- Amid other social and economic inequalities, access to the internet is still relatively universal.
- Reliance on brick-and-mortar services is reaching a point of diminishing returns.
- Web3 will make user owners of their data and other technological assets and present a great economic correction.
However, there is a silver lining among these dark clouds in the form of Web3. That is the third generation of the internet.
What is Web3 and why care?
Web3 is not only a new foundational layer of the world wide web, it is a fundamentally new approach to corporate governance, value creation and stakeholder participation with pari passu interests. It presents an opportunity where people are not merely products or beneficiaries of technology-powered business models but builders and owners of digitally unique assets.
The COVID-19 pandemic, for example, exposed pre-existing societal vulnerabilities while technology and universal access to the internet offered a semblance of continuity, which amounted to nothing short of a Great Correction. Like past global crises, whether anthropogenic or naturally occurring, post-pandemic recovery will require reformulating institutional and international norms.
Technology and how it is harnessed, especially with the emergence of an open internet of value, is the technological contest of our times. This reality is especially true and urgent since the provision of even basic services riding on brick and mortar or fixed lines has reached a point of diminishing returns.
Continue reading: https://www.weforum.org/agenda/2022/05/what-is-web3-why-care-future/
