Is it a “gimmick” or a subversion? What is the Web4 technology proposed by the European Commission?Is Web4 a gimmick or a subversion? It's a technology proposed by the European Commission.
In the same announcement of the Web4 strategy that was just released, many new initiatives were also revealed.
For example, the agency proposed a Horizon Europe plan called “Virtual World Partnership”, which is expected to launch in 2025.
The goal of this plan is to “develop an industrial and technological roadmap for virtual worlds” by helping developers, creators, and companies that widely use the Internet to understand this new trend.
In addition, this still requires testing new solutions with all EU member states.
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As the second part of the technology expansion plan, a project called “CitiVerse” was envisioned, described as a city virtual universe for managing and planning the work and activities of cities in an alternative way, but without specifying its target audience.
Finally, another idea proposed by the committee involves “European virtual human twins” – virtual replicas of human bodies that can help doctors research disease outbreaks and treatments.
Regarding the introduction of new Web4 technology frontiers, Thierry Breton, the EU internal market commissioner, commented:
Is Europe not ready for Web3 yet?
The European Commission even introduced the term Web4, which represents a completely new concept in the technology industry.
Although Europe’s regulatory framework is about to become one of the most loose frameworks in the world in the field of cryptocurrency, and is willing to let the European continent stand out in the context of new technologies, it seems too early to talk about Web4 now.
A survey conducted by Consensys in June showed that only 8% of the entire alliance considered themselves familiar with the concept of Web3.
On the other hand, terms such as blockchain, cryptocurrency, and DeFi are still unfamiliar to inexperienced people and have not yet been understood by most people.
For a large number of people who are not familiar with the basics of virtual currency, there are still serious access barriers to understanding Web3 or Web4.
Many European centers such as Berlin, London, and Lisbon are becoming centers with a very high level of cryptocurrency and blockchain technology, but other regions on the European continent do not even know what the word “cryptocurrency” means.
According to some data surveys, in 2021, the adoption rate of Bitcoin standards in countries such as the UK, France, and Germany is much lower than that of the more “famous” cryptocurrency in the United States.
Data source: triple-a.io
In recent years, we have seen positive initiatives and trends that will lead to the expansion of the use of blockchain technology in Europe.
For example, in the first quarter of 2023, 50% of the number of investments by venture capitalists in cryptographic projects will come from European startups.
However, despite the data indicating that the interest of European investors, entrepreneurs, and developers is growing, unfortunately, people are still concerned that the term “Web4” introduced by the European Commission is still a completely worthless concept. Whether Web4 is a gimmick or has real potential remains to be seen. Perhaps, only time will tell.
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