Web3 is a proposed next phase of the internet that utilizes blockchain technology to decentralize the web. It aims to give users ownership over their data and digital assets through the use of cryptocurrencies, NFTs, DAOs, and decentralized applications. While advocates argue Web3 will democratize the web and create new economies, others are skeptical due to technical challenges, environmental concerns, and the proliferation of speculation and privacy issues. As Web3 continues to develop, companies are exploring opportunities while also weighing the risks of this emerging landscape.
The document discusses digital transformation and its impact. It covers topics like drivers of digital transformation, how it is affecting industries, IT, stakeholders, and the benefits and challenges of adoption. Digital transformation is redefining industries through convergence of social, local and mobile technologies, leading to superior customer experiences. It is driving fundamental shifts in business models and cost structures across media, telecom, financial services, education, healthcare and other industries.
Both 2021 and 2022 have been hallmark years in all things Web3, crypto, and blockchain. The market has dramatically expanded - we’ve seen new highs and some sobering lows alongside extraordinary and constant innovation. Here at Vayner3, we’ve grown from a small group of passionate crypto- natives to an end-to-end Web3 consultancy with 25+ enterprise clients across CPG, Retail, Fashion, Automotive, and Tech. Recent events have certainly surfaced clear bad actors and put the space in the spotlight for the wrong reasons, but we remain optimistic about our Web3 future. This paper will help explain why.
Web3 is the next evolution of the internet, consumer behavior, and culture powered by blockchain technology. Our definition of Web3 includes new technologies - cryptocurrencies, NFTs, DeFi, and the “metaverse” - but it also includes an important cultural and behavioral layer. Over the last 2 years, we have seen a renaissance begin in digital art, fashion, sports, music, and identity. As consumers spend more and more of their time online - and younger generations grow with a more intertwined version of physical and digital realities - we expect today’s fundamentals of emerging Web3 technology and culture to grow exponentially with profound implications.
In this paper, we attempt to dissect the meta Web3 narrative, dive into the data, and identify true signal in a (very) noisy market. We look at what matters most to marketers and operators at large enterprise organizations considering Web3 tech, and we focus on the near-term future. We stay grounded in business and technological realities, and we fully acknowledge that macroeconomic forces and regulatory changes could play a major role in how 2023 unfolds. All things considered, we remain convinced: Web3 is going increasingly mainstream in 2023. Let’s build the future together.
The document discusses how the post-pandemic period has brought more chaos than expected due to issues like inflation, supply chain problems, and geopolitical conflicts. It then summarizes four frameworks that were presented at previous world summits by Jeremy Gutsche, the CEO of Trend Hunter, that all predicted this incremental period of chaos from 2022-2028. The document encourages focusing on consumer trends, which can provide opportunities during chaotic times. It promotes Trend Hunter's services for researching trends and hosting events like Future Festival to inspire innovation.
Technology Vision 2022: Communications Industry | Accenture
Accenture's Technology Vision 2022 for the Communications industry details the key building blocks of the Metaverse Continuum that every CSP needs to know. accntu.re/3l8fmT8
The document summarizes key takeaways from the SXSW conference. Some of the main topics discussed include: 1) The importance of designing technology with purpose and creating positive human experiences. 2) How collaboration between companies can drive innovation. 3) The value of not being constrained by audiences and taking creative risks. 4) The growing role of virtual and augmented reality. 5) How the rate of technological change is accelerating exponentially. 6) How cognitive computing is being applied across many domains to solve problems. 7) Emerging technologies like self-driving cars that are closer to widespread use than perceived. 8) How ubiquitous computing is already integrating technology into many aspects of life. 9) The growing role of robots and focus on
Business Strategy Presentation Template 2023 - By ex-Mckinsey and BCG consult...
A comprehensive, end-to-end strategy presentation template based on proven frameworks created by ex-McKinsey and BCG consultants.
277 PowerPoint slides organized in a complete storyline with best-practice slide-layouts, titles, and graphics
4 real-life full-length examples from Fortune500 companies so you can see how a strategy is presented in other organizations
Helpful checklist used in top-tier consulting firms
Excel model to support your strategy document.
Access full powerpoint at www.slideworks.io.
The Industrialist: Trends & Innovations - October 2022
The document provides an overview of 8 innovations in industries such as aviation, transportation, construction, and more. It summarizes partnerships between companies to advance hydrogen and electric technologies, new predictive maintenance platforms, acquisitions of cybersecurity firms, and more. Overall the document highlights recent announcements and partnerships across industries aiming to increase sustainability and efficiency through new technologies.
Microsoft to Acquire LinkedIn: Overview for Investors
The document contains forward-looking statements about the proposed transaction between Microsoft and LinkedIn, noting potential benefits but also risks that could impact the completion or timing of the deal. It notes many factors that could cause actual results to differ from expectations. Additional information on the transaction will be filed with regulators and provided to LinkedIn shareholders to consider the proposal. Microsoft and LinkedIn directors may be deemed participants in soliciting shareholder approval.
Accenture Greece in partnership with the Bank of Cyprus, Cyta and Logicom and supported by the Cyprus Employers and "Accenture Greece in partnership with the Bank of Cyprus, Cyta and Logicom and supported by the Cyprus Employers and Industrialists Federation and the Cyprus Chamber of Commerce and Industry conducted the study “Digital Cyprus: Catalyst for Change” in 2018.
In the context of this study we performed the Digital “Anatomy” of Cyprus at a national and industry level, shaped a national digital vision and designed the Action Plan for its operationalization.
Digital Cyprus: Catalyst for Change (Volume 1)
:: Digital transforms the world as we know it
:: Cyprus’s Digital Anatomy
:: A Digital Vision for Cyprus"
This document provides a compilation of template and diagram slides related to established digital transformation frameworks. The frameworks included cover topics such as big data enablement, blockchain technology, capabilities architecture planning, customer experience, digital leadership, digital maturity models, digital organizational design, digital talent lifecycles, digital transformation strategies, and more. The document is intended to help FlevyPro members become experts on digital transformation by leveraging these best practice frameworks.
Shaping the Sustainable Organization | Accentureaccenture
Accenture helps companies unlock the business and environmental value of organizational sustainability by strengthening their sustainability DNA. Read more.
