😕 Can web3 be fully definable?

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  • 😕 Can web3 be fully definable?
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😕 Can web3 be fully definable?

According to Web2, Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporate concepts such as decentralization and token-based economics. The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms. (Source)

The term “web3” has been re-defined, re-interpreted, used and abused for the past few years adding to the confusion of what it really means. In December of last year, Elon Musk tweeted “I’m not suggesting web3 is real — seems more marketing buzzword than reality right now — just wondering what the future will be like in 10, 20 or 30 years. 2051 sounds crazy futuristic!”

Elon Musk @elonmusk

It has indeed been used as a marketing tool and for profit-sake by companies who do not fully understand it. But in reality who truly does? What we can attempt to do, is dissect it, simplify it, and find its potential paths.

Like any technology or innovation, it is impossible to predict exactly where will it be in 5, 10, 20 years especially because there are many variables that may change its course.

In Web1 there were few content creators of static pages and many readers, web2 allowed the proliferation of content creators, and worldwide internet access led to the multiplication of readers who also shared content using centralized platforms. Web3 allows everyone to create, own, and monetize their content by empowering network-states.

The way we interact and access our digital worlds is also changing quite rapidly. For web3 (for lack of a better term), a digital wallet stores not only our coins and tokens, but identifications, resumes (which is becoming and obsolete word), and network memberships and personal information among other things.

https://twitter.com/Web3Capital/status/1478331188003557378

Our digital wallets give us access to DeFi platforms, DAOs, platforms where we can supply our expertise or hire experts, in the near future we will be able to buy goods and services with our digital wallets like plane tickets and experiences. These wallets will store our medical and dental records, NFTs, titles, car keys, investment portfolios, access to video game platforms, and any other government and personal records. Basically our entire life can be stored there if desired.

Additionally, Web3 can process information like humans thanks to AI that provides continuos learning. In the decentralized Web 3.0 environment, content can be accessed by anyone and all devices are interconnected, which also means IoT devices can learn from content created by humans and viceversa.

Although we have only just begun to explore the potential of Web 3.0 applications, their ability to upset the status-quo is undeniable (source). Industries are quickly changing the way they operate and monetize their services and products. Middle-man are disappearing faster than ever if unable to pivot and adjust to web environments, careers and industrial-age like jobs are rapidly evolving. The explorations are just starting, but the changes seem to be never-ending, hence web3 may not be not completely definable.

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👀 Under the Radar

ApeCoin — Decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club

project. ApeCoin was founded to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation. The ApeCoin DAO aims to build and maintain the APE Ecosystem in a fair and inclusive way, providing an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.

Mina — A minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralization. The project was rebranded from Coda Protocol to Mina in October 2020.

The Sandbox — Back under the radar after they have partnered with behemoth HSBC To Conquer the Esports and Gaming Metaverse. HSBC to acquire a digital plot of land on SAND’s platform and will then develop digital real estate and use it to engage and connect with sports, esports and gaming enthusiasts in the decentralized metaverse.

Heaven Protocol — Similar to an offshore bank where users can create private tokens that represent stable and volatile assets, including commodities and fiat currencies (such as USD). Based on Monero, which focuses on secure, private and untraceable transactions. The features of Monero extend to the Haven protocol, including the bulletproofs and other privacy tech. The base currency of Haven is the XHV, which is burnt to provide users with private, untraceable, synthetic assets and commodities called xAssets.

Lido DAO Token — Lido is a liquid staking solution for Ethereum, Solana, Kusama, Terra, and Polygon. Lido lets users stake with no minimum deposits or maintaining of infrastructure whilst participating in on-chain activities, e.g. lending, to compound returns. LDO is the native utility token that is used for:

  • Granting governance rights in the Lido DAO.
  • Managing fee parameters and distribution.
  • Governing the addition and removal of Lido node operators.

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