Former Wall Street executive and a bitcoin bull, Mike Novogratz has said during a speech at “The Herd is Still Coming” industry event, that bitcoin is ‘kind of finished” and it is not going to shape the future. The attendees were a little confused when he went on to say that bitcoin will reach the $20,000 mark in the next few months and will continue to grow, but the crypto won’t be the torchbearer for the new age of technology. Instead, it will be Web 3.0 technology that will shape the future and bitcoin will just be a tool for that change.
While praising the cryptocurrency, Novogratz said, “It has really established itself as a store of value.” He then went on to add that bitcoin had achieved the functionality and innovation that it had to offer to people. However, there will be no further use cases of bitcoin in the future. He was of the opinion that bitcoin had made the change it came to make, being only a store of value won’t just cut it anymore.
That baton, he said, lies with Web 3.0. He supported his argument with the example of a periodic table. He considered all cryptos as elements on a periodic table and elaborated:
There are 114 elements on the periodic table. Only one, gold, just got a store of value. You don’t need to do a lot more to it to fulfill its use case; it’s not the technology. We could take the bitcoin code and reconstruct it tonight, we call it, and it’ll be worth bupkis.
What is Web 3.0?
Web 3.0 is the next generation of internet, a complete redesign of the internet that will use Web 2.0 as an enabling platform. Web 3.0 would be a fairer and more transparent web, unlike the read and write Web 2.0. This would be a smart internet with privacy as its number one concern. Web 3.0 will be based on blockchain technology that would enable it to be unrestricted and open for all. Unlike Web 2.0, which has been corrupted by big corporations that control and monopolize parts of it, Web 3.0 would provide a future without the internet companies scrapping off our data, a tomorrow where privacy of users will be a concern.
Web 3.0 will be a game changer as it would enable people to browse the internet without the threat of surveillance. It will also be able to manage more data quickly and make the web smarter by integrating modern technologies within itself. Web 3.0 will not only make the internet experience better, but it will also usher in the next technological revolution by enabling more technologies.
Web 2.0 emerged as a revolution after the read-only Web 1.0, however, the technology has reached its limits. It has been plagued by big corporations who have asserted their control on the web. Huge companies like Google, Facebook and Uber have monopolized the internet and have restricted the user. As much as Web 2.0 contributed to the current technological revolution, it has become slow and outdated. Web 2.0 doesn’t seem to be capable of handling the petabytes of data that are uploaded on it every day, a problem Web 3.0 is designed to solve.
Mike seems to think that Web 3.0 is a better use of blockchain than bitcoin and other cryptocurrencies. He believes that bitcoin has become very slow and expensive to act as a base currency for the new age of the internet. The Web 3.0 revolution is currently spearheaded by Ethereum. The biggest altcoin by market cap, Ethereum’s vision for the future of the web is based on decentralization, and the company has been working on its version for a long time. However, the competition is catching up and Cosmos, PolkaDot and Dfinity are also developing their own versions. Mike said that even though the companies are working on the concept as of now, we probably won’t see a front runner in the next five years.