An entirely new version of the Internet could be on its way if cryptocurrency venture capitalists have their way. The term Web 3.0 was first coined by Gavin Wood, Ethereum’s co-founder. It’s an idea that has been around since 2014 but has been picking up steam since last year.

Now, a lot of major tech companies, crypto currency investors, and venture capital firms are pushing the notion of Web 3.0. Twitter’s founder, Jack Dorsey, tweeted recently that this new version of the Internet is not going to be user owned despite what many people believe about it. Instead, he says, venture capitalists will be behind it and benefit from it the most, driving the Internet forward in this new iteration.

What Is Web 3.0?

This potential new version of the Internet that has been proposed is supposed to operate on cryptocurrency. It would be a decentralized Internet, which would lead people to think that it would be user controlled and governed. Dorsey is attempting to cut through that notion that he believes is completely false.

In Web 3.0, users are said to be able to communicate and collaborate without having to worry about pulling from centralized hubs of resources and operations. It is supposed to be a revolutionary new version of the Internet with a focus on accessibility and an intelligent exchange of information. One example of this would be centralized servers being considered obsolete and a variety of computing devices taking their place to provide information to users. This would be a peer-to-peer setup that offers personalized insights for searches and is governed by no one authority.

In other words, the concept of decentralized finance that is the lifeblood and framework of cryptocurrency would essentially be transferred over to the Internet.

Of course, an endeavor like this would need a lot of help to get started. However, Crypto.com founder Chris Marszalek says that venture capitalist money isn’t required to start building web 3.0. He says it would be “a harder route” to get this version of the Internet going without venture capitalists, but it also means that investors would not need to sell out to make it happen.

What Would This Mean for Cryptocurrency

There are plenty of voices within the cryptocurrency industry that are championing Web 3.0. An Internet designed in this way that is powered by cryptocurrency would mean big things for the crypto market. It would bring a whole new real-world utility to cryptocurrency, skyrocketing the values of current cryptos and opening the door for many more.

That is incredibly exciting for the crypto industry, but getting Web 3.0 off the ground has proven to be problematic, and like the current crypto market, there may constantly be the threat of regulation and legislation that limits the sky-high dreams of those currently imagining web 3.0.