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  • Kanishk Gupta

Web 3.0 and Cryptocurrency: The Dawn of a New Era

Web 3.0, runs on blockchain and blockchain is the whole truth about cryptocurrency. Web 3.0 with its plethora of cutting edge technologies promises an exciting ride ahead especially in the colossal world of cryptocurrency.

So what do Web 3.0 cryptos actually do?

These cryptos are digital assets that are used by Web3 blockchain-based applications to provide specific services and rewards to users. Cryptocurrencies such as Solana, Filecoin, Polkadot, Tether, BitTorrent, among others have taken birth in the Web 3.0 revolution. In the Web 3.0 world, information is stored on a user’s cryptocurrency notecase. A user will interact with apps and communities through their crypto wallet, and when they log off, they will also take their data back with them. As the owner of their data, the user can choose whether to monetize it or not.

With the advantages also come some disadvantages. In Web 3.0, reputation and privacy management will be of prime importance, since there is easier access to a user’s information and reduced privacy. With privacy being the need of the hour in all crypto transactions, privacy coins like Zcash and Monero on Web 3.0 give transactions total anonymity.

Web 3.0 leverages Machine Learning, Artificial Intelligence and Blockchain technology to enable cross platform usage of cryptocurrency wallets. Complementary technologies such as Metaverse and VR make heavy use of Web 3.0 in sync with cryptocurrencies to offer users unprecedented avenues in the virtual world. Though the world may not yet be ready to fully migrate to Web 3.0 in all its avatars, cryptocurrency will definitely be an early adopter of this technology.

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