How Blockchain Will Help Build Web 3.0

Blockchain will certainly become the basis of the semantic Internet soon, which has received the logical name Web 3.0. However, modern approaches to this technology have yet to be rethought, and one tool on the way to this should be non-interchangeable tokens.

Alexander Mitrovich, the head of the Usetech Blockchain Laboratory, helped figure out how the blockchain will eventually turn the world and business around.

Web 3.0: concepts and current status

Amid the talk about 5G and Wi-Fi 6, the corporate segment has slightly forgotten about the approach to the Web 3.0 concept. Yes, it is still in its initial stage, but dozens of large corporations are paying attention to it, and the number of projects is measured in hundreds.

The Internet of the future will finally erase the boundaries between online and offline. It will be completely semantic and saturated with decentralized applications distributed across domain-oriented clusters. The orderly chaos created by the small activities of billions of people is likely to make humanity and the methods of business with it differently.

“Specific technological changes for ordinary users will not be so noticeable. This difference will be more philosophical. But for business, about everything will change, because today the most valuable companies in the world are technology giants who earn money from owning data. That is why the capitalization of Google, Amazon, or Facebook is so high” — explains Alexander Mitrovich.

Not only giants but also medium and even small businesses will be in the black in the new brave world. Companies from these segments will have access to a field where only the largest players are allowed today. The only question will be the ability to manage data and monetize it.

Third-generation Internet and blockchain

When the ideas of Web 3.0 were just being formed in the late 90s, no one used the word “blockchain”. But today, when this technology has proven its capabilities in decentralizing data and safely handling them, collecting individual fragments into one common whole, no one doubts ‌it is the blockchain that will become the basis of Web 3.0.

“In 2017, developers focused on individual minor tasks, such as smart contracts or browsers. Now they have taken on more conceptual and fundamental tasks that lay the foundation for future mass implementations. A high level of demand and ease of use distinguished them. As an example, we can cite solutions related to identity — the same electronic passports. And blockchain is the cornerstone of these developments,” — Alexander Mitrovich adds.

Current and potential application of NFT in Web 3.0

Niche technological trends that are difficult for the public to appreciate until they produce results always accompanied revolutionary areas of development. For Web 3.0, such a trend, apparently, will be non-interchangeable tokens.

If you look at global capitalization, you can find a figure of several hundred billion dollars. For NFT, this figure will be only $150 million.

“Such unique tokens, which allow digitizing unique property (up to the identity of a person), have a fairly simple application and have a huge potential. Because there is about as much unique property as there is interchangeable.

This will be an excellent solution for the entire creative industry, or, for example, in gaming, since there are already a lot of digital assets there today. I think in 10 years most of the unique property will be presented with the help of NFT,” — Alexander Mitrovich is sure.

Considering that NFT as a whole is an independent component of Web 3.0, its development is relevant today. Many analysts believe that this growth will be more confident in the future than in other blockchain developments. Besides the gaming industry, notable cases will appear in ‌real estate accounting and film production. Although even now we are talking only about pilot projects. The most notable of them are related to factoring and acquiring.

“The creation of a more modern real estate registry can give a good boost to the development of the economy. For example, it would be possible to finance shopping centers not by a single developer with the help of a bank, but to develop shared ownership through a management company,” — Alexander Mitrovich cites an example.

NFT platforms: existing and future developments

“The first use case that we implemented is a test network that solves several fundamental problems that hinder the development of blockchain games.

The first of them is related to the fact that the use of such games is associated with the need for specific knowledge about technology from both developers and end users; and the latter will also need cryptocurrency. This makes it possible to develop only in a very narrow circle.

The second problem is ‌a “regulator” in the gaming blockchain industry, which requires additional payments for each blockchain activity. The third drawback is the lack of tangible progress of the entire industry because of a lack of demand among users. And finally, the last issue is serious limitations in terms of scalability,” — Alexander Mitrovich lists.

Also published here.