WEB 3.0 Terms
There's a lot of language around this so let's look at the basics, VR, AR, MR, Blockchain, Cryptocurrency, these terms are common enough now but I thought it was worth laying it out as I see it. What do all these letters mean?
Let us start with web 3.0, what exactly does it mean? Web 3.0 is the next version of the internet, in short, web 1.0 was the first internet, www, dial up connections and hardly any graphics content as it was very slow to upload and download. Then came web 2.0, facebook, google, etc, where people were interacting with each other screen to screen.
Web 3.0 is the immersive web, where people will interact with each other as people or avatars, using various mixed reality tools such as VR and AR.
Web 3.0 is designed to be decentralised, not owned or controlled by one or a few companies, it uses blockchain technology to store data and uses crypto as its trading currency. It will be semantic, in that it uses artificial intelligence to better understand what users are searching for and to deliver more accurate and unbiased results with less fake news
NFT’s are non fungible tokens, these are digital token that is verified and stored on a blockchain and represent an asset or information, we hear about people buying expensive digital art, clothes and other things as NFT’s but NFT’s are more than that, they can represent all sorts of things and work within the blockchain to move money and information around.
DAO’s are entities to set rules and manage web 3.0 services, as some form of rules and structure will be needed to manage decentralised web services in web 3.0.
DeFi is a term used to describe a decentralised finance system where a buyer pays a seller directly without having to go through a centralised banking system. This will be prevalent in web 3.0 where traditional FIAT rules and regulation won’t apply.
Cryptocurrency is a term for non FIAT trading currencies that operates using blockchain technology. Bitcoin is the most well known example but there are many many cryptocurrencies. Crypto has gone through many highs and lows and most people currently view it as an investment (good or bad) but it will drive web 3.0 and decentralise our transactions making them faster and cheaper with direct payments and transfers.
The web 3.0 rules are being written, changed and updated regularly. I'm learning so forgive me if you find mistakes or my info is inaccurate or out of date and let me know so I can look into it and revise. john@multiversehospitality.co.uk.
There’s a place for everyone at the metaverse table. My role is to advise small to medium sized hospitality companies on web 3.0 strategy and to build tools to enable them to integrate and evolve their brands in the metaverse. If you want to touch base and have a chat please reach out and we will set up a free no obligation initial call on +44 7393 731707. John Curtis Multiverse Hospitality Ltd.
