Place/Date: The Netherlands - August 12th, 2022 at 10:00 am UTC · 5 min read
Contact: Coinmerce, Source: Coinmerce
There is a general belief that the blockchain could transform how the world operates in the future. Interestingly, over 85% of the financial institutions in Europe and the United States are integrating blockchain into their operations. Additionally, almost every industry is slowly adopting this advanced technology.
But we cannot talk about blockchain technology’s progress without highlighting the internet’s impact. With the heavy presence of the internet, especially among young people, digital financial transactions, such as cryptocurrency, have surged immensely. This article will explain how the internet has improved cryptocurrency and blockchain adoption through Web 3.0.
We cannot discuss Web 3.0 and its benefits without explaining how Web 1.0 and Web 2.0 laid the foundation to create an efficient system of storing and distributing data and information across networks at a fast speed and effective means.
The history of the internet began with the development of Web1 in 1989. This early version of the internet had fewer functionalities than we have today. For example, Web1’s website designs were only used for written content. Additionally, it provided very little interaction where users could exchange information, making it impossible to interact with the website.
Websites back then were developed with programming languages like HTML, CSS and PHP. Unfortunately, these are relatively standard programming languages with which little is possible. For example, only a text or image could be displayed with HTML, after which the website could be formatted with CSS.
Think of the forming of blocks and giving colours. PHP was used to store data in a database and to display this data when asked. Web 1.0 is the first form of the internet that provides a few ways of supporting user interaction or content contribution.
Websites like Facebook, Twitter and YouTube are part of Web 2.0. This is because users can interact with these websites, allowing them to communicate with others. For example, on Facebook, you can send a message to Facebook’s server, which makes the message visible to the addressee.
In this interaction era, people can upload a video to YouTube, allowing anyone in the world to view this video. So Web 2.0 is the basis of communication over the internet. However, Web 2.0 won’t be the last phase because Web 3.0 is in total development.
Web 3.0 is currently the most advanced version of the internet that is backed up by the blockchain. This version of the internet will allow websites and apps to process information in a human-like way via machine learning and decentralised ledger technology. Some features of Web 3.0 include:
It is primarily layer-1 blockchain projects that are important for Web 3.0. A layer-1 blockchain is a basis for crypto projects. For example, Bitcoin and Ethereum are layer-1 projects because they are developing their own blockchain.
A blockchain is a digitalised ledger with a network of computers that keeps track of every information posted online. Therefore, no one has total control over the data. While it is normal for you to feel that your information is not secure, the blockchain only shows information to the right persons.
Because cryptography is used, each user has its own public and private key. When you own the correct key combination, you can view data and act as the data owner. Therefore, the private and public keys as actual keys that give you access to the part of the blockchain that only you should have access to.
This development makes a blockchain safer than the current internet we know as Web 2.0. Leading cooperations, like Google, Facebook and Twitter, currently own their users’ data. This data is stored on servers owned by these parties.
Additionally, the metaverse is a virtual world powered by Web 3.0. With virtual reality glasses, you can perform all kinds of activities. For example, it is possible to communicate and interact with other users, allowing you to hold a meeting in the metaverse. You can also attend parties, a live concert by your favourite artist, and shop in one of the many stores the metaverse offers.
The internet’s capabilities remain limitless because Web 3.0 has yet to reach its full potential. However, many individuals and institutions will soon be able to access the blockchain without restrictions, creating more opportunities for cryptocurrency exchanges like Coinmerce to thrive.
Coinmerce is one of the leading blockchain platforms in Europe, with over 160 crypto assets. Backed up by Web 3.0, Coinmerce crypto exchange provides an easy way for users to make online transactions.
So, if you want to invest in Web 3.0 cryptocurrencies, consider looking at layer one blockchains, such as Ethereum, Solana, Avalanche and Polkadot, on Coinmerce. After all, they are considered the foundation of Web 3.0 as it will look soon.
Disclaimer: Coinspeaker is not responsible for the trustworthiness, quality, accuracy of any materials on this page. We recommend you conduct research on your own before taking any decisions related to the products/companies presented in this article. Coinspeaker is not liable for any loss that can be caused due to your use of any services or goods presented in the press release.