Present and Future of Metaverse Infographics
Metaverse is a collection of fully connected interoperable physically augmented digital worlds with physical persistence that are converged with the virtually augmented physical world in which people and digital representations of people (digital people) can fully interact with one another and digital objects/robots/environments (including digital twins) with full reality.
Metaverse can create economic values without space/time/resource limitations (Dematerialization)
Metaverse Enterprise/Industry Applications
Metaverse Office/Home/Building; Metaverse Factory; Metaverse Store; Metaverse Mobility; Metaverse City
The Fourth Annual Global Mobility Study [hyperlink] by L.E.K. Consulting, Vision Mobility and CuriosityCX highlights that there is a much greater uptake of ride-hailing and other new mobility options in India and China than in mature western economies. With relatively low levels of car ownership and less developed public transport systems in these Asian countries, new mobility use is now comparable with and set to overtake traditional transport for a segment of the population.
The document discusses digital transformation and its impact. It covers topics like drivers of digital transformation, how it is affecting industries, IT, stakeholders, and the benefits and challenges of adoption. Digital transformation is redefining industries through convergence of social, local and mobile technologies, leading to superior customer experiences. It is driving fundamental shifts in business models and cost structures across media, telecom, financial services, education, healthcare and other industries.
Both 2021 and 2022 have been hallmark years in all things Web3, crypto, and blockchain. The market has dramatically expanded - we’ve seen new highs and some sobering lows alongside extraordinary and constant innovation. Here at Vayner3, we’ve grown from a small group of passionate crypto- natives to an end-to-end Web3 consultancy with 25+ enterprise clients across CPG, Retail, Fashion, Automotive, and Tech. Recent events have certainly surfaced clear bad actors and put the space in the spotlight for the wrong reasons, but we remain optimistic about our Web3 future. This paper will help explain why.
Web3 is the next evolution of the internet, consumer behavior, and culture powered by blockchain technology. Our definition of Web3 includes new technologies - cryptocurrencies, NFTs, DeFi, and the “metaverse” - but it also includes an important cultural and behavioral layer. Over the last 2 years, we have seen a renaissance begin in digital art, fashion, sports, music, and identity. As consumers spend more and more of their time online - and younger generations grow with a more intertwined version of physical and digital realities - we expect today’s fundamentals of emerging Web3 technology and culture to grow exponentially with profound implications.
In this paper, we attempt to dissect the meta Web3 narrative, dive into the data, and identify true signal in a (very) noisy market. We look at what matters most to marketers and operators at large enterprise organizations considering Web3 tech, and we focus on the near-term future. We stay grounded in business and technological realities, and we fully acknowledge that macroeconomic forces and regulatory changes could play a major role in how 2023 unfolds. All things considered, we remain convinced: Web3 is going increasingly mainstream in 2023. Let’s build the future together.
The document discusses how the post-pandemic period has brought more chaos than expected due to issues like inflation, supply chain problems, and geopolitical conflicts. It then summarizes four frameworks that were presented at previous world summits by Jeremy Gutsche, the CEO of Trend Hunter, that all predicted this incremental period of chaos from 2022-2028. The document encourages focusing on consumer trends, which can provide opportunities during chaotic times. It promotes Trend Hunter's services for researching trends and hosting events like Future Festival to inspire innovation.
Technology Vision 2022: Communications Industry | Accentureaccenture
Accenture's Technology Vision 2022 for the Communications industry details the key building blocks of the Metaverse Continuum that every CSP needs to know. accntu.re/3l8fmT8
The document summarizes key takeaways from the SXSW conference. Some of the main topics discussed include: 1) The importance of designing technology with purpose and creating positive human experiences. 2) How collaboration between companies can drive innovation. 3) The value of not being constrained by audiences and taking creative risks. 4) The growing role of virtual and augmented reality. 5) How the rate of technological change is accelerating exponentially. 6) How cognitive computing is being applied across many domains to solve problems. 7) Emerging technologies like self-driving cars that are closer to widespread use than perceived. 8) How ubiquitous computing is already integrating technology into many aspects of life. 9) The growing role of robots and focus on
Business Strategy Presentation Template 2023 - By ex-Mckinsey and BCG consult...Slideworks
A comprehensive, end-to-end strategy presentation template based on proven frameworks created by ex-McKinsey and BCG consultants.
277 PowerPoint slides organized in a complete storyline with best-practice slide-layouts, titles, and graphics
4 real-life full-length examples from Fortune500 companies so you can see how a strategy is presented in other organizations
Helpful checklist used in top-tier consulting firms
Excel model to support your strategy document.
Access full powerpoint at www.slideworks.io.
The Industrialist: Trends & Innovations - October 2022accenture
The document provides an overview of 8 innovations in industries such as aviation, transportation, construction, and more. It summarizes partnerships between companies to advance hydrogen and electric technologies, new predictive maintenance platforms, acquisitions of cybersecurity firms, and more. Overall the document highlights recent announcements and partnerships across industries aiming to increase sustainability and efficiency through new technologies.
Microsoft to Acquire LinkedIn: Overview for InvestorsMicrosoft
The document contains forward-looking statements about the proposed transaction between Microsoft and LinkedIn, noting potential benefits but also risks that could impact the completion or timing of the deal. It notes many factors that could cause actual results to differ from expectations. Additional information on the transaction will be filed with regulators and provided to LinkedIn shareholders to consider the proposal. Microsoft and LinkedIn directors may be deemed participants in soliciting shareholder approval.
Digital Cyprus: Catalyst for Change (Volume 1)accenture
Accenture Greece in partnership with the Bank of Cyprus, Cyta and Logicom and supported by the Cyprus Employers and "Accenture Greece in partnership with the Bank of Cyprus, Cyta and Logicom and supported by the Cyprus Employers and Industrialists Federation and the Cyprus Chamber of Commerce and Industry conducted the study “Digital Cyprus: Catalyst for Change” in 2018.
In the context of this study we performed the Digital “Anatomy” of Cyprus at a national and industry level, shaped a national digital vision and designed the Action Plan for its operationalization.
