WEB 3.0 |
| Credit: OpenXcell |
What is WEB 3.0?
• Web 3.0 is the third generation of internet services for websites and applications that will focus on using a machine-based understanding of data to provide a data-driven and Semantic Web.
• The ultimate goal of Web 3.0 is to create more intelligent, connected, and open websites.
• Where Web 2.0 was driven by the advent of mobile, social, and cloud, Web 3.0 is built largely on three new layers of technological innovation: edge computing, decentralised data networks, and artificial intelligence.
Evolution of the WEB
• Web 1.0 & Web 2.0 radically shrunk the latency and cost at which people & businesses could trade value, information & work with geographically distributed counterparties they didn't necessarily know, via trusted intermediaries. Truly global businesses started to form, as the reach of counterparties expanded by a few orders of magnitude.
• At its heart, today's internet allows global coordination via a set of intermediaries, providing a digital social trust layer for strangers to interact: from Facebook to eBay & Airbnb. Unfortunately, we've become overly dependent on these platforms, and when they move from "attract" to "extract", their users suffer via higher fees or platform risk.
• With Web 3.0, women, men, machines & businesses will be able to trade value, information & work with global counterparties they don't know or yet explicitly trust, without an intermediary. The most important evolution enabled by Web3.0 is the minimization of the trust required for coordination on a global scale.
• This marks a move towards trusting all constituents of a network implicitly rather than needing to trust each individual explicitly and/or seeking to achieve trust extrinsically.
• Web 3.0 will fundamentally expand the scale & scope of both human and machine interactions far beyond what we can imagine today.
How is it Important?
This matters because:
• Societies can become more efficient by disintermediating industries, reducing rent-seeking third parties, and returning this value directly back to the users and suppliers in a network.
• Organizations can be intrinsically more resilient to change through their new mesh of more adaptable peer-to-peer communication and governance ties between participants.
• Humans, enterprises, and machines can share more data with more privacy & security assurances
• We can future-proof entrepreneurial & investment activities by virtually eradicating the platform dependency risks we observe today
• We can own our own data & digital footprints by using a provable digital scarcity of data & tokenized digital assets.
• Through 'modern mutual' ownership and governance of these new decentralized systems of intelligence and sophisticated & dynamic economic incentives, network participants can collaborate to solve previously intractable or 'thinly spread' problems
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