Web 3.0 and Crypto Adoption: A Way Bigger than Expected

Jan 7, 2022
4 min read

What will your life be like if the devices and connectivity are removed? You have to pick up your friend at the chaotic airport area. You have to order food from some restaurant. You need to send money to any of your relatives urgently. And when I am away from the apartment, or away from the office, then how can I monitor my places. Considering all these things, now understand the power of Web 3.0.

We are becoming dependent on the web day by day. Increasingly, the functionality is improving. Because in the beginning websites were static pages and contained all the basic information. But these static pages were the repository that you used to get the information you wanted.

The next advancement gave birth to Web 2.0. It gave you a more interactive version. Your conversation with other content creators started. Like-minded communities began to congregate in large numbers on social media websites such as Facebook, YouTube and Flickr. The affinity created by it led to increased collaboration around the world.

You may not be aware but you are reaping the benefits of Web 2.0 and 3.0 simultaneously. Web 3.0 includes internet-enabled mobile devices and the merging of sensors, built-in crypto wallets, and self-sovereign identities. And this is the web of tomorrow.

Web 3.0 connects mobiles, appliances, cars, home entertainment systems, music all these devices and decentralized networks (cryptographic keys, distributed databases). It also incorporates advancements in reasoning and machine learning (which yields products like Alexa, Siri, Cortana). Siri and Google Assistant will give you weather information in the coming times. They will also inquire about an available dinner reservation from your mobile before sending cryptocurrency to a friend who works in Ireland.

Web 3.0 and the Internet of Things

Tesla's over-the-air fix is an example of Web 3.0 syncing with the “Internet of Things” (IoT). Owners in America had received a recall notice that a charger plug needed to be fixed as it caused the fires in the car. There was no need to schedule servicing and owners did not even realize that Tesla had remotely upgraded software that remedied 29,222 cars of the hazard. It is the flow of connectivity that is shifting from Fitbits to "life-enhancing" activities that have a clear value proposition. Immediate cost saving is apparent in IoT applications and yields brand differentiation and loyalty.

Gateway to Crypto and Web 3.0

Now let's talk about the integration of cryptocurrency wallets in the web 3.0 browser. Crypto Wallet holds crypto coins and provides a secure, private, digital space. It acts as a single login for all Web 3.0 decentralized applications (called Dapps).

If you are thinking about bitcoin, it is not an asset that you would use for day-to-day transactions. Crypto coins also include specific gaming coins that are used to purchase in-game virtual goods such as 'skins', weapons or vehicles.

On many platforms, if time is spent in the game, you will get tokens that can be used that you earn on in-app purchases to create a "circular economy". You can buy, sell and keep the sword as a memento. Tokens can also be rented out to another player. Crypto facilitates the transactions and the goods are stored in your wallet.

Whatever progress is seen in technology in today's era, it has been integrated by Web 3.0. Whether you are gaming or trading or buying next-generation sporting event tickets, you need a crypto wallet.

Just to reiterate, Web 3.0 brings openness and transparency, so does blockchain. Blockchain means the insights organized in the form of blocks and the cryptographic hash assigned make them secure and immutable.

As Web 3.0 becomes an absolute reality, resources, content, applications and protocols will become accessible to all. Decentralized options will make the world more inclusive.

Blockchain is paving a way to democratize the Internet. Thus, DApps and smart contracts will eventually automate specific processes. And this is where the top crypto players come into play and will bring the best of technology to contribute to the Web 3.0 ecosystem.

Crypto Investments

There is a strong connection between blockchain technology and Web 3.0 which further leads to a specific cryptocurrency and investment-specific approach.

For example, Ethereum is one of the most popular Web 3.0 blockchains whose role is to help developers with decentralized apps. Because of this, it has largely come under the radar of long-term crypto investors. Apart from this, there are many more examples when it comes to the relevance of Web 3.0. And some of these chains include The Graph, Filecoin, Helium, LivePeer, and more.

Because of this high-level crypto-internet connection into the world, a lot of investments are going to be busted in this deep well and that will not be financial superpositions. The entire crypto investment sector is backed by tech-based facts. You can easily find many precedents.

Mainstream Crypto Adoption

Because the technology is multivariate and complex, a complete merger can take time. Some of the top crypto players driving the Web 3.0 boom such as Helium, Flux, Kadena, and more, follow the tried and tested, proof-of-work consensus model.

The Web 3.0 incentive token is expected to attract some well-rounded attention as the global bias shifts towards non-fungible tokens and creator monetization. The global streaming industry is estimated to be worth $250 billion by the end of 2026. Although developers are developing decentralized platforms and apps and give a kickstart, you still have to wait for proper mainstream adoption.

Wrapping Up

Crypto players are opening up to Web 3.0 and its own ecosystem can breed the requisite applications and resources. Even if trading, exchange value and investment are kept separate, crypto players will still be directly connected to the Web 3.0 renaissance. Web 3.0 will change the thought stream of those people in the coming time who are not welcoming this concept. Investing in cryptocurrencies will be seen as mere byproducts and the concept will prove to be a way bigger.