What Is Web 3.0 in Cryptocurrency? FutureUniverseTV Presents A Practical Understanding.
A number of Web 3.0 applications, also called dApps, short for decentralized applications, are being built on Ethereum, called by some the “world computer.” Rather than hosting these applications on a centralized server, Ethereum uses user-operated nodes on the blockchain to allow anyone to use them without having their data monetized.
There is no central entity that can block one’s access to these dApps. Additionally, the Ethereum network provides built-in payment capabilities through its native cryptocurrency, ETH. As part of the ethos of the semantic web, payments on Ethereum do not require personal information, and there is no central authority that can prevent or undo payments. It is likely that cryptocurrency payments will become an important part of Web 3.0, since they are able to offer cheaper and near-instant transactions that are available 24 hours a day. LBRY – the cryptocurrency behind the decentralized digital marketplace LBRY – will also play an important role in redefining the relationship between content creators and consumers. LBRY allows creators to upload original content and decide how they wish to monetize it. The LBRY token is used by creators as a method of payment for views generated, and by consumers as a method of purchasing their content.
We will be shaped by Web 3.0 in the future. There are already some applications that take advantage of the characteristics of Web 3.0, even though the concept of the semantic web is currently viewed as far-fetched and futuristic. Among the most popular cryptocurrency projects is Filecoin, an open-source decentralized storage network. FIL – the native crypto token of the network – allows computer owners around the world to rent out their spare disk space in exchange for FIL, the protocol’s native server.
Odysee is another semantic web-oriented project, built by LBRY, which is a decentralized, blockchain-based, peer-to-peer video sharing network that directly rewards content creators with LBRY Credits. Using tools for the Web 3.0 data economy, Ocean Protocol aims to unlock the value of data. By using the open-source protocol’s Ocean Market App, data owners can publish data using Ocean data tokens, and users can purchase access to the data, while data providers are rewarded with OCEAN tokens.
Early iterations of Web 3.0 native applications pave the way for an open-source, privacy-preserving, human-centric future web in which machines and users exchange data and value over peer-to-peer networks. Decentralized autonomous organizations (DAOs), global decentralized autonomous companies (DACs), self-sovereign identities, and decentralized data marketplaces will also be introduced by Web 3.0. Furthermore, it will redefine human-machine interactions by facilitating trustless data transfers, automated payments using cryptocurrencies, seamless ownership transfers, and much more. Biological and artificial intelligence will become global interconnected and interoperable for the first time in history with the advent of Web 3.0.
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