What is Web3.0? 5 Future Predictions for Web 3.0

What is web3? what is web2 or web1 and why should we have at least a basic understanding of what they are as crypto investors? Hello, Its Theforyou and in this post we will explore what web3 means and 5 Predictions for Web3.0 about what we can expect to happen in the future regardless of bull markets, bear markets, and market cycles at large. So let’s learn about web3.

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Before we get started, just want to do a quick shout out to NordVPN. As a crypto investor, using a VPN is an easy, effective, & important way we can further protect our privacy and our investments on the web. I’ve been personally using them well. And for a limited time.

What is Web 1.0?

Now, let’s get to it. What is web3? Well, to understand web3 more easily, let’s start from the beginning and define what web1 is. What is web1 or Web 1.0? 

Most of us can recall when it was necessary to type in www. In front of whatever website we wanted to access. And the www stands for world wide web which is the internet. When the internet first came about, some of us can remember the horrid, screechy noises that signaled your computer was attempting to connect to the internet via dial-up. 

At this time, the internet was in the web 1.0 stage. So the number represents the first development stage of the world wide web. And the key characteristic of this first iteration of the internet was simple static websites. So you could look at web pages and browse around, but there wasn’t a whole lot of interaction between websites and users like us. As time went on, servers were upgraded, developers learned new skills, and eventually web2 or web2.0 emerged.

What is Web 2.0? 

What is web2 or web2.0? The number 2 or 2.0 in terms of web 2.0 represents the second development stage of the world wide web or the internet. The difference between the simple static websites of web 1.0, and web 2.0 are the ability for internet users like us to create our own content in the form of blogs, comments, reviews, and social media. 

Web 2.0 is also characterized by websites becoming more dynamic and responsive like the ability to do a Google search, or create directions for roadmaps. And finally interoperability was achieved in the web 2.0 development stage, where different websites and applications could connect and interact with each other, like how we can connect our social media accounts together, or use widgets to see twitter feeds, news feeds, stock and crypto price feeds, etcetera. Cool. So it’s important to note that there is no formal date, roadmap, or specific marker that delineated when web 1.0 morphed into web 2.0, which is the same for the concept of web 3.0.

What is Web 3.0?

What is web3 or 3.0? Web 3.0 is a term used to refer to the third currently emerging developmental stage of the internet. The difference between the simple, static websites of web 1.0, and the more interactive, dynamic, and interoperable websites of web 2.0, with web 3.0, the internet operates on decentralized technology that no one person or entity can control, allowing pretty much anyone around the world with a smart device to connect to and interact with users and applications on the internet. Another defining characteristic of web 3.0 is the application of artificial intelligence. 

So with web 3.0, we will see faster, more robust development, more inclusion of users, and ultimately it will increasingly become a part of the infrastructure of everyday life. Amazing.

5 Future Predictions for Web 3.0

So now that we better understand what web 1, 2, and 3 are and the characteristics that define them. Let’s explore 5 predictions for the future of web 3 and how over time it will divorce itself from marker cycles, which is a great thing for us long term crypto investors.

1. Tokenization of Everything

Tokenization of everything. With web 3, everything will be tokenized. Drivers’ licenses, passports, marriage certificates, college degrees, certifications, concert tickets, plane tickets, mortgages, deeds, car titles, adoption papers, birth certificates, death certificates, trusts, literally everything will be a token.

What is a token? 

A token is something physical or digital that can be exchanged for or represent a good, service, or other form of value or utility. In cryptocurrency and blockchain technology, tokens are representative of value like a stake, voting right, a toll, a currency, a store of value, it could represent ownership of something, or it could be multifunctional within an ecosystem. 

So know that the token doesn’t have value in and of itself, the value comes from the asset it represents. Like a gift card would be an example of a token. So the actual plastic card in and of itself isn’t valuable, but the card does represent value you can exchange for whatever terms are dictated by the gift card. And when we create a token that represents a good, a service, or any of the aforementioned forms of value, it’s called tokenization. 

So we’ve all probably heard of NFTs or non-fungible tokens at this point. Cool. Next, prediction.

2. Digital Global Economies. 

Currently, global economies are for the most part physically regional. Like we have the United States and the US dollar, we have China, Europe, etcetera. The underlying foundation of these economies use the global banking system to transact. And each economy has their own monetary, fiscal, and taxation policies that we have to abide by, but largely have no role in how it operates and how or when changes occur. 

