The Future of Internet: Web3 Expected to Grow 41% a Year, Research Reveals

Web3, the new generation internet, is bound to be the turning point that will solve many issues the current web is going through. While crypto and blockchain technology is still at an early stage of adoption, there’s plenty of room to grow. According to Vytautas Kašėta, The President of the Crypto Economy Organization, the current phase of Web3 is “like the deep blue ocean, where you have plenty of opportunities and not a lot of competition.”

According to market research company Emergen Research, the metaverse market size is going to significantly expand by the year 2030 at an annual rate of 43.3%.  On the other hand, the Web3 niche market is expected to grow annually by 41% and be valued at $81.5 billion by 2030.

Web3 Aims to Return Data Ownership Back to Users

Naturally, the Web3 companies that emerge have to tackle the issues of Web2, which is not decentralized. As the internet we know today is mainly controlled by IT giants like Meta, Google, Microsoft, and Apple, the development of Web3 has to work on protocols that will guarantee decentralization – the spirit of Web3. According to Gavin Wood, one of the founding members of the second largest blockchain Ethereum (ETH), “data should belong to users and not the middlemen.”

To solve these data ownership problems, the issue has to be tackled starting from the roots. Indeed, the currently active internet protocols, including HTTP, TCP/IP, and SMTP do not guarantee decentralization. On the contrary, the Web2 protocols make it perfectly suitable for big IT corporations to own data about consumers and their activities online.

Therefore, Web3 companies like SUPER HOW? from Lithuania are focused on research and innovation. To illustrate, the company generated over $1 million in revenue last year and invested the net profit into in-house projects. Hence, these inside projects can bloom into independent Web3 startups.

Web3 Summit in Vilnius Welcomes Blockchain Enthusiasts

For those seeking to improve their blockchain knowledge, learn from valuable experiences and truly impact the future, there’s a sweet treat right before Christmas at the Web3: Impact the Future Summit.

The event will take place in the heart of Vilnius, Lithuania, in the Radisson Blu Hotel. Crypto enthusiasts should mark their calendars for December 7th, 2022, as the special day will take off with lectures from the most experienced industry professionals. The Alfa Hall, focused on innovations and visions, will kick off with a speech from Aušrinė Armonaitė, the Lithuanian Minister of Economy and Innovation.

On the other hand, Beta Hall, which is dedicated to crypto compliance and regulation, will see keynote speakers like Daniel Trinder, the Vice President for Government Affairs at Binance, and Janet Ho, the Head of Policy at Chainalysis.

Web3: Impact The Future is the biggest Web3 event in Northern Europe. The summit is organized and sponsored by the most prominent names in the crypto sphere, including Binance, Crypto Economy Organisation (CEO), SUPER HOW?, TGS Baltic, Lewben, Polish Blockchain Association, Chainalysis, Coingate, Go Vilnius and many more & endorsed by the Lithuanian Parliament. 

On the Flipside

• Crypto and Web3 enthusiasts who are not able to attend the Web3 Summit in Vilnius can purchase an online-only ticket. These tickets cost €120 before taxation.
• Besides, early bird tickets include a 20% discount for five or more tickets. The discount and the registration form can be accessed here.

Learn more about the decentralized vision of Web3:

Metaverse Platforms are Working on Interoperability: Why Does It Matter?

Deadmau5 Launches Elynxir NFT Game as Part of Music Metaverse