Web 3.0 Will Not Be Owned By The User, Says Twitter Founder

A whole new version of the internet could be on the way if cryptocurrency venture capitalists are successful. The term Web 3.0 was first coined by Gavin Wood, co-founder of Ethereum. It’s an idea that has been around since 2014 but has been gaining momentum since last year.

Today, many large tech companies, cryptocurrency investors, and venture capitalists are pushing the notion of Web 3.0. Twitter founder Jack Dorsey recently tweeted that this new version of the internet would not be owned by users despite what many people think. Instead, he says, venture capitalists will be behind it and benefit the most, pushing the internet forward in this new iteration.

What is Web 3.0?

This potential new version of the Internet that has been proposed is supposed to run on cryptocurrency. It would be a decentralized internet, which would lead people to think it would be controlled and ruled by users. Dorsey tries to cut through this notion that he thinks is completely wrong.

In Web 3.0, it is said that users are able to communicate and collaborate without having to worry about pulling out centralized resource and operations hubs. It is a revolutionary new version of the Internet, focused on accessibility and the intelligent exchange of information. An example of this would be centralized servers considered obsolete and a variety of computing devices taking their place to deliver information to users. This would be a peer-to-peer setup that offers personalized information for research and is not governed by any authority.

In other words, the concept of decentralized finance which is the lifeblood and framework of cryptocurrency would essentially be carried over to the internet.

Of course, a business like this would need a lot of help getting started. However, Crypto.com founder Chris Marszalek says venture capitalist money isn’t needed to start building Web 3.0. He says it would be “a harder route” to make this version of the Internet work without venture capitalists, but it also means investors wouldn’t have to sell to make it happen.

What would this mean for cryptocurrency

There are a lot of voices within the cryptocurrency industry defending Web 3.0. An internet designed in this way and powered by cryptocurrency would mean big things to the crypto market. This would bring a whole new real-world utility to cryptocurrency, skyrocketing current crypto values ​​and opening the door for many more.

It’s incredibly exciting for the crypto industry, but the start of Web 3.0 has proven to be problematic, and like today’s crypto market, there can be the constant threat of regulation and legislation. that limit the dizzying dreams of those who currently imagine Web 3.0.

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