Web 3.0 represents the next generation of the Internet, which is based on blockchain technology, IoT and AI. The Internet contributes more than 10% of the U.S. GDP, which translates into 19 million jobs in the U.S.
The U.S. has been leading in Web 1.0 and 2.0, however, it is confronting fierce competition from China in the development of Web 3.0.
According to the report " Don't let blockchain become the next 5G", published by Value Technology Foundation, the U.S. is facing the risk of falling behind China in the development of Web 3.0. The key technology behind Web 3.0 is blockchain. The Chinese central government has endorsed blockchain technology, laid out detailed plans and has invested significantly in its development.
The report calls for special attention to BSN (blockchain service network), which, serving as the backbone of the infrastructure China uses to develop "the digital silk road", provides interconnectivity to China's global trade partners. BSN focuses on building out a permissioned and closed infrastructure extending globally, managed by China.