Web3, Crypto and tokenization in Dubai

What is web 3.0?

Web 3.0 (Web3) is the third generation of the evolution of web technologies. Web 1.0, a static information provider where people read websites but rarely interacted with them,say chrome. While Web 2.0, an interactive and social web enabling collaboration between users, say, Facebook, YouTube, Twitter, etc. Then it can be assumed that Web 3.0 will change both how websites are made and how people interact with them,say crypto and NFT.

Web 3.0 has a strong emphasis on decentralized applications and make extensive use of blockchain-based technologies. Web 3.0 will also make use of machine learning and artificial intelligence (AI) to help empower more intelligent and adaptive applications.

Web 3.0 fundamentally works with cryptocurrency, more so than with fiat currency. Finance and the ability to pay for goods and services with a decentralized form of payment is enabled across Web 3.0 with the use of cryptocurrencies, which are all built and enabled on top of blockchain technology.

Web 3.0 is a possible future version of the internet based on public blockchains, a record-keeping system best known for facilitating cryptocurrency transactions.

There are several key Web 3.0 features that help to define what the third generation of the web will likely be all about, including the following:

  1. Decentralized. As opposed to the first two generations of the web, where governance and applications were largely centralized, Web 3.0 will be decentralized. Applications and services will be enabled in a distributed approach, where there isn't a central authority.
  2. Blockchain-based. Blockchain is the enabler for the creation of decentralized applications and services. With blockchain, the data and connection across services are distributed in an approach that is different than centralized database infrastructure. Blockchain can also enable an immutable ledger of transactions and activity, helping to provide verifiable authenticity in a decentralized world.
  3. Cryptocurrency-enabled. Cryptocurrency usage is a key feature of Web 3.0 services and largely replaces the use of fiat currency.
  4. Autonomous and artificially intelligent. More automation overall is a critical feature of Web 3.0, and that automation will largely be powered by AI.

What is crypto?

Cryptocurrency, sometimes called crypto-currency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don't have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units. The most popular ones are BTC, ETH, LTC, etc.

What is tokenization?

Tokenization is the process of exchanging sensitive data for nonsensitive data called "tokens" that can be used in a database or internal system without bringing it into scope.

Unlike encrypted data, tokenized data is undecipherable and irreversible. This distinction is particularly important: Because there is no mathematical relationship between the token and its original number, tokens cannot be returned to their original form without the presence of additional, separately stored data.

The arrival of blockchain has transformed the ways in which we invest in assets. How? Tokenization is the answer you are looking for here! It is the process of transforming ownership rights of an asset into a digital token. As a matter of fact, tokens have been serving as a unique data security mechanism in financial services for safeguarding confidential information like credit card numbers, personally identifiable information and financial statements.

Non-fungible assets(NFT) are the ones that couldn’t be broken into smaller pieces. Tokenization helps in breaking down non-fungible assets into digital shares, which you can trade either fully or in a limited way. The tokenization example for artwork and real estate shows the possibilities of converting non-fungible assets into tokens.

Crown prince Dubai announced metaverse technology for next 5 years

Attracting crypto and early metaverse experiments.

The latest metaverse announcement from Dubai is in line with the city’s ambition to attract more emerging technology and crypto companies. In March, Dubai passed its first law dealing with virtual assets and established the Virtual Assets Regulatory Authority for crypto companies, which has already granted licenses to some of the world’s biggest crypto exchanges to operate there, including Binance and the European subsidiary of FTX.

At a panel for the World Economic Forum’s Global Technology Governance Summit today, United Arab Emirates minister of economy Abdulla Bin Touq Al Marri said that cryptocurrency and asset tokenization will be key to the country’s plans to double its economy — currently estimated to be the 34th-largest in the world — in 10 years.

As for the metaverse, some of Dubai’s biggest companies have said they are increasingly incorporating the technology into their businesses.

Dubai-based airline Emirates said in April that it would expand its use of the metaverse and NFTs. Damac Group, a conglomerate of businesses including global property development company Damac Properties and fashion house Roberto Cavalli, said in April it would invest $100 million to build digital cities in the metaverse. And UAE health care firm Thumbay Group plans to release a metaverse hospital by October of this year, where patients can consult with a doctor virtually, Dubai English-language newspaper Khaleej Times reported in June.

Crown Prince Dubai announced a new “metaverse strategy” that he says will create 40,000 new virtual jobs and add $4 billion to the city’s GDP in five years, according to a Monday tweet.

Thats why everyone now moving fast towards software and technology.

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