It is still the very early stages, something that is crucial to keep in mind.
Also known as the decentralized web, Web 3.0 is the third version of the Internet, which is an improvement over the current Web 2.0 Internet. ... However, these data and contents are largely controlled by a small group of tech giants including, Amazon, Apple, Meta, Microsoft and Google in the current Web 2.0 Stage.
The entire process could take decades to complete. We have no idea how long it will take to develop the applications that will create the entire paradigm shift. Looking back through technological history, we see this is quite common.
We saw application phases with the present Internet. The first major application (use case) was email. We saw the development of the Internet come about with the idea of creating a secure communication system. For the first couple decades, this is what it was used for.
Much in the same way, I believe we are seeing the first major application of Web 3.0. This is the first of three that I can envision emerging over the next decade or so. Obviously, we can see them being developed simultaneously. They will overlap and converge together.
That said, this is just a best guess estimate of what will take place. It is based upon my reading of what is being developed now and what some of the leading minds foresee as unfolding in the future. Of course, with technology, there is the likelihood we see developments in 5-10 years that we cannot even comprehend today.
This is the first major application. Many try to separate cryptocurrency from blockchain. That is like trying to separate email from the Internet. Did anyone say "we like the Internet but hate email" 30 years ago? The answer is obviously no since they were, essentially, one at that time.
Even with this application, we are only seeing the tip of the iceberg in terms of what will eventually emerge. There are going to be millions of different tokens tied to as many projects. Tokens are going to be the preferred mechanism for most assets. Eventually, this could overtake stocks and other forms of financial representation (ownership) as the primary model.
The number of people involved in cryptocurrency today is probably similar to what entered the Internet 30 plus years ago. The entire industry might be akin to CompuServe and Prodigy in the early 1990s.
Thus, we will see explosive growth over the next half decade.
A Digital I.D. system only makes sense. This is something a number of people discussed including Dan Larimer. Microsoft is working on the Bitcoin blockchain as a testnet for a system they are working on.
How this evolves is unknown. What I can say is a true, decentralized digital I.D. system will give people ownership over their data. This will completely alter the Internet experience and radically change the landscape. Companies that relying on the proceeds from selling said data to advertisers are going to see their business models destroyed.
Just like Facebook with Libra, we can expect mega-tech companies to bring out a system which they control. It is in their nature and something that will be too hard to resist. Governments might even get involved trying to mandate a system they can at least have full access to if they aren't the ones controlling it.
So, while the technological advancement of 3.0 in here it is also a long way from completed. We will see into continue to develop day after day, week after week, month after month…… It is our job to evolve with it or it is of no use to us!
MMA_Crypto
Source: peakd.com