There are a lot of lessons from history.
If we are to get a glimpse of the future, it is sometimes helpful to look back. History might not repeat itself but it does rhyme.
We are talking about the next generation of the Internet. Web 3.0 is going to replace what we are accustomed to dealing with. What does that entail?
The Future of Web 3.0 Is Companies
The lessons of Web 2.0 is clear.
Unfortunately, most do not see the lessons because they are clouded in companies. Essentially, that is what the lesson is.
Think about our lives today.
How many people cannot do without Amazon? What impact did search engines have on our lives? Can we overstate the importance of Facebook and YouTube for many people? Entities such as Uber fulfill the transportation needs for many.
Of course, when it comes to entertainment, there are times when Netflix simply is like oxygen.
The point is that we look at Web 3.0 as something different (which it is) without seeking out the similarities. It is a mistake that most ecosystems made.
Services
Pandora. Spotify. PayPal. TikTok. Priceline
There are hundreds of companies that are identical to what is mentioned here. These are online companies that provide services to billions of people. The dollar value of the transactions is into the trillions.
E-commerce is huge. It is also growing. We know the plight of the shopping mall and "brick and mortar" stores due to the likes of Amazon. Online retailers simply ate the lunch of the old models.
Online merchants simply used the old adage: find a need and fill it.
Services is what provides marketing material. It generates interest. Customers are the end result. Returning activity takes place over time.
Eventually, the entire ecosystem grows as people find it becoming a central part of their daily lives.
Do not believe that? Try to go a week without using a search engine. Anyone who is in the internet will find this to be an impossibility. In fact, we tend to not even realize we do it. Typing something in the URL is a habit we give little thought to.
More Than Market Capitalization
Some are old enough to remember the dotcom bubble.
What a mess that was when it collapsed. Financial and monetary losses aside, there was a much bigger issue in play at the time.
Part of the mania was the money flooding into internet related projects. The hype cycle was in full swing. There were kids dropping out of prestigious universities to "develop an app". While most didn't know what this mean, venture capital firms decided to flood them with millions of dollars.]
After it all burst, many were questioning whether the internet was a passing fad. Sound familiar?
While the marketcapitalization took a major hit, the era produced Priceline, Google, Amazon, and eBay. These are a sample of the entities still thriving today.
Then we have the likes of Yahoo which started in that period and still is around, providing services to millions around the world, albeit no longer a leader in any of the segments it operates within.
What do these companies have in common? They provided specific needs to customers. Naturally, over time, many expanded their offerings as was the case with Amazon.
Web 3.0 Today
What is the most common use case of Web 3.0 today?
It is being on Web 2.0 and talking about it. That is what most do. We see it on X and YouTube all the time.
What is the most discussed point? Market activity.
This is the central problem. The green candle people took over to the degree where more than 90% of the attention is simply on pricing.
Even those trying to attract people to networks are doing so with the intention of trying to get price up. How many actually are on Web 2.0 talking about a service provided by Web 3.0? Instead, it is "come to our network, it is the best".
There use to be a question asked with cryptocurrency: "what can I buy with it".
With Web 3.0, my question is what can do you do with it?
This is something that few take the time to answer. The obvious hole is the lack of businesses. Until services are provided, Web 3.0 is a theoretical dream. Nothing more.
At this level, people are simply promoting vaporware. For the most part, there is nothing outside a few financial/market-based services.
Is it any wonder that regulators, politicians, and Wall Street simply looks at this as another asset class? The sad part is the industry brought it all upon itself.
Fortunately, the solution is also within our hands.
Time To Build
This is stated so often that we are beating the proverbial dead horse.
Yet, it still applies. The future of Web 3.0 is companies. Until people start providing products and services, we are dealing with fantasyland.
Think back to the internet, what would it be like without search engines? How about web browsers? Payment systems? Hosting companies? E-Commerce?
Would anyone use it if there was no information, entertainment, shopping, or news? It would seem the answer on this is clear.
Again, what takes place on Web 3.0 that fills any of these voids? Traditional social media gets the most Web 3.0 activity because that is where it is discussed. It is likely there are more transactions on those platforms relating to the conversation of Web 3.0 as opposed to what is actually taking place on Web 3.0 platforms.
It is far beyond the time to start building.
The ecosystem that starts to solve the needs of people, that offer services and become a part of people's daily lives will be the one that moons. The holders of those coins will be the ones with Lambos and mansions.
It is amazing that people want the Web 3.0 version of Amazon yet they are not willing to build it. Even if it was constructed, would any of the present people in the industry use it? Or would they just talk about it?
This is the essence of the disconnect.
We also can see the path to the solution. The only question is who will bring it to the forefront.
Posted Using InLeo Alpha
It's even crazy to think about what it would be like to live today without YouTube, Amazon, Google and the internet itself...
