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Web 3.0: A New Babel Tower in the Making

Xinmin Weekly August 29, 2022

By NewsChina Updated Nov.1

A blockchain-based new internet layout, Web 3.0, is projected to substitute monopolized online resources occupied by online magnates with equal accesses to all. Everyone can profit from producing, visiting or trading data without worrying about privacy leaks, as personal information is strictly protected. Computer users can cooperate in a public chain when consensus is reached without control of a central server. Non-fungible tokens (NFT), digital assets held on a blockchain, soared by 380.6 percent year-on-year in the third quarter of 2021 on the global market. This gave a boost to the metaverse, a bridge to connect the virtual with reality. The metaverse is expected to contribute US$3 trillion to global GDP by 2031. Despite a decline in popularity for NFTs this year, the decentralized autonomous organization formed by Web 3.0 will definitely restructure human civilization.
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