Mike Novogratz, who is famously a bitcoin supporter, has said that the leading cryptocurrency will not change the world to the extent that Web 3.0 will.
The Galaxy Digital CEO made his comments during a speech entitled “The Herd Is Still Coming!” at the ConsenSys event on 11th May, which Cointelegraph attended as a media partner.
Novogratz said that bitcoin is simply a store of value and remarked that it is “kind of finished” in terms of fulfilling its use case as a store of value. He also compared it to gold, saying, “both have value as a social construct.”
He argued that bitcoin’s role as “digital gold” is not going to change the world, but stated that Web 3.0 “has the potential to change the world.” He claimed that Web 3.0 could revolutionize how networks function and data is treated as “a decentralized platform to process information. It’s separating data from the processing of it.” He also noted that public ecosystems such as Ethereum and “lots of competitors are all vying for this space.”
In his talk, he compared altcoins to elements in the periodic table hinting that each coin will have “to prove themselves” by providing a specific use case. Regarding utility, Novogratz argued out that “there’s no one building anything on the litecoin blockchain,” as opposed to the Ethereum blockchain. He said: “If you really think bitcoin is gonna win this store of value, everything else needs to be used for something.”
What is Web 3.0?
Techopedia explains Web 3.0: “Web 3.0 will be a complete reinvention of the web, something that Web 2.0 was not. Web 2.0 was simply an evolution from the original Web which can be compared to a library, as Web 1.0 was essentially an info-dump, a place where people just placed walls upon walls of text which people can read but usually not interact with. There is no concrete definition for Web 3.0 yet and the technology that will bring us there has not even matured yet.” It concludes, “Web 3.0 can be likened to an artificial intelligence assistant that understands its user and personalizes everything.”