For most readers, Web3 is a futuristic concept unrelated to daily life, but that’s soon to change. In the not-too-distant past, the digital realm was something we logged on to, but now, we wake up in it. Every appliance is “smart,” and our devices need things from us — they ding and vibrate and demand more information. So, for Web3 to be truly revolutionary, we need to flip the script and ensure every digital interaction is human centered and provides value to us and our communities. New technologies must empower the individual and enable, not control.
Web3, called that because it represents the third generation of the internet as we know it, offers an environment where users are not just participants, they are also stakeholders in a digital ecosystem that values transparency, individual freedom, and collective governance. Society as a whole relies on too many intermediaries — banks, distributors, brokers and dealerships. As Web3 continues to emerge, it is imperative that individuals take back the power and own and control their digital interactions. If not, we risk creating even more intermediaries and undermining the liberalizing power of technology.
How can Web3 help society?
We also need lawmakers to recognize this technology’s potential. In today’s politics, fear mongering headlines hold too much weight with elected officials. The focus should be on the groundbreaking innovations that promote an internet where user sovereignty is paramount. In the Web3 paradigm, users not only own their data but also have a say in how it’s used. The role of a regulator should be to understand the technology’s transformational ability to create a more human centered world wide web. Blockchain is a catalyst for building an equitable and safe digitally interacting society.
Web3 technologies — including decentralized networks, cryptocurrencies and non-fungible tokens, all built on blockchain — represent a profound leap forward in how we envision and interact with the digital world. As this next iteration of the web takes hold, it is crucial that we understand the potential of these technologies to enhance human connections and empower individuals, rather than simply dismissing them as tools for illicit activities.
Sure, unfamiliar terms, “money” untethered to government control, and complicated technological concepts trigger a certain societal anxiety but consider the first time you bought something online with a credit card: the technology likely seemed foreign and possibly unsettling. Then, with repeated use, the convenience and efficiency it brought to everyday transactions won you over. Similarly, while the concepts underlying Web3 — such as blockchain, smart contracts and Bitcoin — may seem daunting, they hold tremendous promise for more than just transactions.
How is Web3 different than Web 2.0?
Unlike Web 2.0, which has been dominated by tech giants harvesting user data, Web3 emphasizes user privacy, data ownership, and satisfaction among users. At its core, Web3 is about creating a more equitable and participatory internet, where the benefits of technology are accessible to all, not just a privileged few or a handful of large corporations. It is about building an internet that provides value to all, offering endless potential for creation and innovation.
Imagine a world where your digital identity is yours alone, controlled and managed by you rather than by an online service, where artists and creators can share their work directly with their audience without intermediaries, ensuring fair compensation and copyright control, and where supply chains are transparent, and consumers can trace the origins and history of the products they buy. A world where people feel safe and secure.
With so much promise, the challenge lies in educating both the public and our policymakers. Often, the pace of innovation runs circles around lawmaking, leading to reactionary policies. It is crucial that legislators collaborate closely with technologists and developers to craft laws that protect consumers without stifling innovation. Regulatory measures should be thoughtful and informed, aimed at fostering a secure and thriving digital ecosystem. As much as it may seem politically expedient, the focus should not be on demonizing new technologies but on leveraging them to build better, more transparent systems.
Web3 represents a shift towards a more democratized and inclusive digital future. It offers a transformative opportunity to redefine our digital interactions with humans at the center. Let us embrace the opportunities it presents to enhance human connections and empower individuals. And let’s engage with these technologies not with suspicion and skepticism but with optimism and a commitment to harnessing their potential for the greater good. In doing so, we can ensure that the digital future we are building is one that reflects the highest of human ideals and aspirations.
Anantha Krishnan is founder and CEO of Sarva Labs and MOI Protocol. He is a Princeton, New Jersey-based digital entrepreneur focused on user sovereignty and human-centered applications for Web3 technologies, and in the evolution of the digital ecosystem.
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