The PAYTECH Book

Web 3.0 – The Internet of Value

By Eleftherios Jerry Floros

Entrepreneur and Investor, MoneyDrome Edge Ltd

Blockchain infrastructures and personal data marketplaces are the hallmarks of Web 3.0 and will have the same impact as the Internet did on the interconnectedness of the world. The crucial difference will be that the ever-evolving blockchain protocol will create the “Internet of value”, allowing for real-time peer-to-peer transfers of value across the world. We move from the current Web 2.0 paradigm of Google and Facebook, thereby removing the need for intermediates – disintermediation in blockchain parlance – so it will create a network without a reliance on trust, where participants can engage in commerce and business knowing that every transaction is transparent, time-stamped and tamper-proof, validated by a vast global network of distributed ledger technology that is updated concurrently and immutably.

Getting Smart

The use of “smart contracts” will enable many business practices to be simplified. That is, by the use of contractual obligations that can be coded into the protocol so that a transaction is insured, by virtue of a public traceable record that can be verified at any time, but cannot be reversed or corrupted in any way. More importantly, the exchange of value – meaning payment – will be instantaneous and irreversible, fostering a new global trade for goods or services. Technology will benefit society, as opposed to today’s economic system that primarily ...