On July 11th, the European Commission approved a new strategy for Web4 and virtual worlds to guide the next technological transformation and ensure an open, secure, trustworthy, fair, and inclusive digital environment for EU citizens, businesses, and public administrations.
Web4, according to the introduction, is an evolution and extension of the Web3 concept, encompassing virtual experiences, the Internet of Things (IoT), and blockchain technology. It is envisioned as a part of the entirely new internet vision that integrates digital elements with real-world objects and environments, enhancing interactions between people and machines.
EU Commission and Web4: Contemplating the Future of Technology
The strategy document released on July 11th states that the internet is evolving rapidly. Besides the ongoing development of Web3, characterized by openness, decentralization, and user empowerment, the next generation, Web4, is expected to enable integration between the digital and physical world and enhance interactions between people and machines.
In the "Economic Outlook for the EU After 2030," released in March by EU, digitalization is emphasized as a key driver, and Web4 is seen as a major technological transformation that will bring about a seamless, intelligent, and immersive world.
What is Web4? According to the description in this strategy report, we can understand it as the evolution of the Web3 concept, where the Internet of Things (IoT), blockchain, virtual reality, and augmented reality are combined.
Though sounds promising, no official details have been provided yet on how all these technologies will be merged to give birth to this innovative concept.
It's well-known that the EU Commission gained approval of the Markets in Crypto-assets (MiCA) in April, opening doors to cryptocurrencies and blockchain. Now, they are seeking to go further and compete with US technology innovation.
Alongside the recently released Web4 strategy, the same announcement unveiled several new initiatives. For instance, the Commission proposed a Horizon Europe program called "Virtual World Partnership," scheduled to launch in 2025. The program aims to develop an "industrial and technical roadmap for virtual worlds" by assisting developers, creators, and companies widely using the internet in understanding this emerging trend. Additionally, it requires experimentation together with all EU member states.
In the second idea of the technology expansion plan, there is a project called "CitiVerse," described as a virtual city to manage and plan urban work and activities in an alternative way, though specific target objectives were not detailed.
Lastly, another idea presented by the Commission involves "European Virtual Human Twins," human virtual replicas that could aid doctors in researching disease outbreaks and treatments.
Regarding the introduction of the new frontier of Web4 technology, Thierry Breton, EU's Internal Market Commissioner, commented:
Today, Europe is striving to become a global leader in Web 4.0 and the virtual world. Europe possesses the necessary prerequisites to lead the next technological transformation, including innovative startups, a wealth of creative content and industrial applications, a strong role as a global standard setter, and a favorable and predictable legal framework for innovation.
Is Europe prepared for Web3?
The introduction of the term Web4 by the EU Commission represents a brand new concept in the tech world.
Despite Europe's forthcoming regulatory framework becoming one of the most lenient in the field of cryptocurrencies, and its willingness to emerge as a continental leader in new technologies, discussing Web4 seems premature.
A survey conducted by Consensys in June showed that only 8% of the alliance members felt familiar with the Web3 concept.
On the other hand, terms such as blockchain, cryptocurrencies, and DeFi remain unfamiliar to the inexperienced and are not understood by the majority. There is still a significant entry barrier for a large number of people unfamiliar with the basics of virtual currencies to comprehend Web3 or Web4.
Cities such as Berlin, London, and Lisbon are rapidly becoming centers of highly advanced cryptocurrency and blockchain technology in Europe, but other regions on the continent remain unaware of the very term "cryptocurrency."
Based on some survey data, in 2021, the adoption rate of Bitcoin standards was much lower in countries like the UK, France, and Germany compared to US.
In recent years, we have witnessed positive initiatives and trends that will lead to increased use of blockchain technology in Europe.
For example, in the first quarter of 2023, 50% of investments in cryptographic projects came from Europe's startups.
However, despite the data suggesting a growing interest from European mainland investors, entrepreneurs, and developers, concerns persist that the term "Web4" introduced by the EU Commission is a concept without substance still remain.
Is Web4 just a gimmick, or does it hold real potential? Perhaps, only time will tell.
If you want to learn more about the European Commission's proposal of EU leading Web 4.0, click on the original article link below:
Press corner | European Commission
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