Regarding Web 3.0, I believe that a lot depends on us in making things happen, we must stay on track to make things happen. The future can and is promising, but without us nothing will be possible.
I am old enough to remember time without them. Yet, consider how often you open a web browser and type a word or phrase in to get information.
Few understand how impossible that was 40 years ago.
Task, you touched on a very interesting point, sometimes I keep thinking that 50 years ago people had no idea what we have here today.
I know they imagined "flying cars" and also robots doing the cleaning (well, that's until they got it right). But today we see that with the advancement of technology, more specifically the internet, we have several possibilities at our fingertips.
Sending a message to someone in Japan in seconds or even calling someone in a video conference... it's something so normal and there's nothing absurd about it... but saying that to someone in the past could have been tremendously absurd.
Communication. Information. Music. Video.
People forget all the stuff we have for basically free that cost money (and a fair bit of it) in the past. Now we have AI emerging, even the free versions of the chatbots are incredible.
True, we still have AI that we are witnessing its progress and it won't take long for it to be much more present in our lives.
Task, I'm currently on my cell phone but I'm still learning how to use the settings here. We're talking about your post right?
My upvote is at 50%, but I remember I had it set to 10% only in the comments. In threads, my upvote is normal at 10%. But here I'm realizing that it's always 50% regardless of whether it's in a post or in the comments within the article.
I'll try it again to see if it solves this or it could be something on the front-end.
Great insights on how companies shape Web 3.0. Comparing with Web 2.0 lessons and urging action for practical services is spot-on. Excited to see the community drive Web 3.0 development beyond theory!"
I am building a service that will accept HIVE HBD and BTC as payments, yet the product is "only a web2 thing".
Why accept HIVE and BTC as payments? Those are not mediums of exchange.
Until people realize this, there will be a struggle.
History might not repeat itself but it does rhyme. I felt this line , I guess that's why dejavu is a thing .
You've raised a crucial point about the perception of Web 3.0 and the need for tangible developments to bridge the gap between theory and reality.
There's absolute a need for call to action, especially at emphasizing the necessity of building and solving real
world needs. There's no iota of doubt that the true potential of Web 3 being a thing lies in practical applications rather than theoretical discussions.
Yep.
To me, the bridge is services. It is what people use in their daily lives.
People started to use Netflix and stopped going to Blockbuster. It is easy to see what the result was. The Internet is a daily part of the lives of 5 billion people.
Saludos @taskmaster4450,
Un abrazo a la C/ LeoFinance @leofinance.
Esta por construirse... La generación actual tiene en sus manos la difícil tarea de construir en mundo Web3. Mira el siguiente ejemplo: El ecosistema de Hive, los gobernares con su ballenas, administradores, moderadores, posteadores y los desarrolladores; vienen construyendo los servicios y productos digitales a los grupos de personal que cada día son más.
Greetings @taskmaster4450,
A hug to LeoFinance @leofinance.
It's about to be built... The current generation has in their hands the difficult task of building in Web3 world. Look at the following example: The Hive ecosystem, the governors with their whales, administrators, moderators, posters and developers; they are building digital services and products to groups of staff that every day are more and more.
This is very encouraging. I did notice that a lot of the big companies worked on something already there, and built on it. Google wasn't the first search engine, but they had fast and accurate/relevant results. Facebook wasn't the first social media website, Friendster and Myspace were popular then, but FB improved on them. YT, Netflix, Spotify were not the first and offered better products.
I think Web3 needs to take a similar approach. Simply offering something already existing in Web2 is not enough. We need to make use of the advantages of Web3, and offer something better than what is in Web2 to pry people off of them. What those are, and how to make them, I don't know yet.
Exactly. First is not always the winner.
Have to provide something people use. The first iterations are usually something people use to learn from. That is why first is rarely the overall winner.
Who's building and what?
I have picked your facts here friend, we need to build something beyond market price. Wrote a similar post; hive needs to generate in-house influencers, your view and contributions will be welcomed. Thanks.
So much that Web3 will offer to the world of the digital space coming in the future and it is just a matter of time I must assured you
This is something to ponder on. Indeed, most of us are just preaching to Web 2 users to join us, be part of us and earn some rewards, but people need more, and Web 3 has to offer more.
I know I can't go a day without searching the internet for information, the latest happenings, a service, a course or fun videos to ease some stress. These are what people need to continue their lives.
Hive is promising with what Inleo is doing with all its features. The LeoGlossary initiative and more projects to build will attract more people because we will have something more advanced than Web2 offers.
People are attracted to entertainment, informative videos, e-commerce stores, seamless communication and anything that adds value.
I know that together, we can make Hive an invaluable platform that people will love to be part of.
Thanks so much, @taskmaster4450, for sharing this post.