Digital Cyprus: Catalyst for Change (Volume 1)
:: Digital transforms the world as we know it
:: Cyprus’s Digital Anatomy
:: A Digital Vision for Cyprus"
This document provides a compilation of template and diagram slides related to established digital transformation frameworks. The frameworks included cover topics such as big data enablement, blockchain technology, capabilities architecture planning, customer experience, digital leadership, digital maturity models, digital organizational design, digital talent lifecycles, digital transformation strategies, and more. The document is intended to help FlevyPro members become experts on digital transformation by leveraging these best practice frameworks.
Mycelia is a disruptive project that connects indigenous peoples to the Web3 community in order to preserve future generations. To this end, Mycelia aims to enable and accelerate the creation of global, digital, and decentralized indigenous institutions based on the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), using cutting-edge web3 technologies.
The document discusses definitions of the metaverse from various sources and proposes categories. It notes that while the metaverse concept originated in the 1990s, it has recently gained attention due to technological advances, changing consumer trends, and the pandemic. The metaverse can be defined narrowly as virtual worlds accessed via avatars or broadly to include most online services. Characteristics include persistence regardless of individual access and simultaneous participation through individual existences.
DESIGN THE PRIORITY, PERFORMANCE AND UXPeter Rozek
Page speed is increasingly important for websites. Performance is User Experience and not only a Development Issue. Performance is a process and starts in conception and design.
This document provides guidance on creating an effective pitch deck. It outlines the key sections that should be included in a pitch deck and the important questions each section should answer. The recommended sections are: cover, overview, opportunity, problem, solution, traction, customer/market, competition, business model, team, use of funds, and extra slides. Each section is described in 1-2 sentences with examples of the types of questions it should address. The document concludes with suggestions for pitching exercises.
The Industrialist: Trends & Innovations - June 2023accenture
Wärtsilä has developed a solution called Fit4Power that can reduce the size of two-stroke ship engine cylinders by 25% while improving efficiency and helping vessels comply with emissions regulations. Toyota, Denso, and Electreon are collaborating to develop and standardize wireless electric vehicle charging technology. Cummins and Editron plan to co-develop a single hybrid marine solution to reduce emissions in the shipping industry by up to 100% depending on use. Hyundai Mobis has unveiled an electric vehicle system that installs drive motors directly in wheel hubs.
Web3 (or Web 3.0) is the next version of the Web. Because Web3 is just a concept, there are many, often conflicting, ideas about how it should look. Various companies emerged as leading companies in the field of web3.0
What Is Web3 and Why Is It Being Discussed So Much.pdfMarnusharris
Web3, the new era of the Internet has the potential to revolutionize the world. Thus, businesses worldwide are partnering with Web3 development company to build future proof business solutions.
Web 3.0 or Decentralised Web to revolutionise the world of Internet Era through Blockchain, Big Data Analytics and Artificial Intelligence.
There has been a buzz around the Web 3.0 and the disruption it will bring to the Industry, but only a few know actually why it spawned and what is it about to transform. Let us travel back in time to understand and examine its predecessors - Web 1.0 and 2.0
The Blockchain, the Internet of Things, Advanced analytics, and Artificial Intelligence are potent technologies that will have a profound effect on society. They will take us much further into this new world of the information age as power shifts in a radical way from people in hierarchical institutions to automated networks and the algorithms that can coordinate in the Web 3.0 era.
The Web 3.0 knowledge management should give rise to an exciting and game-changing environment - the Social Semantic Web. However, still, the technology is in the early stages, but if you have used the Google search in the recent times know that the Google has used natural language to find the answer to your question. Hence you are already experiencing the revolutionary benefits of the next chapter in the story of the "World Wide Web (WWW)."
One of the most hyped IT buzzwords to have emerged in the last couple of years. Blockchain has found its way into major media headlines on a near-daily basis, but a year and a half ago, it was a word used by a relatively small number of people to describe the peer-to-peer distributed ledger technology.
Web 3.0 All the basics of the hype for beginners.pdfJames Brown
In the last two decades, the Internet has changed dramatically: from Internet Relay Chat (IRC) we have moved to modern social media platforms. From simple digital payments to sophisticated online banking services, the technology we use every day has changed noticeably. We also got to know new, completely internet-based technologies such as crypto and blockchain.
HOW COULD BLOCKCHAIN TECHNOLOGY CHANGE FINANCE?MorCryp
How Could Blockchain Technology Change Finance? Blockchains can serve as a fully transparent and accessible system of record for regulators. It can also be coded to authorize transactions which comply with regulatory reporting. Read more...
Despite the fact that the Web3 developer ecosystem is a small part of the greater online developer ecosystem, it appears to be rapidly increasing, so it makes sense to try to figure out what makes up the Web3 tech stack. This is the main reason why companies have started investing their time in it. As a result of which various Web3 Development Company
have emerged as per the changing trends in the market.
The Blockchain is a technology created with the bitcoin, which has become the world's 8th currency in terms of amounts exchanged. The Blockchain brings with it new promises of innovation in all sectors, but also of disruption of dominant economic models. By taking an interest now in its potential applications, we can be one step ahead of the next stage of the digital revolution and the advent of a "horizontal" society,
without intermediaries or centralized authority...
The Blockchain is probably set to revolutionize transactions and exchanges; in the same way that Internet enabled peer-to-peer communication, in the years to come the Blockchain will provide the means for peer-to-peer transactions under a decentralized and autonomous rationale.
Crypto currencies usage is growing in a more connected world. The traditional banking industry is being disrupted by a decentralized network, rich in computing resources and connectivity.
Full quality version here -> https://www.scribd.com/document/333257162/Crypto-Currency-Mining-Science
Agenda
• Understanding the evolution of the web.
• Web 3 architecture
• Getting started as a Web 3 developer
Speakers
• Lipsa Chhotray
• O.P. Pachoriya
• Rahul Mohan
What is Web3 All About? An Easy Explanation With ExamplesBernard Marr
Web3 is heralded as the next and better iteration of the internet. Here we cut through the hype to explain what it is and look at practical examples, benefits, and concerns.
How the blockchain is changing money and business, is it the currenc.pdfmohammedfootwear
How the blockchain is changing money and business, is it the currency of the future? Why or
Why not.
Solution
Over the past thirty years, no intellect of the digital age has higher explained ensuing huge factor
than Don Tapscott. In Wikinomics (2006) he was the primary to point out however the net
provides the primary world platform for mass collaboration. currently he writes a couple of
profound technological shift which will modification however the planet will business – and
everything else – mistreatment blockchain technology, that powers the digital currency Bitcoin.
