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Despite the enormous amounts of information the Web has made accessible, we still lack means to interconnect and link this information in a meaningful way to lift it from the level of information to the level of knowledge. Additionally, new sources of information about the physical world become available through the emerging sensor technologies. This information needs to be integrated with the existing information on the Web and in information systems which requires (light-weight) semantics as a core building block. In this position paper we discuss the potential of a global knowledge space and which research and technologies are required to enable our vision of networked knowledge.