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A Theoretical Grand Vision

A Theoretical Grand Vision

Web3 has remained a theoretical grand vision for years.

Ideally, Web3 will mean that sharing photos, communicating with friends and buying things online will no longer be synonymous with Big Tech companies but be done through a multitude of small competing services on the blockchain — where, for instance, every time you post a message, you earn a token for your contribution, giving you both ownership stake in the platform and one day, a way to cash in.

It means that all the value that's created can be shared amongst more people, rather than just the owners, investors and employees.

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MORE IDEAS FROM THE SAME ARTICLE

Blockchain-based social networks, transactions and businesses can and will grow and thrive in the coming years. Yet knocking out Facebook, Twitter or Google completely is not likely on the horizon, according to technology scholars.

Web 3.0 is an iteration of the internet where new social networks, search engines and marketplaces crop up that have no company overlords.

If we stay in the current paradigm, we will move further and further into a realm where a small handful of companies run by a small number of people run our experiences in cyberspace, and in that world, the problems of Big Tech are exacerbated.

Right now, the idea of the entire Internet reinventing may sound like some far-away digital utopia. But Web3 is driving new conversations — and generating

Facebook recently rebranded itself Meta, and said its priority would be to build the "metaverse," a digital future where everyone is living and interacting and working together in virtual reality.

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