The web3 sounds speculative and it’s undeniable
Web3 is full of speculation and evolution and here is how
Satoshi invented Bitcoin as an alternative for payment and now it has become the store of value, this is just one change and there are many more some with Ethereum are DAOs started with building communities now people are talking about they can replace the companies. There is no doubt that some of it may change the world but the important point is how to differentiate evolution from speculation.
People are ambitious and greedy so it’s not an easy thing to do, but let’s give it a try.
There are some points where web3 has actually proven that it is making any differences
- Direct value movement — Now value can be transferred without any intermediaries. Eg — a creator can get incentivized directly for his work or a business can directly raise money from people and people get rights in the business. Some top categories are NFT, Defi, and DAO which are helping to make the above possible.
- Open systems — Web3 has been proven a boon for developers because the code is open source so they can learn, use, and monetize it without anyone’s permission the best part is systems are open and transparent meaning anyone can build over a system in a permissionless manner. Let’s see some examples to verify the two statements.
1. If someone wants to launch their NFT project they can use the existing code on the blockchain with some modifications meaning no need to do the work from the scratch.
2. One smart contract can talk to another without anyone’s permission, so building anything upon it is feasible now.
Eg — if a developer building an application and want to use uniswap code or its live blockchain data there is no need for permission.
- Transparency — Now everything on the blockchain is public. It means no secrets behind closed doors and now anyone with enough knowledge can verify the authenticity.
My research is in progress and I will keep posting so connect with me to get updated.