Crypto is Fine for Remittance—Rest is Gamble, Says WWW Inventor

Tim Berners-Lee shared his opinion on cryptocurrencies
British computer scientist brought “www” for the first time in 1989

The invention of the World Wide Web (WWW) sparked the internet technology which turned out to be a outset for many inventions to follow. Inception of cryptocurrencies from the launch of Bitcoin (BTC), the very first cryptocurrency, was also a turning point in terms of the cutting edge blockchain technology in practical use. And now there remains a horizon where both the notions are being carried forward to meet at point, paving a path for Web3.

These three technologies are yet in discussion again given a recently presented opinion of the creator of “Web” itself. In a recent interview, English computer scientist and inventor of the World Wide Web, Tim Berners-Lee, outlined the burgeoning asset class as “dangerous.” He even ended up stating cryptocurrency investment similar to gambling.

It’s not the first instance of some popular and influential personality questioning the potential of cryptocurrencies. Due to its volatility, it is often considered a threat for the traditional financial systems. Comparison with gambling also remains as an opinion given its speculative nature. These traits lead to people distrust the asset class in its nascent phase making it dubious.

During the podcast with CNBC, Berners-Lee cited the dot-com bubble and said the digital currencies were speculative. Similar to the dot-com bubble where the internet companies’ stocks were overvalued given no underlying business business to provide the value. He said it was dangerous and making an investment in these crypto assets was speculative.

Although as an asset cryptocurrencies are not on par with fiat currencies in stability, they provide better assistance for remittances. Fast and secure borderless transactions with comparatively lesser transaction fees, cryptocurrencies act as a deserving alternative to fiat for remittances across nations.

Even though Berners-Lee considers this as a positive for crypto assets. However, he argued that after receiving it should be converted back again into fiat currency.

Contrast with Common Notion of Web3

The computer scientist holds the credit to bring the web services as we see today. However the actual plan of Berner-Lee of how the web should have to be was far different as it turned out. He advocates data privacy and more control over the data to people themselves. Berners-Lee and John Bruce founded Inrupt, a startup intending to work towards the same.

Considering blockchain technology facilitating a potential solution for the decentralized internet, many tout it as a potential underlying technology. It holds fast, secure and decentralization like traits that beats any other current technology. as its core characteristic, no central authority for control, ensures the safety of data and privacy of users. This gave birth to the notion of Web3 or decentralized internet. The internet came along through a long journey experiencing developments and upgrades throughout.

However Berners-Lee has a contrasting vision with the popular idea. He proposes Web 3.0 as the worthy initiating idea which is different from Web3 and expected to shape the internet again. He also seems not fond of blockchain technology as he reportedly criticized blockchain for its speed and security.