From Crypto-Mania to a New Technological Revolution

October 13, 2022

From Crypto-Mania to a New Technological Revolution

October 13, 2022

Petar Protić

Petar Protić

Business Development Manager

Many believed in the cryptocurrency market, sometimes with more enthusiasm than rationale. But the global crisis created a crypto winter, leaving unfathomable consequences. However, there are hints that after the deflated crypto bubble, an era of stability is coming with blockchain technology.

We are witnessing the collapse of the crypto market, which is losing up to 600 billion dollars per week. The number of skeptics who are losing faith in cryptocurrencies is growing. The now-former CEO of software company Evernote, Phil Libin, stated that the crypto bubble was 80 percent greed and 20 percent ideology. In addition, there are more and more controversies about the magical technology called blockchain, which made Bitcoin famous.

Blockchain is specially placed in the context of the new version of the Internet – Web 3.0 in which, while crypto is dying down, many see a new hype. Leading people from blockchain firms such as Alchemy and Cosmos argue that the fall in cryptocurrency prices does not mean that other blockchain-based projects are doomed. Meta, for example, withdrew the project that dealt with the development of wallets (wallets for cryptocurrencies). But on the other hand, it launched initiatives related to VR applications in the metaverse. Known to gamers, Unity Software invests in video game design, covering more than 60% of the world’s 3D content. And Roblox, the game known to elementary school students, is the $41.9 billion star of the metaverse.

Too much money has already been invested in Web3.0 to abandon it now. Still, humanity will have to wait for some public benefit. Martha Bennett, an IT researcher who compares the time of the early Internet (1.0) with the long-awaited new version (3.0), warns against this. He says that the early Internet at its inception gave some concrete things to humanity, like e-mail and a lot of information online, while with Web3.0, we still don’t have any of that.

Finally, there is an interesting statement from the head of financial technology at Meta, Stephane Kasriel, who analyzes the collapse of crypto-mania. He believes that something similar happened with crypto as with the dot.com bubble that flashed on the stock market and then collapsed. However, according to Kasriel, what characterizes the period after the Great Crashes is the subsequent phase of a more stable technological revolution.

Well, maybe Web3.0 hype will become our tangible reality at some point. While we wait for such a claim to be confirmed, it isn’t very sensible to remain silent about the benefits of blockchain and the new Internet.

This text is for informational purposes only and should not be considered legal advice. Should you require any additional information, feel free to contact us.

Contact:

Petar Protić, Business Development Manager
petar.protic@sog.rs

 

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