The Internet as we all know it\'s nice for collaboration and communication, however deeply
imperfect once it involves commerce and privacy. The new blockchain technology facilitates
peer-to-peer transactions with none go-between like a bank or brass. this suggests personal|that
non-public} data is private and secure, whereas all activity is clear and incorrupt – reconciled by
mass collaboration and keep in code on a digital ledger. In different words we tend to won’t
ought to trust one another within the ancient sense, as a result of trust is constructed into the
system itself.
Bitcoin is just one application for this nice innovation in applied science. The blockchain will
hold any instrument, from deeds and wedding licenses to instructional degrees and birth
certificates. Tapscott calls it “the World Wide Ledger.” It permits sensible contracts, localized
autonomous organizations, localized government services, and transactions among things.
The forthcoming book can show however the blockchain can form ensuing era of prosperity in
finance, business, healthcare, education, governance, and lots of different fields.
The blockchain is largely a distributed info. consider a large, world computer program that runs
on millions and various computers. It’s distributed. It’s open supply, thus anyone will
modification the underlying code, and that they will see what’s occurring. It’s really peer to peer;
it doesn’t need powerful intermediaries to evidence or to settle transactions.
It uses progressive cryptography, thus if we\'ve a worldwide, distributed info that may record the
actual fact that we’ve done this dealing, what else might it record? Well, it might record any
structured data, not simply World Health Organization paid World Health Organizationm
however conjointly World Health Organization married whom or who owns what land or what
lightweight bought power from what power supply. within the case of the net of Things, we’re
getting to want a blockchain-settlement system beneath. Banks won’t be able to settle trillions of
period transactions between things.
So this can be a unprecedented factor. Associate in Nursing changeless, unhackable distributed
info of digital assets. this can be a platform for truth and it’s a platform for trust. The
implications square measure staggering, not only for the financial-services trade however
conjointly right across nearly each facet of soc.
From Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT LtdOLMA Capital Management
When the Bitcoin cryptocurrency was released in 2009, its underpinning, the blockchain distributed ledger system was the real technological breakthrough, a formulation that promises to change the basis of all types of transactions globally.
Blockchain technology has paved the way for an Internet of Transactions. Blockchain technology has already proved its worth in such areas as means of payment, interbank exchanges and international remittances. Touted as the next digital revolution, blockchain technology has the potential to transform traditional industries and alter society through disintermediation of trade. Any situation that involves an intermediary that is expensive or fallible represents an opportunity to create a blockchain application case. No industry is immune to the blockchain’s disruption potential.
In 2017, the blockchain technology is at an inflection point. The industry is in a state of transition and must move to Blockchain 2.0, which means the adoption of more sophisticated applications, such as micro-payments and smart contracts. Having outgrown its original bitcoin community, the majority of blockchain applications have yet to pass beyond the prototype stage to make blockchain technology the greatest restructuring technology of the next decade.
Foreword
This paper is the result of a research project carried out by Labs
in EVRY Financial Services during the fall of 2015. The content of
this report is the result of a comprehensive study, featuring online
sources, literary works, as well as recordings of financial
conferences such as Consensus 2015 and Fintech Week 2015.
We aim to provide a comprehensive report detailing the
opportunities, challenges and key success factors for financial
institutions looking to leverage the opportunities presented by
blockchain technology.
We hope you enjoy this study and that it helps give you greater
understanding.
BITCOIN: WHY IT NOW BELONGS IN EVERY PORTFOLIOSteven Rhyner
{A technology|An innovation|A modern technology} is called "{disruptive|turbulent}" if it {creates|produces|develops} {a new|a brand-new} market that {first|very first|initial} {disturbs|disrupts|interrupts} {and then|and after that|then|and afterwards} displaces an earlier {technology|innovation|modern technology}. Bitcoin is {potentially|possibly} such {a technology|an innovation|a modern technology} {and|as well as|and also} {much more|a lot more|far more}.
What is Web3? The future of the internet, cryptocurrency, and estate planningBpointerTechnologies
The term Web3 is creating quite the buzz lately, especially among those interested in technology, cryptocurrency, and venture capital. Here’s an introduction to what some people are calling the internet of the future.
Sir Tim Berners-Lee, who invented the World Wide Web, gave a lecture examining its origins and future development. He discussed how the number of web pages now exceeds the world's population and continues growing exponentially each year. Web science is championed by Berners-Lee as a new field to better understand this growth and improve the user experience. He also emphasized that the web's success is largely due to collaboration and creativity between its users.
What Do We Mine Next - Data Science and Mining on the BlockchainSandy Palacios
The document discusses the rise of cryptocurrency mining and its parallels to historical gold rushes. It notes that over just a few months in 2017, hundreds of thousands of people became involved in mining cryptocurrencies using computer hardware. These miners have quickly become multimillionaires. The document argues that cryptocurrency mining now provides a more effective "rush" than the gold rushes of the past. It suggests that data mining will be an even larger "rush" or opportunity for wealth in the future as the amount of digital data and content grows exponentially. Mining and analyzing this digital data and content will be crucial for powering technologies like artificial intelligence and the knowledge economy.
Tarun Gaur On Data Breaches and Privacy FearsTarun Gaur
Tarun Gaur On Data Breaches and Privacy Fears https://www.cbs19news.com/story/50764645/tarun-gaur-on-data-breaches-and-privacy-fears-navigating-the-minefield-of-modern-internet-safety
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1. MagdielLopez/BelmontCreative
Summary.
The Big Idea Series /Welcome to Web3
What Is Web3?
byThomasStackpole
May10,2022
Web3isbeingtoutedasthefutureoftheinternet.Thevisionforthis
new,blockchain-basedwebincludescryptocurrencies,NFTs,DAOs,decentralized
finance,andmore.Itoffersaread/write/ownversionoftheweb,inwhichusers
haveafinancialstakein...
Doyourememberthefirsttimeyouheard about Bitcoin? Maybe it
was a faint buzz about a new technology that would change
everything. Perhaps you felt a tingle of FOMO as the folks who got
in early suddenly amassed a small fortune — even if it wasn’t
more
2. clear what the “money” could legitimately be spent on (really
expensive pizza?). Maybe you just wondered whether your
company should be working on a crypto strategy in case it did
take off in your industry, even if you didn’t really care one way
about it or the other.
