What is Web3.0? Why now?
Let's start from the beginning.
When the humans finally settled, collective use of intelligence resulted in explosive growth of science, arts and culture. Humans applied the same principle to the machines by interconnecting them to create internet.
The birth of internet-Web1.0: 1990 - 2004.
Web 1.0 was the next step in human communication evolution. Humans started communicating through cave paintings followed by stone inscriptions and then the mighty printing press and finally the internet (web1.0).
They were all static "one way read only" broadcast mechanism.
How did it end?
Everybody knew internet will change the world but nobody knew who will be the winners or how they will monetize? so they invested in all dotcom companies. Dotcom crash during 1999 - 2001 marked the end of web1.0. Winners emerged after the destruction.
Wealth: NASDAQ declined by 80% wiping out $1.8 Trillion. Amazon, Google, Apple, Netflix and Microsoft survived and continue to flourish.
Web2.0-The platform revolution: 2004 - 2021
Monetize "two way communication and trading mechanism", it is all about read, write and efficient use of resources moderated by intermediaries. Networks turned broadcast medium into intimate conversational and resource sharing medium in a very public space.
Web2.0 intermediaries allowed anyone to trade spare physical and mental resources for money and/or dopamine. Airbnb does not own properties, Uber does not own taxis and Facebook and Instagram do not create content.
The problem with web2.0 is power asymmetry, intermediaries wield huge power, i.e. #facebook or #twitter can unilaterally change policies.
For example, #linkedin own the distribution of this article. I have no idea who will see or when they will see, if at all.
Web2.0 companies have become most valuable and powerful entities in the world.
Wealth: Individuals owning equity in the web2.0 companies became wealthy.
Web3.0 - Disintermediation: 2022+
#web3 is all about transfer of power and wealth from companies to individual creators brokered by math & machines. it will reward creators disproportionally, individuals will attain unicorn status ($B valuation).
If in doubt, just ask your children, they are the best forecaster of economy in a decade. The most desired career among children all over the world is being "YouTuber" or "Gamer". Web3 is all about being a youtuber without YouTube.
Wealth: It is the exact opposite of web2.0, companies will compete to own equity in individuals.
what do you think?
Follow Guru Padmanabhan
You can read my writings at view all blogs.