European Union Takes Initiative on Virtual Worlds & Web 4.0

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

Latest posts by Pratik Chadhokar (see all)

In an attempt to be future-ready, the European Union has already started working on Web 4.0 and virtual worlds to obtain the first-mover advantage. The E.U. already has a Marketed in Crypto Asset (MiCA), a pioneer comprehensive regulatory framework surrounding digital assets. Some of its rules are already applied while the complete package shall be effective on December 30, 2024. 

European Union Taking Initiative on Web 4.0 and Virtual Worlds

The European Commission might soon launch a new initiative to foreshadow its vision and the strategic actions required for Web 4.0 and virtual worlds. The proposed initiative should be able to speak upon the E.U.’s prowess in this upcoming technological transition, along with noting the fundamentals and principles of the union.

With this initiative, authorities wish to ensure that European citizens can live safely. Also, they shall be able to use the technology confidently, and the businesses operating in the block be able to develop exciting applications and use cases. E.U. wishes Web 4.0 to be driven by open-source technologies and must follow standards ensuring interoperability. 

However, there is still time for Web 3.0 to be widely used and readily adopted worldwide; the E.U. being proactive, is already taking action for Web 4.0. The expected fourth generation of the internet would use advanced artificial and ambient intelligence. The technology shall leverage the Internet of Things, trusted blockchain transactions, Virtual Reality V.R./ Extended Reality X.R. capabilities, etc. 

The digital and natural objects and the surrounding environment would be fully integrated. Plus, communicating with each other would be intuitive and an immersive experience. A scenario blending the real and virtual world seamlessly. At the same time, virtual reality provides an immersive experience to users by facilitating interaction with virtual objects. 

The European Union believes the world is on the verge of a major technological transition, Web 4.0. The central part of this development/transition would be virtual worlds with the capability to considerably revolutionize people’s daily lives and provide many opportunities for creating business and industrial ecosystems. 

With the initiative, the lawmakers wish for the European citizens, businesses and public bodies, and agencies to be prepared to grasp the new opportunities. Apart from obtaining benefits from the technological transition, every sector must be equipped to address the challenges beforehand. 

This new strategy follows the objectives of the Digital Decade policy program, along with building its three cardinal points; Skills, Business, & Government. The fourth cardinal point would be infrastructure which would be addressed differently. The European Commission’s connectivity package shall oversee infrastructure by providing policies on its various aspects. 

European authorities pointed out several upcoming challenges ahead of businesses, people, ad public services during the adoption of Web 4.0 and virtual worlds. The list includes awareness, access to trustworthy information, required digital skills, and trust in new and emerging technology. 

Currently, the users are protected through Digital Services Act (DSA) and the Digital Markets Act (DMA). These acts facilitate a comprehensive system of accountability for search engines and platforms of these services. The legislation of these acts and a few additions would also be carried on to upcoming regulations for Web 4.0 and virtual worlds.  

After a partial execution of MiCA, the authorities are already talking about MiCA 2.0, while the upcoming E.U. A.I. Act is facing criticism from the companies operating in artificial intelligence.