A lot of work still needs to be done on Web 3.0. So far, the European Commission (EU) is going overboard by attempting to shift to what it refers to as ‘Web 4.0.’
The EU formally adopted its new strategy on Web4 and virtual worlds on July 11. This strategy seeks to ensure that European citizens enjoy a digital environment that is safe, open, trustworthy, inclusive, and fair.
Additionally, the strategy is founded on four central pillars, including support of businesses, human resources empowerment, additional public services development, and molding of international standards for ‘Web 4.0.’ This newly invented term tries to anticipate the next wave of technology.
EU Challenging Member States to Initiate Web 4.0 Infrastructure
The EU’s proactive plan for the member states to pioneer Web 4.0 and virtual worlds is laudable. However, one should not dismiss that for all the Web3’s stir and the accompanying trends, famous financial and credit organizations have primarily and determinedly placed their faith in Bitcoin and Ethereum to a lesser extent.
Certainly, asserting that Web3 left anything of significant substance behind, except a major but temporary rise in the Rolex and Lamborghini markets, is hard. Forgetting the term soon is crucial since it will aid in focusing on more crucial areas.
The general attitude concerning Bitcoin by the European Union has possibly weakened its image as a forward-looking and technology-enhancing region. Further, altering or withdrawing earlier viewpoints concerning issues such as proof-of-work mining would be advisable.
Reinventing Money Bound to Have Challenges
Money reinvention is not an easy task. If the European Union is to consider what finally moves the world, it would be advisable to advance its digital euro initiative and support the coin’s other side. In turn, it will establish its position to an extent where it will reduce risks and maximize likely opportunities.
For this to happen, it should take off the head of the European Central Bank from the sands, restrict publications opposing Bitcoin from the famous Fabio Panetta, and embrace an impartial monetary attitude that is at par with a technology-neutral one.
Digital twinning forms the foundation of the projected strategy on Web4. Evidence shows that loyalists, for instance, China and the United States bring stiff competition to the European Union, especially in digitally dominant areas like artificial intelligence.
EU Pursuing Convergence of Digital and Traditional Physical Sectors
From the physical point of view, one may argue that the European Union enjoys an outstanding position in areas, for instance, the worldwide exportation of goods and manufacturing. However, there is a considerable level regarding digital areas, for instance, cloud computing and crypto.
The European Union can pioneer the convergence between the digital and physical realms by revamping efforts to liberate digitally exclusive domains, for instance, crypto. A majority are giving up innovations, for instance, decentralized finance (DeFi) and decentralized independent firms, as trends whose fame has dwindled. However, it remains vivid that it is still early to consider such topics. Besides, in a few years, optimal positioning of oneself while all attention is somewhere else will result in big dividends.
France and Italy Lead Digital Space Inventions
Regarding decentralized finance, Europe, as a continent, has declared itself as a frontrunner. France and Italy are examples of birthplaces of some of the most famous projects in space. Disregarding the beneficial position acquired in the market in this regard is impossible.
Besides, since the overall value-locked metric remains beyond the $45 billion mark, it is evident that DeFi faithfully bore the bear market punch and remains nowhere close to being knocked out. During the subsequent market reversal, there is a possibility of coming back for more.
Innovations, for instance, ERC-4626, are prepared to solve numerous new prospects in space. As such, it can be deduced that DeFi’s true potential and strengths are yet to be witnessed. Suppose the European Union managers manage and take the innovation forward. In that case, the region will strengthen its position in the unavoidable financial resolution that has been imminent over the past few years.
Failure Evident in Cryptocurrency Reinventions
In the past ten years, the reinvention and reshaping of cryptocurrency have occurred without success. The most robust premise remains the promise of a new form of money, and the flourishing of digital assets best occurs in a digital environment.
The constant flop of security tokens has evoked lessons that need to be fresh enough to stress the lack of readiness for a continuous intersection between what is digital and what is physical. Besides, it shows that for the simultaneous success of the two subjects, a comparable, if not equal, excellence level should be there.
Concerning crypto and digital assets, this is something that the European Union still lacks. As such, it must be the focus in the short term.
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