Web3 And Unlocking Creativity And Innovation

In my view, creativity with innovation are the biggest drivers of human progress. The process of taking an idea and bringing it into reality entails a great amount of work and planning. Building anything from scratch is always hard.

With the advent of the internet and the leverage(s) it confers, building from scratch has become much easier.
The internet transformed the world in many ways, enabling unprecedented levels of communication, information and collaboration.

However, as it grew, we begin to discover limitations and challenges in the way the web was setup. Challenges like extreme centralisation, censorship, privacy breaches and certain inefficiencies.

Web3 is a term that refers to the next generation of the internet. A place where applications and services are built on open, decentralised and permissionless networks. The main aim is to overcome the major drawbacks of the current web and create a more fair and inclusive digital space.

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What is Web3?

Anytime I venture into writing about web3, I discover something different about its definition. Web3 is not a single technology or platform per se. But rather a vision and a movement for a better internet.

For that happen, it requires a collaboration amongst various technologies and protocols that will enable users to interact with the internet in new ways.

Blockchain has capabilities that allow users to own and control their own data, identity and assets, without relying on intermediaries.

It's the freedom we've been dreaming of ever since becoming 'woke' to the limitations of web2. There's a caveat to it though. Which is personal responsibility, something which we're gradually realising how important it is to cultivate in the web3 space.

Web3 also enables new forms of interaction among users, developers and creators. Who can all benefit from the network effects and incentives of the underlying protocols.

Why Open, Decentralised and Permissionless?

The key features of Web3 is that it is open, decentralised and permissionless. Visualising this key features gives us a wide open space with no boundaries. Anyone can access, use and contribute to it without needing permission or approval from anyone else.

Openness can go hand in hand with transparency in a sense that what is open is usually transparent. This can foster innovation in a sense that users can create and share new ideas and solutions without barriers or restrictions.

Also, everyone will at least think thrice before trying to do something nefarious as other participants can independently verify the source and validity of information and transactions on the network.

For decentralisation, diversity is the word that goes with it. Web3 users can have more choice and autonomy over their online experience. Decentralisation also enables more security. In which users can protect their data and assets from third parties through revoking permission(s).

Permissionlessness and participation. Taskmaster4450 often emphasized that web3 users should see themselves as a business. On web3, users can become not only consumers but also creators and innovators of the web. It also empowers users who want to make a positive impact to have more voice and influence over the governance and development of the network.

Entrepreneurship And Innovation

Web3 provides a fertile ground for entrepreneurship. Entrepreneurs can launch and scale their ideas with minimal friction and cost.

Decentralised applications (DApps) are apps that run on the blockchain without reliance on a central server. They offer users products and services that are more transparent and secure(in many cases) than the traditional web. The innovative part is that dapps can build on top of each other and create novel solutions that address various needs and problems.

An example of a successful DApp that showcases the power of Web3 for entrepreneurship and innovation is Uniswap. It is a decentralised exchange that allows users to swap any token on Ethereum without intermediaries or fees.

Uniswap was launched in 2018 by a single developer with a small grant from a blockchain incubator. Since then, Uniswap has grown to become one of the most popular and widely used DApps on Ethereum, with over a billion in daily trading volume at one point.

I know it's an extreme example but Uniswap demonstrates how web3 can enable anyone with an idea to create value for themselves and others in a permissionless way.

These are just some of the ways on how web3 can unlock creativity and innovation in the digital age. To me, it is not only a technological revolution that we're beginning to behold. But also a cultural and social one, where anyone can participate in shaping the future of the internet.


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