Service providers defeat the purpose of Web3. Anyone should be able to access vital Web3 utilities without costly barriers to entry.
A considerable amount of hype has developed surrounding what is known as “Web3.” Web3 is essentially based on distributed ledger technology and many companies are using Web3 as an umbrella term to describe alternative utilities and marketplaces built on an underlying blockchain.
There are many benefits to decentralized protocols, but there's just one problem. These protocols are not going to set themselves up, and there is little incentive for new entrepreneurs to set up a business that will inevitably be taken out of their hands one day. As a service provider, you rake in the profits in perpetuity. In a decentralized network, the rewards are distributed. Even so, these permissionless protocols will become the foundation for Web3, and the profits from a token launch can be extremely convincing. In a world that is changing faster and faster, it may not be such a bad idea to create something great and then move on to the next thing. We don't always have to hold onto our babies forever.
The following are three reasons why Web3 requires protocols instead of service providers.
Continue reading: https://www.entrepreneur.com/article/422439
A considerable amount of hype has developed surrounding what is known as “Web3.” Web3 is essentially based on distributed ledger technology and many companies are using Web3 as an umbrella term to describe alternative utilities and marketplaces built on an underlying blockchain.
There are many benefits to decentralized protocols, but there's just one problem. These protocols are not going to set themselves up, and there is little incentive for new entrepreneurs to set up a business that will inevitably be taken out of their hands one day. As a service provider, you rake in the profits in perpetuity. In a decentralized network, the rewards are distributed. Even so, these permissionless protocols will become the foundation for Web3, and the profits from a token launch can be extremely convincing. In a world that is changing faster and faster, it may not be such a bad idea to create something great and then move on to the next thing. We don't always have to hold onto our babies forever.
The following are three reasons why Web3 requires protocols instead of service providers.
Continue reading: https://www.entrepreneur.com/article/422439
