Last Friday, on CNBC’s “Beyond The Valley” podcast series, Tim Berners-Lee—the inventor of the World Wide Web—warned against cryptocurrency due to its unpredictable nature, comparing it closely to gambling.
As he contemplated the future of the web, Berners-Lee compared digital currencies to the dot-com bubble when internet stocks were inflated despite not having a solid business foundation. He noted that cryptocurrencies are “only speculative.”
“Speculative trading is incredibly hazardous. It’s just like betting if that’s your thing. I’d prefer to stay away from investing in anything speculative as it isn’t something I want to spend my time on.”Tim Berners-Lee
According to Berners-Lee, digital currencies can benefit remittances if they are automatically transformed into standard currency when obtained.
Berners-Lee, the British computer scientist credited with inventing the World Wide Web in 1989, is not happy about how his original vision for the web has turned out. Together with John Bruce, Berners-Lee is hoping to reclaim people’s control of their data and reshape the future of the internet through his startup Inrupt.
Tim Berners-Lee on Web3
Proponents have spoken extensively of the upcoming future of the internet, which they refer to as Web3—a phrase that lacks any concrete interpretation. Yet proponents insist it is based on blockchain technology, first introduced when the cryptocurrency bitcoin was created. It is believed that with this new version of the internet, power will be taken away from big corporations such as Facebook and Google, transforming it into a decentralized platform for all users.
However, Berners-Lee believes the future of the internet is “Web 3.0,” something he separates from Web3. He has proposed this new version of the web to transform it entirely and make it even better than before.
“It’s not blockchain,” stated Berners-Lee, noting that Web3 doesn’t possess enough speed or security for his vision of a perfect web experience.