00:00 / 32:56
Listentothisarticle
ListentomoreHBR,ontheNoaapp.
Most likely, soon after Bitcoin came to your attention — whenever
that may have been — there was a crash. Every year or two,
bitcoin’s value has tanked. Each time it does, skeptics rush to
dismiss it as dead, railing that it was always a scam for nerds and
crooks and was nothing more than a fringe curiosity pushed by
techno-libertarians and people who hate banks. Bitcoin never had
a future alongside real tech companies, they’d contend, and then
they’d forget about it and move on with their lives.
And, of course, it would come back.
Bitcoin now seems to be everywhere. Amidst all the demands on
our attention, many of us didn’t notice cryptocurrencies slowly
seeping into the mainstream. Until suddenly Larry David was
pitching them during the Super Bowl; stars like Paris Hilton, Tom
Brady, and Jamie Foxx were hawking them in ads; and a frankly
terrifying Wall Street–inspired robot bull celebrating
cryptocurrency was unveiled in Miami. What was first a curiosity
and then a speculative niche has become big business.
Crypto, however, is just the tip of the spear. The underlying
technology, blockchain, is what’s called a “distributed ledger” — a
database hosted by a network of computers instead of a single
server — that offers users an immutable and transparent way to
store information. Blockchain is now being deployed to new ends:
for instance, to create “digital deed” ownership records of unique
digital objects — or nonfungible tokens. NFTs have exploded in
2022, conjuring a $41 billion market seemingly out of thin air.
3. Beeple, for example, caused a sensation last year when an NFT of
his artwork sold for $69 million at Christie’s. Even more esoteric
cousins, such as DAOs, or “decentralized autonomous
organizations,” operate like headless corporations: They raise and
spend money, but all decisions are voted on by members and
executed by encoded rules. One DAO recently raised $47 million
in an attempt to buy a rare copy of the U.S. Constitution.
Advocates of DeFi (or “decentralized finance,” which aims to
remake the global financial system) are lobbying Congress and
pitching a future without banks.
The totality of these efforts is called “Web3.” The moniker is a
convenient shorthand for the project of rewiring how the web
works, using blockchain to change how information is stored,
shared, and owned. In theory, a blockchain-based web could
shatter the monopolies on who controls information, who makes
money, and even how networks and corporations work.
Advocates argue that Web3 will create new economies, new
classes of products, and new services online; that it will return
democracy to the web; and that is going to define the next era of
the internet. Like the Marvel villain Thanos, Web3 is inevitable.
Or is it? While it’s undeniable that energy, money, and talent are
surging into Web3 projects, remaking the web is a major
undertaking. For all its promise, blockchain faces significant
technical, environmental, ethical, and regulatory hurdles
between here and hegemony. A growing chorus of skeptics warns
that Web3 is rotten with speculation, theft, and privacy problems,
and that the pull of centralization and the proliferation of new
intermediaries is already undermining the utopian pitch for a
decentralized web.
Meanwhile, businesses and leaders are trying to make sense of the
potential — and pitfalls — of a rapidly changing landscape that
could pay serious dividends to organizations that get it right.
Many companies are testing the Web3 waters, and while some
have enjoyed major successes, several high-profile firms are
finding that they (or their customers) don’t like the temperature.
4. Most people, of course, don’t even really know what Web3 is: In a
casual poll of HBR readers on LinkedIn in March 2022, almost
70% said they didn’t know what the term meant.
Welcome to the confusing, contested, exciting, utopian, scam-
ridden, disastrous, democratizing, (maybe) decentralized world of
Web3. Here’s what you need to know.
InstallUpdate:FromWeb1toWeb3
To put Web3 into context, let me offer a quick refresher.
Watch“TheExplainer:WhatIsWeb3?”
In the beginning, there was the internet: the physical
infrastructure of wires and servers that lets computers, and the
people in front of them, talk to each other. The U.S. government’s
ARPANET sent its first message in 1969, but the web as we know it
today didn’t emerge until 1991, when HTML and URLs made it
possible for users to navigate between static pages. Consider this
the read-only web, or Web1.
In the early 2000s, things started to change. For one, the internet
was becoming more interactive; it was an era of user-generated
content, or the read/write web. Social media was a key feature of
Web2 (or Web 2.0, as you may know it), and Facebook, Twitter,
and Tumblr came to define the experience of being online.
5. YouTube, Wikipedia, and Google, along with the ability to
comment on content, expanded our ability to watch, learn,
search, and communicate.
The Web2 era has also been one of centralization. Network effects
and economies of scale have led to clear winners, and those
companies (many of which are listed above) have produced mind-
boggling wealth for themselves and their shareholders by
scraping users’ data and selling targeted ads against it. This has
allowed services to be offered for “free,” though users initially
didn’t understand the implications of that bargain. Web2 also
created new ways for regular people to make money, such as
through the sharing economy and the sometimes lucrative job of
being an influencer.
There’s plenty to critique in the current system: The companies
with concentrated or near-monopoly power have often failed to
wield it responsibly, consumers who now realize that they are the
product are becoming increasingly uncomfortable with ceding
control of their personal data, and it’s possible that the targeted-
ad economy is a fragile bubble that does little to actually boost
advertisers. As the web has grown up, centralized, and gone
corporate, many have started to wonder whether there’s a better
future out there.
Which brings us to Web3. Advocates of this vision are pitching it
as a roots-deep update that will correct the problems and perverse
incentives of Web2. Worried about privacy? Encrypted wallets
protect your online identity. About censorship? A decentralized
database stores everything immutably and transparently,
preventing moderators from swooping in to delete offending
content. Centralization? You get a real vote on decisions made by
the networks you spend time on. More than that, you get a stake
that’s worth something — you’re not a product, you’re an owner.
This is the vision of the read/write/own web.
OK,butWhatIsWeb3?
