From Web3.0 to Web4.0; what does the decentralized internet future hold for mankind
At a time when Web3.0 remains far away from reality, it seems the industry is already a buzz with Web4.0 and the role it is expected to play in taking the concept of decentralized internet forward. “I believe Web 4.0 will facilitate integration of data with both hardware and software. By leveraging this technology, we can engage with machines in a way that feels intuitive, streamline operations through automation, derive insights, and craft immersive experiences. It aims to provide a more personalised experience for users,” Suraj Sharma, Head of Public Policy and Government Affairs, BNS and Onramp. money, told FE Blockchain.
The global Web3.0 blockchain market was valued at $2.83 billion in 2022, as per market research firm Statista. This is expected to reach $45.41 billion by 2030, and is forecasted to grow at a compound annual growth rate (CAGR) of 41.50%.
“The promise of the metaverse, with its immersive and interconnected digital worlds, to enable new forms of collaboration, creativity, and social interaction is believed to be hampered by competing politics, technologies and jurisdictional regulation,” Navdeep Sharma, Co-founder, ReelStar. From what it’s understood, this impacts mainly on the interoperability, particularly economic and movement between metaverse implementations.
Industry experts are quick to point out that people will regain control as the technology provides, historically, for the first time, the real capacity to support true democracy. When everyone knows about the existential risks of climate change but nothing effective is being done, this should be a wake-up call for all involved in Web3.0 currently, to drive its development technically, politically and philosophically into a mature common-good driven Web4.0. Hence, it would be too quick to make such a move before bettering the current system.
Furthermore, the future implementation of Web4.0 is still unknown and undiscovered. Supposedly, arguments arose regarding the feature of a “more interactive” platform that Web4.0 is expected to provide. Some believe it can hamper the “privacy” of users. On the other hand, Web3.0-based gaming sectors are gaining popularity among the young generations for allowing users to own and control their in-game assets. Experts believe the Web3.0 gaming market is expected to reach $23.3 billion by 2028, with the shift towards Web4.0. “This can be useful in India, where players often invest a significant amount of time and money in their games” Om Malviya, President, Tezos India, a blockchain adoption entity, concluded.
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