Will the global "Grid" eventually replace the internet?

We’re already part of The Matrix

The Great Global Grid will not replace the internet, no. It will be on the internet. It will also not replace the World Wide Web, either. However it will have big impact on the way computers work, first on the server side, and then (eventually) your local desktop computer.

Well the Grid will still be called the Internet, that’s too rooted in culture now for people to change that, but the technologies behind the internet will have to change all the time to adapt to greater demand.

Although, the faster that Internet speeds get, the more web designers and content providers can put up, so speeds won’t really visibly increase at the user’s end, we will simply get a more media rich experience online.