The tech world is ablaze with Web3 debate. Is it the people’s internet, free of tech-giant control? Or is it an idealistic illusion that ignores the reality of what users want and how the tech behind it works?
Either way, money is pouring in. According to Crunchbase News, 2021 saw a huge jump in investment in blockchain-related startups, from $2.1 billion in 2020 to around $17.9 billion. Early signs suggest another bumper year in 2022—deals so far include $200 million in funding for Web3 developer Alchemy and $450 million for blockchain business Polygon.
Business leaders are taking notice. CEOs and C-suite leaders I work with frequently ask five key questions about Web3—let’s dive into each.
1. WHAT IS WEB3?
To explain Web3 as we understand it today, we need to go back to Web 1.0 and Web 2.0. The differences lie in how we interact with the internet. In Web 1.0, we consume content on static websites. In Web 2.0, we interact with social platforms as active contributors and content creators. In the current shift from Web 2.0 to Web3, our interaction with the internet is becoming increasingly connected. The boundaries between the physical and digital worlds are blurring, and we are benefiting from smarter predictions of our behavior as our devices talk to each other. The Web3 features primarily enabling these changes are decentralization and increased ownership.
To bring this concept to life, imagine a group of talented experts come together to release a product to market. Today, they might form a company, taking set roles with varying degrees of influence on running the company. With Web3, whatever your role, you have a say in the group’s purpose, how funds are allocated, and what policy looks like—including users. It’s a level of engagement that is practically unheard of, and it’s an idea that is really taking hold.
Continue reading: https://www.fastcompany.com/90761899/five-questions-business-leaders-should-be-asking-about-web3
Either way, money is pouring in. According to Crunchbase News, 2021 saw a huge jump in investment in blockchain-related startups, from $2.1 billion in 2020 to around $17.9 billion. Early signs suggest another bumper year in 2022—deals so far include $200 million in funding for Web3 developer Alchemy and $450 million for blockchain business Polygon.
Business leaders are taking notice. CEOs and C-suite leaders I work with frequently ask five key questions about Web3—let’s dive into each.
1. WHAT IS WEB3?
To explain Web3 as we understand it today, we need to go back to Web 1.0 and Web 2.0. The differences lie in how we interact with the internet. In Web 1.0, we consume content on static websites. In Web 2.0, we interact with social platforms as active contributors and content creators. In the current shift from Web 2.0 to Web3, our interaction with the internet is becoming increasingly connected. The boundaries between the physical and digital worlds are blurring, and we are benefiting from smarter predictions of our behavior as our devices talk to each other. The Web3 features primarily enabling these changes are decentralization and increased ownership.
To bring this concept to life, imagine a group of talented experts come together to release a product to market. Today, they might form a company, taking set roles with varying degrees of influence on running the company. With Web3, whatever your role, you have a say in the group’s purpose, how funds are allocated, and what policy looks like—including users. It’s a level of engagement that is practically unheard of, and it’s an idea that is really taking hold.
Continue reading: https://www.fastcompany.com/90761899/five-questions-business-leaders-should-be-asking-about-web3