6. The seeds of what would become Web3 were planted in 1991,
when scientists W. Scott Stornetta and Stuart Haber launched the
first blockchain — a project to time-stamp digital documents. But
the idea didn’t really take root until 2009, when Bitcoin was
launched in the wake of the financial crisis (and at least partially
in response to it) by the pseudonymous inventor Satoshi
Nakamoto. It and its undergirding blockchain technology work
like this: Ownership of the cryptocurrency is tracked on a shared
public ledger, and when one user wants to make a transfer,
“miners” process the transaction by solving a complex math
problem, adding a new “block” of data to the chain and earning
newly created bitcoin for their efforts. While the Bitcoin chain is
used just for currency, newer blockchains offer other options.
Ethereum, which launched in 2015, is both a cryptocurrency and
a platform that can be used to build other cryptocurrencies and
blockchain projects. Gavin Wood, one of its cofounders, described
Ethereum as “one computer for the entire planet,” with
computing power distributed across the globe and controlled
nowhere. Now, after more than a decade, proponents of a
blockchain-based web are proclaiming that a new era — Web3 —
has dawned.
Put very simply, Web3 is an extension of cryptocurrency, using
blockchain in new ways to new ends. A blockchain can store the
number of tokens in a wallet, the terms of a self-executing
contract, or the code for a decentralized app (dApp). Not all
blockchains work the same way, but in general, coins are used as
incentives for miners to process transactions. On ���proof of work”
chains like Bitcoin, solving the complex math problems necessary
to process transactions is energy-intensive by design. On a “proof
of stake” chain, which are newer but increasingly common,
processing transactions simply requires that the verifiers with a
stake in the chain agree that a transaction is legit — a process
that’s significantly more efficient. In both cases, transaction data
is public, though users’ wallets are identified only by a
cryptographically generated address. Blockchains are “write
only,” which means you can add data to them but can’t delete it.
7. Web3 and cryptocurrencies run on what are called
“permissionless” blockchains, which have no centralized control
and don’t require users to trust — or even know anything about —
other users to do business with them. This is mostly what people
are talking about when they say blockchain. “Web3 is the internet
owned by the builders and users, orchestrated with tokens,” says
Chris Dixon, a partner at the venture capital firm a16z and one of
Web3’s foremost advocates and investors, borrowing the
definition from Web3 adviser Packy McCormick. This is a big deal
because it changes a foundational dynamic of today’s web, in
which companies squeeze users for every bit of data they can.
Tokens and shared ownership, Dixon says, fix “the core problem
of centralized networks, where the value is accumulated by one
company, and the company ends up fighting its own users and
partners.”
In 2014, Ethereum’s Wood wrote a foundational blog post in
which he sketched out his view of the new era. Web3 is a
“reimagination of the sorts of things we already use the web for,
but with a fundamentally different model for the interactions
between parties,” he said. “Information that we assume to be
public, we publish. Information that we assume to be agreed, we
place on a consensus-ledger. Information that we assume to be
private, we keep secret and never reveal.” In this vision, all
communication is encrypted, and identities are hidden. “In short,
we engineer the system to mathematically enforce our prior
assumptions, since no government or organization can
reasonably be trusted.”
The idea has evolved since then, and new use cases have started
popping up. The Web3 streaming service Sound.xyz promises a
better deal for artists. Blockchain-based games, like the Pokémon-
esque Axie Infinity, let users earn money as they play. So-called
“stablecoins,” whose value is pegged to the dollar, the euro, or
some other external reference, have been pitched as upgrades to
the global financial system. And crypto has gained traction as a
solution for cross-border payments, especially for users in volatile
environments.
8. “Blockchain is a new type of computer,” Dixon tells me. Just like it
took years to understand the extent to which PCs and
smartphones transformed the way we use technology, blockchain
has been in a long incubation phase. Now, he says, “I think we
might be in the golden period of Web3, where all the
entrepreneurs are entering.” Although the eye-popping price tags,
like the Beeple sale, have garnered much of the attention, there’s
more to the story. “The vast majority of what I’m seeing is smaller-
dollar things that are much more around communities,” he notes,
like Sound.xyz. Whereas scale has been a key measure of a Web2
company, engagement is a better indicator of what might succeed
in Web3.
Dixon is betting big on this future. He and a16z started putting
money into the space in 2013 and invested $2.2 billion in Web3
companies last year. He is looking to double that in 2022. The
number of active developers working on Web3 code nearly
doubled in 2021, to roughly 18,000 — not huge, considering global
numbers, but notable nonetheless. Perhaps most significantly,
Web3 projects have become part of the zeitgeist, and the buzz is
undeniable.
But as high-profile, self-immolating startups like Theranos and
WeWork remind us, buzz isn’t everything. So what happens next?
And what should you watch out for?
WhatWeb3MightMeanforCompanies
Web3 will have a few key differences from Web2: Users won’t need
separate log-ins for every site they visit but instead will use a
centralized identity (probably their crypto wallet) that carries
their information. They’ll have more control over the sites they
visit, as they earn or buy tokens that allow them to vote on
decisions or unlock functionality.
It’s still unclear whether the product lives up to the pitch.
Predictions as to what Web3 might look like at scale are just
guesses, but some projects have grown pretty big. The Bored Ape
Yacht Club (BAYC), NBA Top Shot, and the cryptogaming giant
Dapper Labs have built successful NFT communities.
9. Clearinghouses such as Coinbase (for buying, selling, and storing
cryptocurrency) and OpenSea (the largest digital marketplace for
crypto collectibles and NFTs) have created Web3 on-ramps for
people with little to no technical know-how.
While companies such as Microsoft, Overstock, and PayPal have
accepted cryptocurrencies for years, NFTs — which have recently
exploded in popularity — are the primary way brands are now
experimenting with Web3. Practically speaking, an NFT is some
mix of a deed, a certificate of authenticity, and a membership
card. It can confer “ownership” of digital art (typically, ownership
is recorded on the blockchain and a link points to an image
somewhere) or rights or access to a group. NFTs can operate on a
smaller scale than coins because they create their own ecosystems
and require nothing more than a community of people who find
value in the project. For example, baseball cards are valuable only
to certain collectors, but that group really believes in their value.
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10. Most successful forays by traditional companies into Web3 have
been ones that create communities or plug in to existing ones.
