Web 3.0: Not Sexy Not Marketing But Revolutionary

in LeoFinancelast year

Is Web 3.0 nothing more than a marketing term? This is the belief of many. We hear a lot about it but even Elon Musk is claiming he can't find it. So what is the deal with this?

One has to wonder when intelligent people with a technology background start to question what is taking place. This is not akin to Bryant Gumbel asking what is the internet? Musk, after all, is one of the leading technological minds of this era.

It is easy, however, for many to miss what is taking place. Those who are not fully immersed in what is going on will likely discount the foundation being laid. Essentially, the groundwork for a completely new Internet is put forth. Maybe the reason for people missing it is the simplicity.

So what is Web 3.0?



The Internet is run by databases. This is what allows the mega-technology behemoths such as Facebook and Google to control what they do.

We all know the Internet is open. Anyone can post to it. From this perspective, the original vision of the Internet is alive and well. The challenge arises in accessing the data. This is not open. Instead, it is siloed and controlled by a few major corporations.

Web 2.0 becomes one of database control. Facebook and Twitter have total power over their platforms. When an account is cancelled, access to the database is revoked. Not only is the individual barred from adding to it, all legacy data is inaccessible. To the user, it is basically "lost".

This is not marketing and certainly is not sexy. Yet what Web 3.0 does is provide open database access. This simple concept is revolutionary. Here is a point that many overlook.

Web 3.0, at its core, has nothing to do with tokenization. It is not an economic transition that is going to change the world. Instead, it is a simple change to permissionless databases. From there, we can develop a completely new digital world.

Breaking Up Monopolies

The reason why Facebook, Google, and Apple are so powerful is they have monopolies over the data. When so much is done on their platforms, it is all fed into their databases. Since they are never going to open them up, they operate effectively as monopolies in their realms.

Here is a point that most can understand.

Web 3.0 seeks to kick that idea in the teeth. The introduction of Ethereum really altered the potential with the ability to create completely open databases while utilizing smart contracts. Combining these elements together provides the ability to develop applications that can rival Web 2.0. Since it requires no permission, anyone is free to build upon it.

Essentially, we are seeing a breakdown of the existing power distribution. For the last 20 years our online activity was tracked and fed into the databases of some of Silicon Valley's most valuable companies. This only helped to enhance the value of those entities while cementing their power.

Blockchains alter that reality completely. Since not only is publishing to the database open to all, the data itself can be integrated by anyone. This means the applications are backed by something that is open, not closed. Consider for a moment how much that changes things. What if Facebook, as an example, was really nothing more than a front end since a dozen applications could access the same data. Would that company have the same amount of power? The answer is obvious.

That is Web 3.0.

It is also why Web 2.0 companies can never transition to Web 3.0. Their business model simply will not allow the opening up of their databases. As long as that remains closed, they will silo themselves from the digital revolution that is taking place.

Innovation Explosion

Another aspect is the explosion we are going to see with innovation. Presently, technological breakthroughs are in the hands of the mega-tech companies. Since they control the databases, as well as the platforms, there is little anyone can do outside of that. Without access to the data, it is hard to build an application to integrate in.

Of course, if something novel does come along, these entities have a way of stealing it, opting to tie up the developer in court for years. Many will not pursue new venture knowing full well the likes of Facebook will simply pirate the code and adapt it to fit their needs.

Web 3.0 does not have this issue. For that reason, we can expect a wave of innovation to take place. Developers are free to create whatever they want. Since they have access to the databases, tying in is rather simple. Thus, the success of the project is relegated to the appeal it has with users. Develop something that people want and it will be successful. Through the tokenization process, we see how the newer characteristics can enhance the user experience.

It also adds to the profitability of the venture.

No longer is this development of the digital world solely in the hands of major corporations. Instead, coders and entrepreneurs can innovate and bring new ideas to market. Users are going to benefit with a wider range of choices over time. We are starting to see the foundation of that be put in place.

We can also see how powerful each individual becomes. Anything we do in the digital realm is recorded. In other words, it is fed into a database somewhere. When one is operating on a blockchain, the activity is contained in a permissionless database. This is providing the fuel needs to power a multitude of applications. No longer do developers have to start from scratch. Instead, they can simply tap into years worth of data that is already in place.

Thus, each user is actually providing the food which will become future innovation. The same data will end up being a part of hundreds of different applications.

So when people ask, what is Web 3.0, a new version of the Internet being built on top of permissionless databases. That is it.

Web 3.0 is not sexy, not market, but it is revolutionary.

It is also so simply the likes of Elon Musk are overlooking it.

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Maybe the reason for people missing it is the simplicity.

Or rather its apparent scam/fraud looking. Nowadays unfortunately many people on Facebook share the opinion that the whole cryptocurrency and blockchain thing is either a scam or a bubble or a pyramid scheme, and just/only the early adopters are winning, and on the loss of the late arrivals. Of course I absolutely not agree with these opinions, but I read them almost every day. Many people have serious trust issues with cryptocurrency, blockchain, NFTs and with other related things. People need to change their views on it, and this takes time. This is a new technology. Currently most people are not familiar with this technology, and many of them fear (or even hate) it.

