What is Web 3.0?
This is something that many talk about yet few give it much consideration. Perhaps people are so aware of it that discussion is not necessary. However, with the way the masses approach technology, i.e. they tend not to pay much attention, it is unlikely.
Web 3.0 is different, in my view, than Web3. The latter was coined by Gavin Wood, one of the co-founders of Ethereum. His meaning was a blockchain network coupled with cryptocurrency.
This is something that I think if valid. That said, Web 3.0 is much larger than Web3. In other words, Web3 is a portion of Web 3.0.
So what is Web 3.0 and how is it progressing?
Image generated by Ideogram
Web 3.0 Is Seeing Green Sprouts
Before getting into the recent development, let us broadly define Web 3.0.
To me, this is the combination of a host of technologies. They could potentially include:
- blockchain
- cryptocurrency
- AI
- AR/VR
- renewable energy such as nuclear fusion
- robotics
- spatial intelligence
Obviously, these are at different phases of development. Nevertheless, we can get an idea of how convergence can look in the future.
One of the keys to take away is the amazing potential this can offer. Within each area, there are a number of possibilities for people to leverage the technology.
Which brings us to the basis of this article.
Have you ever thought of about "Songs as a Service"? This is a concept that is now rolling out with the help of AI.
Grammy-award-winning musician Imogen Heap has teamed up with “ethically-trained” AI music platform Jen to launch a pair of AI models based on her music and voice.
StyleFilter is an AI tool trained, with Heap’s permission, on her new singles “What Have You Done To Me” and “Last Night of an Empire.” The tool enables users to apply Heap’s unique stylings to their own music based on AI prompts, using a dial to determine how much of her “vibe” ends up in the final composition.
Many are aware of the dispute between artists and, mostly, Big Tech, regarding copyright issues. It appears we have one who is taking matters into her own hands, taking advantage of an opportunity.
Heap and Jen have also announced an AI voice model trained on the musician’s own vocals. Jen claims to have “set a new standard for copyright compliance in generative AI music,” with its AI models trained on material licensed from the original artists.
Here is where we see Web3 enter:
The AI platform uses blockchain as part of its compliance model. Each new track generates a timestamped cryptographic hash as it’s created, which is then logged on The Root Network’s blockchain, “ensuring the integrity and timestamp of each track's creation,” the company said in a press release.
I stated in the past that I think cryptocurrency will, ultimately, be a minor use case for blockchains. The fact these networks are transparent, censorship resistant, and immutable means they can perform a valued service pertaining to data storage.
This is a prime example.
Web 3.0 Will Keep Expanding
People get excited about markets. They like to forecast what coins (or tokens) will moon. Many cannot help but to succumb to the excitement of every tick up, or down, in the market.
Unfortunately, this is a mirage. Markets live in a world of fantasy and delusion. They are driven by fear and greed, rarely reflecting reality. Naturally, it is pointless to argue with the market since they will crush anyone. It is the epitome of mob mentality.
Web 3.0 is not the market. As shown, cryptocurrency is only a part of it.
The next generation Internet can be termed "agentic". This means automation will be commonplace. Newer innovations such as "songs as a service" will arise as people get creative with the possibilities.
AI is one of the main components. We are not going to recreate the same Internet, only on blockchain. There will be a host of technologies that drive it. AI is at the center of this.
Web 3.0 success comes down to utility. This is no secret since that is always the case. Web 2.0 exploded mostly due to social media (and mobile). For better or worse, it changed the world.
Of course, this is not a relic in the past. We see how social media will play an important role in Web 3.0. If nothing else, it is a feeder system for data. People are already reporting slowdowns due to data.
I firmly think that blockchain can provide an answer. As more data is posted publicly, on networks that anyone can access, we could see a massive explosion. As present, the largest data generators are run by corporations how are now safeguarding it.
This means that services are crucial. building out applications (agents) will be what feeds these databases. Think of all the songs that can be generated via Heap's application. Of course, we aren't accounting for how this could be leveraged in other ways in the future.
Mass Adoption
Many ask when will cryptocurrency reach mass adoption. To me, this is the wrong question.
Instead, my focus is upon the growth of Web 3.0. When will that be adopted? As mentioned, crypto is a central component to this evolution. Therefore, I think it logical that mass adoption of cryptocurrency comes as a result of the move towards Web 3.0.
It is a rather straightforward process.
Build out applications that people utilize due to the fact they receive services that are either required or of interest. Over time, as adoption grows, more is generated. This feedback loop helps to set off the network effects, at least from a data perspective. Other applications and services can be built on top of that, repeating the process.
It all has to start somewhere.