Most have heard the term Web 3.0 yet do not truly understand the power that is involved.
Essentially, we are looking at a 10,000x impact over the present version of the Internet. This is the incredible magnitude of what is coming.
Let us start by looking back.
Web 1.0 was static. It was the opening of information. This allowed people to share information with people all over the world. For its time, it was revolutionary.
Web 2.0
Web 2.0 was 1,000x more powerful. It added video to the mix along with dynamic websites. Suddenly, not only could information be put out there but feedback was also possible. Two way communication entered the picture which saw the development of a host of messenger applications. Of course, the entire realm of social media came into being.
Companies from this arena became some of the most powerful in the world. There is a very simple reason for this due to two "Laws".
Moore's Law is something most are familiar with. It was developed by Gordon Moore of Intel. Basically it deals with the cost of computation power stating that it, depending upon who you believe, doubles every 18-24 months. In other words, you end up getting more powerful systems for less money.
The other is Metcalfe's Law which deals with network scale. This says that the value of a network grows as the number of nodes expands even if pricing and features remain the same.
Web 2.0 was the ideal marriage between these two laws. The value of their networks were increasing due to the addition of nodes which were decreasing in cost as an accelerating rate.
Is it any wonder that companies involved in this area become some of the most valuable in the world?
Web 3.0
Web 3.0 contains these two laws. This is an important point for all who are involved in cryptocurrency. It is the one reason why the entire industry is going to grow significantly over the next 5 years.
The difference is that with Web 3.0, there is another "law" that was not present in Web 2.0. We will call this the "Satoshi's Law".
This law basically enables the monetization of direct transactions between the nodes. Under the previous web, centralized third parties had to be constructed to fulfill these requirements. Think of Facebook Marketplace or Amazon as examples of this.
Here is where we see a major leap forward. This single addition is what is going to allow for a completely new Internet. It is here we see the tokenization of the Internet or the ability to reward people for certain activities.
Unfortunately, this is as far as people go with their understanding. It is also not worthy of a 10,000X increase in impact on the world.
Tip Of The Iceberg
What I described up to this point is just the tip of the iceberg in what the Internet will become. Web 3.0 is not solely about cryptocurrency and blockchain. In fact, those are small albeit important pieces.
Web 3.0 is a convergence due to technologies such as AR/VR, 3D printing, edge and mesh computing, 5G, Artificial Intelligence, smart devices, and Synthetic Biology. This is much bigger than most people imagine.
The convergence here refers to the meshing of three worlds. Web 3.0 is bringing together our physical, digital, and biological worlds. I will write that again: Web 3.0 is bringing together our physical, digital, and biological worlds.
Ponder for a second what that means and how big it will be.
Essentially, we are looking at everything being connected (probably why some called it the Internet of Everything).
In Web 2.0 nodes were things such as tablets, phones, smart televisions, and laptops. It was a world designed that was entered through a screen. This is all going to change.
Web 3.0 will see a massive explosion of nodes. This is why it is worthwhile to remember Metcalfe's Law.
What is a node in under this scenario?
In addition to our screened devices, we will see:
- AR/VR glasses, headsets, and contact lenses.
- Brain-to-computer interfaces
- Refidgerators
- Coffee Makers
- Automobiles
- Drones
- Clothing
- Our Hearts
- Cells
- Viruses (essentially our entire microbiome)
- Pets
- even the shelf in our bedroom
Web 3.0 is going to see everything connected and replicated with a digital version. We are going to see many layers built upon our physical world (think metaverse). There will be different levels of immersion depending upon where we want to go and the permissions we have.
It will be a complete informational network. We will be able to instantly know who owns what, where it is, and what it can be used for. The only variable is whether we will have permission (the key) to view that or not.
Not only where we have a digital map of all, Web 3.0 will see everything as a data creator. Hence, once again turning back to cryptocurrency, it has the possibility to be monetized. Everything will have value because it will either be generating data or providing for the communication of said data.
One thing Web 2.0 did teach us was how valuable data is.
The data generators will feed the powerful AI systems that will constantly be monitoring, processing, and distributing the information. Thus, every single generator will be paid. Think of the data in human bodily waste. With the additional of smart toilets, that will have value (maybe the sh*t token does have applicable use).
Science Fiction Coming To Life
Most people get their insight into the future by reading or viewing science fiction. What I am describing here certainly sounds like that. The challenge with this is when something is in the Sci-Fi realm, we think of it as a long way off.
This is not.
A great deal of this process will be in place by the end of the next decade. Web 3.0 will be in full swing by 2030. That is how rapidly things are moving. We will redesign and expand the entire Internet in a decade.
For most, ten years is still a long time. However, the pieces to this are going to start emerging in the next 2-3 years. Those involved in cryptocurrency are aware of the progress that came about in just the last two years. Similar process is being repeated in most of the technologies I mentioned earlier.
The power in this comes in the fact there is a convergence taking place. Each technology might appear to be operating in isolation yet, when the come together, the impact is compounded.
Since things are advancing so rapidly, it puts enormous responsibility on us who are here right now. In a future post, I will uncover that topic so people are clear what we are dealing with.
For now, it is vital to understand the enormous impact of what is taking place. It is also helpful to keep things in perspective. This is a long game of epic proportions.
As they say, do not get caught tripping over molehills.
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