The Current State Of Play


🔵What Is Going On?

#Web 3.0 beyond the #crypto hype: #vcs funding to support startups focused on #web 3.0 applications such as #cloud-based #payment solutions, #NFTs for #gaming, #internetprivacy, enterprise #cryptostaking, #DAOs, and the #decentralization of social networks, #data storage, #livevideostreaming, and #learningplatforms.
All will depend on a stable and secure decentralized network and superior advancements in #AI, storage and processing of huge amounts of data to take on the might of #bigtech.

Patent filings and grants soared in #web3 between 2016-2021 backed by corporations such as IBM and Microsoft. Technology dominates by industry- filings focused on interactive chatbots and semantic searches and web management.

The US leads in countries followed by China and South Korea.

🔵What are some of the emerging concepts of the web 3.0?

📍Blockchain as a Service (BaaS)
📍Highly secure data fabrics
📍Web 3.0-backed crypto assets
📍Low-Code and no-code web3
📍Towards web 4.0 and web 5.0

Web 5.0 or The Web of Thoughts - the advancement in extreme computing power and decision blocks, resulting in technologies such as direct brain link and collective intelligence.

Recently Jack Dorsey, the CEO of BLOCK announced that they are working on Web 5.0

🌟 The Decentralized Web Platform (DWP) enables developers to write Decentralized Web Apps (DWAs) using Decentralized Identifiers (DIDs) and Decentralized Web Nodes (DWNs), returning ownership and control over identity and data to individuals <-- We are calling this Web5.🌟

Last year he raised an outrage with #vc Andreessen Horowitz when he stated that no one owns #web3 other than the #vcs.

In a statement shared with CoinDesk, TBD (the sub of Block) wrote that:

🌟 Identity and personal data have become the property of third parties. Web 5 brings decentralized identity and data storage to individual’s applications. It lets devs focus on creating delightful user experiences, while returning ownership of data and identity to individuals.🌟

If he can fullful the vision of an individual owned web5 is yet to be seen. The developments mention also look more like #web3.

🔵What will be the impact of web 3.0 on traditional business models?

📍Open Banking
📍AR-enabled Web 3.0
📍P2P transaction model
📍Functional digital twins
📍Standards & protocols

🔵Who are the key investors that promote web 3.0 payments?

Tiger Global Management LLC, Qatar Investment Authority, and Goverment of Singapore Investment Corporation (GIC) Ltd. are the top three investors that promote #web3 #payments .

🔥WHO DRIVES THE TRANSITION TO WEB3?

... #startups.
But We Are Not Yet There.

➡️ Read more in: https://lnkd.in/eTYtwARe

#web3 #blockchain #payments #technology