Web3 has been hailed as a technology model driven by the creative economy and is the future or rather the next evolution of the web. When we make evolutionary comparisons with the technologies that have underpinned everything from information consumption to content creation, Web2 has fueled unprecedented economic growth and marked a major era in human evolution with new ways of working, consumer information, and advances in human civilization. So, with the huge success of Web2, why is Web3 needed?

As we re-evaluate the Internet, which mainly relies on a few central devices containing devices and information channels that power social networks and mobile applications and provide points of contact between service providers and their service providers, control over these channels not only gives the guardian this monopoly control infrastructure, but also “too big to fail” economic bottleneck. Thus, the re-evaluation of the Internet, which is primarily intended to move information and transform it into mobile value and reality, is a fundamental shift in the empowerment of creators and participants, and not just infrastructure managers.

The driving forces behind this disruptive thinking were the re-evaluation and control of Web2 companies, the oversight of the current control of information channels and the rapid dissemination of information, which was a force for good, as in the transfer of knowledge, but has now become a weapon with the speed and accuracy of information and the spread of bias, mistrust and misinformation – making it difficult to distinguish between signal and noise. These impulses signal not only the beginning of a new era, but the creative nature of humanity to rethink, redesign, renew and shape the next era of our evolution.

Related Topics: What the hell is Web3 really like?

Required for Web3
So how do we envision the formation of this new paradigm? As Web3 seeks to theorize that the Internet is taking another step towards self-sufficiency, leading to a whole new set of technologies and protocol developments that will then become the basis for a creator-controlled economy that embraces information and the movement of value. observable channels with built-in trust that have been enabled by the protocol. Blockchain and decentralization are often considered the core concepts needed to develop such a platform. But before we get drunk on Kool-Aid decentralization, I think we should take a step back and reconsider the successes (and failures) of Web2 and, most importantly, the transition to this new paradigm, because I doubt that the problems are not only related to technology. . managed.

Related: Web3 could be the key to encryption for the mainstream market

To enable a Web3-based creative economy that empowers creators and contributors, we must first understand the imperatives of a sharing economy where autonomy, efficiency, and sustainability are the focus, and create a decentralized economic system designed with strong incentives and secured through protocols that include social responsibility, independent actions and responsibility for results.

The sharing economy originated in earlier centuries when people thought and experimented around the idea that people should be able to control their lives with others (at the same network level) in cooperation and fairness with rules built into the incentive economy that reward. engage in and punish offenses and actions that the network deems unfair. In other words, in order for Web3 to work and deliver on its promises, we need to get involved.

At the most basic level, participation can take place, as in the real world, through the allocation of resources such as systems, protocols, skills, intellectual capital, experience, etc., and value creation must be equitably distributed among the various participants based on the main principles of supply and demand to satisfy the element of justice. The economic value created must then be realized, accounted for, distributed, and exchanged for other exchangeable and non-exchangeable assets in order to maintain equilibrium in any financial network—all without any central accounting system or authority—to deal with itself. The structure of government and justice resulting from the protocol.

Web3 in its current context is beginning to look like a privileged networking system. These token networks not only attract capital, talent and technology and give them the status of a nation-state (with its economic structure and currencies in the networks), they are also markets and laboratories for the joint creation of various projects. We are starting to see their manifestations in many decentralized projects.

Source: CoinTelegraph