Web 3.0 is going to be a very powerful force in the world.
One of the biggest factors is going to be the attacks we see on intermediaries. This is going to be on every level, bringing a great deal of loss to the present system.
This includes more than just financial institutions although they are on the list. It is something that extends to many other sectors. In fact, we already seeing it starting to play out.
Naturally, this means that Web 3.0 is not the only culprit. Technology, in general, is leading the charge.
Web 3.O Puts Disruption of Intermediaries on Steroids
Bitcoin started the process within the financial realm of being able to operate without any intermediaries. Basically, this breakthrough allowed people to transfer value in a digital form without a 3rd partiy. This was a major blow to the banks, something that will take a few decades to play out.
This is not the only game in town.
We see the broadcast industry coming under fire. As mentioned in other articles, the Internet altered the distribution monopoly that Hollywood and New York City had.
Now we are see artificial intelligence tools starting to appear that is going to alter the creation of moves and shows.
It is a situation where the traditional media companies are going to find themselves under even more pressure. As Web 3.0 starts to emerge, people will have a financial stake in either the ecosystem or platform (or both) they are utilizing.
Web 2.0 brought about the concept of the "prosumer". YouTube is an example of this where content creators were also the consumers of the videos.
What is missing from this equation is ownership. That has not changed. Web 2.0 platforms are owned, for the most part, by centralized entities. They might be publicly traded as is the case with Meta and Google. Nevertheless, that is mostly playing into the hands of Wall Street and the larger financial institutions.
Created. Use. Own.
The Web 3.0 model disrupts everything.
Here is a simple question: would you prefer to use something you own or opt for a service where you have no stake in?
The answer is clear. Most will opt to utilize something they have a financial stake in. After all why not help out ourselves?
This is the essence of Web 3.0.
Instead of going through some intermediary who is extracting value, we can opt to go direct. Not only that, we have a stake in what is taking place.
We see the social media platforms shifting towards sharing advertising revenue with the users. While this is a solid step, notice how no equity is being offered. The reality is most cannot even start this process since their business model prohibits it.
It is not the case with Web 3.0.
Any situation can be tokenized and offer a financial interest to the parties involved. For example, consider a manufacturer of a product that sells direct. There is no retail intermediary. That said, the ownership structure does not change.
What happens if the business is tokenized. Suddenly, those who are interested can have a stake in what is occurring. This could be customers, suppliers, investors, or fans of the business. The types of entities it could apply to is Limitless.
Support of Direct
Once people have a financial interest in something, there is incentive to utilize it.
This means the concept of direct takes on added meaning. Often, one of the issues with a structure of this nature is getting people together. That is what intermediaries do.
There is a reason why Amazon is so successful. It brings buyers and sellers together. This is what exchanges do. Traditionally, it was difficult for markets to operate with direct interaction. Even in the physical realm, throughout history, we saw plazas and bazaars serve this purpose. In the modern era, the shopping mall epitomized this.
What is happening to that concept? Amazon hijacked it and put it in the digital world.
Web 3.0 alters this since the ecosystem effectively fills this roll. People will naturally gravitate towards those networks which they have a financial stake. This means that business, whether providing products or services, have a built in potential customer base.
It all is contained within the network The key is for the ecosystem to fulfill the needs of those involved since switching is going to be very easy.
All of this equates to the elimination, over time, of intermediaries. There is no need for these massive entities providing a service (and extracting value) when it can be handled another way.
By changing the structure of the system, a lot of what we are familiar with is no longer required.
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intermediaries are the main reasons why products and service prices are often increased so web3 already tackles the challenge of unnecessary over commisions. Equity is value to those who understands how it works and web3 is a true eye opener to online users. Its good to have a stake where you belong.
It will add to the cost.
web 3.0 will step a lot on much toes I see , breaking barriers comes with a lot of radical changes . This new iteration of the internet will of course won't be an exception that .
The concept of Web 3.0 indeed heralds a paradigm shift towards direct participation and ownership.
There's certainly no iota of doubt that Web 3.0 paves the way for decentralized networks where intermediaries may become obsolete, allowing for more efficient and equitable value exchange.
Are we now not having intermediary web 3.
Take for instance in apps like luno.
The company is the intermediary.
The freedom from middle men is lost.
People might fight the establishment of Web3 but they can't do it for so long because it is the future
I agree, but I think it will just be a transfer from one intermediary to another. Banks can become extinct, but replacing it are the exchanges that still take fees. For NFTs, we already see markets like NFTMart. Overall, I think it is still a good thing since the fees aren't as high as the traditional ones. If one is getting too big and controlling, another service can just be set up and offer competition.
It depends upon what kind of exchange and who owns it.
But yes the crypto industry did a great job of simply replicating the traditional system.
Indeed, that is the key. I have been ignoring this up until now, but plan to refocus on it this year.
Gotta get myself re-engaged and working :-)
A great idea in my opinion.
Now I just have to figure out what others want...besides curation that is :-)
No matter how much the Web2 might want to disrupt the reign and dominance of Web3, it is just for a while
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Get into this post a little late, but I'll still drop my thought. I know your archive to contend the prospects and operational manual for Web3 and Hive 😀
It's true that Web3 will survive all the various challenges trying to minimize it. But my concern is the lack of adequate specialized contents to carter for the various need in the different fields of endeavors as they are readily available on web2. Moreso, those of you who are regularly creating contents have just a handful of consumers. All these are bountiful in web2. How do we contend with that?