Consider the NBA: Top Shot was one of the first NFT projects from
a legacy brand, and it offered fans the opportunity to buy and
trade clips, called “moments” (a LeBron James dunk, for
instance), that function like trading cards. It took off because it
created a new kind of community space for fans, many of whom
may have already been collecting basketball cards. Other front-
runner brands, such as Nike, Adidas, and Under Armour,
similarly added a digital layer to their existing collector
communities. All three companies offer NFTs that can be used in
the virtual world — for example, allowing the owner to gear up an
avatar — or that confer rights to products or exclusive streetwear
drops in the real world. Adidas sold $23 million worth of NFTs in
less than a day and instantly created a resale market on OpenSea,
just like what you might see after a limited drop of new shoes.
Similarly, Time magazine launched an NFT project to build an
online community that leverages the publication’s deep history.
Bored Ape Yacht Club is the biggest success story of an NFT
project going mainstream. Combining hype and exclusivity, BAYC
offers access to real-life parties and to online spaces, along with
usage rights to the ape’s image — further reinforcing the brand.
An ape NFT puts the owner in an exclusive club, both figuratively
and literally.
One lesson from these efforts is that on-ramps matter, but less so
the more committed the community is. Getting a crypto wallet
isn’t hard, but it is an added step. So Top Shot doesn’t require a
one — users can just plug in their credit card — which helped it
acquire interested users new to NFTs. The Bored Ape Yacht Club
was a niche interest, but when it took off, it became a catalyst for
people to create wallets and drove interest in OpenSea.
Some companies have had rockier experiences with NFT projects
and crytpo features. For example, when Jason Citron, the CEO of
Discord, a voice, video, and text communication service, teased a
feature that could connect the app to crypto wallets, Discord users
mutinied, leading him to clarify that the company had “no
11. current plans” to launch the tie-in. The underwear brand
MeUndies and the UK branch of the World Wildlife Fund both
quickly pulled the plug on NFT projects after a fierce backlash by
customers furious about their sizable carbon footprint. Even the
success stories have hit bumps in the road. Nike is currently
fighting to have unauthorized NFTs “destroyed,” and OpenSea is
full of knockoffs and imitators. Given that blockchain is
immutable, this is raising novel legal questions, and it isn’t clear
how companies will handle the issue. Further, there’s recent
evidence that the market for NFTs is stalling entirely.
Companies who are considering stepping into this space should
remember this: Web3 is polarizing, and there are no guarantees.
Amid many points of disagreement, the chief divide is between
people who believe in what Web3 could be and critics who decry
the many problems dogging it right now.
SystemError:TheCaseAgainstWeb3
The early days of a technology are a heady time. The possibilities
are endless, and there’s a focus on what it can do — or will do,
according to optimists. I’m old enough to remember when the
unfettered discourse enabled by Twitter and Facebook was
supposed to sow democracy the world over. As Web3’s aura of
inevitability (and profitability) wins converts, it’s important to
consider what could go wrong and recognize what’s already going
wrong.
It’srifewithspeculation.Skeptics argue that for all the rhetoric
about democratization, ownership opportunities, and mass
wealth building, Web3 is nothing more than a giant speculative
economy that will mostly make some already-rich people even
richer. It’s easy to see why this argument makes sense. The top
0.01% of bitcoin holders own 27% of the supply. Wash trading, or
selling assets to yourself, and market manipulation have been
reported in both crypto and NFT markets, artificially pumping up
value and allowing owners to earn coins through sham trades. In
an interview on the podcast The Dig, reporters Edward Ongweso
Jr. and Jacob Silverman characterized the whole system as an
elaborate upward transfer of wealth. Writing in The Atlantic,
12. investor Rex Woodbury called Web3 “the financialization of
everything” (and not in a good way). On a more granular level,
Molly White, a software engineer, created Web3 Is Going Just
Great, where she tracks the many hacks, scams, and implosions in
the Web3 world, underscoring the pitfalls of the unregulated, Wild
West territory.
tCreative
The unpredictable, speculative nature of the markets may be a
feature, not a bug. According to technologist David Rosenthal,
speculation on cryptocurrencies is the engine that drives Web3 —
that it can’t work without it. “[A] permissionless blockchain
requires a cryptocurrency to function, and this cryptocurrency
requires speculation to function,” he said in a talk at Stanford in
early 2022. Basically, he’s describing a pyramid scheme:
Blockchains need to give people something in exchange for
volunteering computing power, and cryptocurrencies fill that role
— but the system works only if other people are willing to buy
them believing that they’ll be worth more in the future. Stephen
Diehl, a technologist and vocal critic of Web3, floridly dismissed
blockchain as “a one-trick pony whose only application is creating
censorship-resistant crypto investment schemes, an invention
whose negative externalities and capacity for harm vastly
outweigh any possible uses.”
Thetechisn’tpractical(andit’sexpensive).Questions abound as
to whether Web3 — or blockchain, really — makes sense as the
technology that will define the web’s next era. “Whether or not
you agree with the philosophy/economics behind
cryptocurrencies, they are — simply put — a software
13. architecture disaster in the making,” says Grady Booch, chief
scientist for software engineering at IBM Research. All technology
comes with trade-offs, Booch explained in a Twitter Spaces
conversation, and the cost of a “trustless” system is that it’s highly
inefficient, capable of processing only a few transactions per
minute — tiny amounts of data compared with a centralized
system like, say, Amazon Web Services. Decentralization makes
technology more complicated and further out of reach for basic
users, rather than simpler and more accessible.
While it’s possible to fix this by adding new layers that can speed
things up, doing so makes the whole system more centralized,
which defeats the purpose. Moxie Marlinspike, founder of the
encrypted messaging app Signal, put it this way: “Once a
distributed ecosystem centralizes around a platform for
convenience, it becomes the worst of both worlds: centralized
control, but still distributed enough to become mired in time.”
Right now, the inefficiency of blockchain comes at a cost, quite
literally. Transaction costs on Bitcoin and Ethereum (which calls
them gas fees) can run anywhere from a few bucks to hundreds of
dollars. Storing one megabyte of data on a blockchain distributed
ledger can cost thousands, or even tens of thousands, of dollars —
yes, you read that correctly. That’s why the NFT you bought
probably isn’t actually on a blockchain. The code on the chain
indicating your ownership includes an address, pointing to where
the image is stored. Which can and has caused problems,
including your pricy purchase disappearing if the server it
actually lives on goes down.
