What does it take to make an online transition? As 2022 approaches, the new system, under the Web3 banner, has become one of the most talked about – and yet incomprehensible – modern powers. But it is not clear what challenges will overcome them to become part of everyday life.
Every online review is based on a new skill. With the first type, it was able to browse between fixed pages. With Web 2.0, the internet became a means of communication, real time and only users became what it is.
These developments, built on open source software, were large enough to support new types of online systems. So what about Web3 that has to change to more a stable online world?
Its main function is based on a possible shared partnership with blockchains – the ability to reach agreements that are bound by strangers, without having to rely on an intermediary or a mediator. Imagine if large groups of people could act randomly: what new marvels of social cohesion would be possible? The amount of crypto has applied this concept to finance, but Web3’s full promise is based on using the same technology to be central to many other social media platforms.
The ensuing rhetoric is in line with modern society, as well as distrust of high society and government officials. Also, it seems to offer a simple solution to the power of Big Tech: You, too, can refine your data and online life, and also get the opportunity to share the crazy benefits of Big Tech.
It is a compelling word. But behind the claims of nationalism, it is unclear which activities will pull people away from online services that remain very popular.
The first explosion has been in a split fund, where people act without a mediator, as well digital collectors known as NFTs. This does not indicate a method of use. Most of the old attractions are fixed evasion of financial laws, while the latter is the excuse of fiction.
There are other reasons for being cautious. Get rid of corporations and what’s left? As some regulators have warned, the current financial market management system relies on overseeing banks, brokers and market executives.
It is true that regulators have not yet found a way to force modern technology companies. But will Web3’s promise – to abolish all software laws, backed up by bulletproof documents – leave ordinary people feeling confident that their interests are being cared for?
Using new digital currencies to inflate the wheels of this online world – a process known as tokenization – could have other consequences. It can transform online events into markets, where every action is made instantly. As such, it can represent a form of hyper-financialization with unintended consequences on how people interact online.
This can be seen as a good starting point for a cohesive system, which sets individuals apart. But the effects of change are often not consistent with the original term.
Going through the old representatives often opens the way to new groups – as the original Web site did. The blockchain dream is limited. It is not possible to place everything in an open, shared archive where all nodes can be changed at once to show any group of events. This leaves many opportunities for new representatives to grow around, translating the promise into useful services.
Weekly letter
For the latest news and fintech views from the worldwide FT press network, subscribe to our weekly newsletter. #fintechFT
The wild ideas that accompanied the crypto boom are also a reminder that systematic sharing of benefits is not possible.
This is not to say that the technology behind Web3 is beyond its capacity, or that – like the first dotcom boom – modern insanity will not bring about the necessary technical businesses. In the meantime, however, the promoters of new technologies are facing one major challenge: to come up with useful programs that can meet the day-to-day needs of millions of users. Silicon Valley works on the fact that if you lose enough technical power and money on a crisis, a better solution will emerge. We’ll see. Internet transformation has been disruptive in the past. This seems to be going to be more difficult than most.
richard.waters@ft.com
Source link