For example, in the United States, to participate in the banking system you need to qualify for a bank account, and to live, obviously you need a source of income from typically a job, and the government decides how much taxes we owe them, and what they do with the money. With the decentralized, open, accessible, and ever-advancing technology implications of web 3.0, we are starting to see digital economies forming on the blockchain that we can all interact with regardless of physical location. 

And people like us can choose which economies we would like to be a part of, and within these ecosystems, we will get to decide how economic output is distributed among us, versus being at the mercy of our governments. 

So as economies begin to emerge on Ethereum, avalanche, Solana, Polkadot, and similar, we will form large digital global economies that rival current global economies like the United States or China. Basically with both a shortage of physical and traditional assets, and limitations with accessing them depending on where you live or if they’re affordable, digital assets will reign supreme in the future which fortifies the prediction of the development of digital global economies. Nice. 

3. Staking Becomes an Important Income Source 

Proof-of-stake blockchain ecosystems through staking mechanisms are more inclusive & distributed, and therefore, superior platforms for creating new successful economies. And anyone around the world can participate in staking within a proof-of-stake ecosystem, and, in a sense, within that economy, they are receiving something sort of similar to a form of universal basic income from the staking rewards.

And I don’t know why the term “universal basic income” is so inflammatory and pisses some people off, so hey, I’m just using it as an analogy. A better term will develop over time. Currently, the two major sources of income for people are one, labor income in the form of wages and salaries, and two, capital income from investments like interest and dividends. Staking is a new way to participate in an economy relatively passively. 

It’s a way for cryptocurrency ecosystems like Algorand for example, to incentivize people to help maintain, secure, and participate in the network. Staking will continue to evolve over time to encourage people to participate in economies like rewarding people for providing liquidity to certain defi or decentralized finance protocols, or validating transactions via proof-of-stake protocols. At the end of the day, staking will become a popular way for digital economies on web3 to distribute value among participants.

4. Transformation of the Middle Class 

Both the industrial revolution and tech revolution created a global environment where big businesses sought out the cheapest labor possible to keep profits high. This both created the middle class and is the cause of its decline and eventual demise. Web3 will help rebuild and transform the middle class, and ultimately will help class mobility.

What is class mobility? 

Socio-economic class mobility describes the ease with which a person born into a lower class can move into a higher class. The dawn of advertising begot the oppression of the masses: seducing and distracting us with materialism, media, and journalism to keep us at bay. Web3 technology is giving us a glimmer of hope that the way we distribute value within economies can be more fair, inclusive, and give us the opportunity to move from lower classes to higher classes in our lifetimes. Nearly everyone, regardless of social class has access to smartphones, computers, and, most importantly, the internet that is slowly, but surely transitioning from web 2.0 to 3.0. Cool. 

5. Exponential Increase in Investors 

With the onset of web3, everyone around the world will have access to the technology and will be able to participate in digital economies, and basically everyone will become an investor. Also as we discussed in a previous prediction, everything will become tokenized, which creates even more investment opportunities. 

Democratization of these new economies and how we distribute value, as well as increases in class mobility, leads to more people having more money, and the metaverse and NFT revolution will provide us with a vast and varied amount of assets to invest that money. Investing is an important source of income that many around the world didn’t, and still don’t have, the opportunity to take advantage of due to location, lack of money, or lack of knowledge. Web3 bridges those gaps and as a result we will all be investors. 

Finance and economics was created to be complicated, complex, and daunting on purpose to keep a small elite group satisfied, while the mass majority of people on the planet do all the dirty work and are kept at bay. Finance and investing practices are and will continue to become more accessible, easy to use, and simple to understand. 

Web3 could very well take a major toll on the financial management industry, as people will opt to manage their own investments instead of delegating to someone else. So as a crypto investor, make sure you are taking full control over your crypto assets by using a hardware wallet. If you hold it in your own wallet, you actually have possession, ownership, and control over it, not just a representation of ownership like a stock. If you don’t have your own cryptocurrency wallet yet, you can use BC Vault. BC Vault is my personal favorite, another option are the Ledger devices. Awesome.

Last Words

Thank you so much for taking the time to read this post. If you enjoyed it, please make sure to share this post. So what do you think about the What is web3? Are you excited for the transition from web2 to web3? What predictions do you have about new web3 economies? Let me know in the comments section below. Be safe out there. Again Thank You!

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