Itenablesharassmentandabuse.The potential for disastrous
unintended consequences is very real. “While blockchain
proponents speak about a ‘future of the web’ based around public
ledgers, anonymity, and immutability,” writes Molly White, “those
of us who have been harassed online look on in horror as obvious
vectors for harassment and abuse are overlooked, if not outright
touted as features.” Although crypto wallets theoretically provide
anonymity, the fact that transactions are public means that they
can be traced back to individuals. (The FBI is pretty good at doing
14. this, which is why crypto isn’t great for criminal enterprise.)
“Imagine if, when you Venmo-ed your Tinder date for your half of
the meal, they could now see every other transaction you’d ever
made,” including with other dates, your therapist, and the corner
store by your house. That information in the hands of an abusive
ex-partner or a stalker could be life-threatening.
The immutability of the blockchain also means that data can’t be
taken down. There’s no way to erase anything, whether it’s a
regrettable post or revenge porn. Immutability also could spell
major problems for Web3 in some places, such as Europe, where
the General Data Protection Regulation (GDPR) enshrines the
right to have personal data erased.
It’scurrentlyterriblefortheenvironment.Web3’s environmental
impact is vast and deeply damaging. It can be broken into two
categories: energy use and tech waste, both of which are products
of mining. Running a network that depends on supercomputers
competing to solve complex equations every time you want to
save data on a blockchain takes a tremendous amount of energy.
It also generates e-waste: According to Rosenthal, Bitcoin
produces “an average of one whole MacBook Air of e-waste per
‘economically meaningful’ transaction” as miners cycle through
quantities of short-lived computer hardware. The research he
bases this claim on, by Alex de Vries and Christian Stoll, found
that the annual e-waste created by Bitcoin is comparable to the
amount produced by a country the size of the Netherlands.
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Whether and how these issues will be addressed is hard to say, in
part because it’s still unclear whether Web3 will really catch on.
Blockchain is a technology in search of a real use, says technology
15. writer Evgeny Morozov. “The business model of most Web3
ventures is self-referential in the extreme, feeding off people’s
faith in the inevitable transition from Web 2.0 to Web3.” Tim
O’Reilly, who coined “Web 2.0” to describe the platform web of the
early 2000s, claims that we’re in an investment boom reminiscent
of the dot-com era before the bottom fell out. “Web 2.0 was not a
version number, it was the second coming of the web after the
dot-com bust,” he says. “I don’t think we’re going to be able to call
Web3 ‘Web3’ until after the crypto bust. Because only then will we
get to see what’s stuck around.”
If that’s true, then innovation is going to come at significant cost.
As Hilary Allen, an American University law professor who
studies the 2008 financial crisis, points out, the system now
“mirrors and magnifies the fragilities of shadow banking
innovations that resulted in the 2008 financial crisis.” If the Web3
bubble bursts, it could leave a lot of folks high and dry.
EarlyDaysAreHereAgain
So, where exactly is Web3 headed? Ethereum cofounder Vitalik
Buterin has expressed concerns about the direction his creation
has taken but continues to be optimistic. In a response to
Marlinspike on the Ethereum Reddit page, he conceded that the
Signal founder presented “a correct criticism of the current state
of the ecosystem” but maintained that the decentralized web is
catching up, and pretty quickly at that. The work being done now
— creating libraries of code — will soon make it easier for other
developers to start working on Web3 projects. “I think the
properly authenticated decentralized blockchain world is coming
and is much closer to being here than many people think.”
For one, proof of work — the inefficient-by-design system Bitcoin
and Ethereum run on — is falling out of vogue. Instead of mining,
which uses intensive amounts of energy, validation increasingly
comes from users buying in (owning a stake) to approve
transactions. Ethereum estimates that the update to proof of stake
will cut its energy usage by 99.95%, while making the platform
faster and more efficient. Solana, a newer blockchain that uses
proof of stake and “proof of history,” a mechanism that relies on
16. time stamps, can process 65,000 transactions per second
(compared with Ethereum’s current rate of about 15 per second
and Bitcoin’s seven) and uses about as much energy as two Google
searches — consumption it buys carbon offsets for.
Some companies are adopting a hybrid approach to blockchain,
which offers the benefits without the constraints. “There are a lot
of really interesting new architectures, which put certain things
on the blockchain but not others,” he tells me. A social network,
for instance, could record your followers and who you follow on
the blockchain, but not your posts, giving you the option to delete
them.
Hybrid models can also help companies address GDPR and other
regulations. “To comply with the right to erasure,” explain Cindy
Compert, Maurizio Luinetti, and Bertrand Portier in an IBM white
paper, “personal data should be kept private from the blockchain
in an ‘off-chain’ data store, with only its evidence (cryptographic
hash) exposed to the chain.” That way, personal data can be
deleted in keeping with GDPR without affecting the chain.
For better or worse, regulation is coming — slowly — and it will
define the next chapter of Web3. China has banned
cryptocurrencies outright, along with Algeria, Bangladesh, Egypt,
Iraq, Morocco, Oman, Qatar, and Tunisia. Europe is considering
environmental regulations that would curb or ban proof-of-work
blockchains. In the U.S., the Biden administration issued an
executive order in March directing the federal government to look
into regulating cryptocurrencies.
With so much of Web3 still being hashed out, it remains a high-
risk, high-reward bet. Certain companies and sectors have more
incentive than others to try their luck, particularly those that got
burned by being left out in earlier eras of the web. It’s not a
coincidence that a media company like Time is interested in the
opportunities of Web3 after Web2 decimated its business model.
Other organizations — like Nike and the NBA, which already have
17.
experience with limited drops and commoditizing moments —
may have simply found that their business models are an easy fit.
Other businesses won’t have as clear a path.
The soaring claims around Web3 — that it will take over the
internet, upend the financial system, redistribute wealth, and
make the web democratic again — should be taken with a grain of
salt. We’ve heard all this before, and we’ve seen how earlier
episodes of Web3 euphoria fizzled. But that doesn’t mean it
should be written off entirely. Maybe it booms, maybe it busts, but
we’ll be living with some form of it either way. What version —
and how your company responds — could determine the future of
the digital economy and what life online looks like for the next
internet epoch. For now, that future is still up for grabs. Nothing,
after all, is inevitable.
ThomasStackpoleis a senior editor at
Harvard Business Review.