People thought the same of the Internet in the early days.

When something is new, people fear it and buy into the FUD. That is something that is overcome with time.

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This is really helpful. Before now I've been trying to wrap my head around the web 3.0 concept. You just made things clearer. Thanks

Glad it could help. Always bore down to the base of the technology and comprehend that. Then you can build you mental model from there.

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The biggest problem I see after reading this article for web 3.0 is a way to store all of this data and also make it fast to look for information without the big tech corporations. After all the data produced everyday is huge and it will only get larger as we move into the digital world.

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It is why maximalism is moronic.

We are going to need a ton of bandwidth to house all this data. There is no way any single project is going to scale to handle much of it.

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This was a great overview of what Web 3.0 is. Thanks for sharing it. It is exciting to think about the innovation that could take place when everything is open and accessible. Kind of like Github to the nth degree!

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Very true. Think about what it is like if they opened up Facebook's database to anyone to use.

That isnt going to happen but that is what we are building. Each time we put a comment or post on here, we simply add to the database.

We just need the tools to drill into the data.

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Good thing we know some developers who can build them!

Don't you think having access to data base of a company will bring a bigger risk for the company ,am talking of web3.0
What's makes up a company is the secret of the company

If am not mistaken what type of access to a data base will web 3.0 want to provide

The database is not controlled by a company. All the data on Hive is open, thus it is a permissionless database. Anyone can write to it with an account and can always access it.

At the same time, the data can be incorporated into any application that wants to utilize it. Try doing that with Facebook's database. You cant even see it since it is closed.

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Ok I understand now

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Do you think spam will be a big issue if web 3.0 find's its place in the world eventually?

After giving it some thought I can see a lot of room for referral marketers and big companies to get your attention just by sending spam NFTs to your wallet.

Like, Marvel releasing a new movie and dropping an NFT flyer in your Opensea account. Sure, you can hide it or burn it but you will still see the ad.

A publicly owned database opens a lot of doors for those that don't mind using innovative ways of scamming or engaging people. People are already exploited with fake coins and NFTs sent to their wallets and I'm sure new techniques are developed every day.

IMO we should eventually get a workaround for this by enabling people to somehow block or filter transactions from unknown sources but it's still a bit concerning.

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I think the network fees will end up deterring that. It is not free to use these systems and spammers might have to pay per hit.

Ultimately, there are going to be better ways to access people. To be honest, the best is going to be build a community and then target that.

We are going to see the entire scope of marketing change with the development of Web 3.0. It is really going to cause a shift in how companies operate.

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I agree with most of it but I still don't think everyone will be willing to build a community. I'm thinking about the lowlifes of marketing that will do anything for a click on their referral link. Those people can come up with very fucked up ideas lol.

Fees should take care of this problem but on "cheap" blockchains your imagination is your limitation. Pay per hit in this scenario could be a lot cheaper than one impression on Google ads.

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Look at the merits of the system, it's way higher to worry about its tiny downsides because everything has that!

The merits are more than obvious but I can't overlook the possible issues that come with them.

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The first thing is always to lay the groundwork, then the marketing geniuses and influencers will be in charge of selling it, as has always been the case with many revolutionary products.

That is true. The technology has to be in place before anything else can happen.

Hive is in a good spot since the scaling is there according to Blocktrades.

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I believe all this information you mentioned make use of data to process and review their information.

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Web 3.0 will wipe out the reign of fb, google, twitter and etceteras.

It had that potential, without a doubt. We are going to see a lot of changes over the next decade.

I am really aching for #ProjectBlank to come out. That is going to change a lot of things.

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Indeed, it is revolutionary and I hope it can change for the better

I think Web 3 doesn't even encompass what we are building. It's so much more. We are creating new societies, economies, and governments. It's just in the beginning stages, but we are going to see exponential growth in the next 10 years. You know we are reblogging for the https://coin-logic.com front page feed!

Web 3 is revolutionary, it would only become glaring overtime.

Most people tend to turn a blind eye intentionally on a great change. Transparency would be the matter on ground between web2 and web3.

Being controlled and told what to do is a choice we can't choose from, that's why I say the contemporary thought of men who take time and it might never come, we'd have to live with what we see because most people whether we deem them fit could turn a blind eye.

Web 3.0 is here to stay for the long haul.

Thanks for sharing, there was certainly a better understanding of the subject matter.

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I'm used to trusting your technological judgment. You may be right, it's about the destruction of monopolies. Hence the skepticism and rejection.

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Nice innovation on the Web 3.0

Some of the criticism Web3.0 receives is because if it becomes mainstream it takes the control of the database from the hands of the owner to the people.
On Facebook, if I post something they do not approve of they can remove it, but on LeoFinance or CTPTalk if I post something horrible, the owners of Leo and CTP can not remove my post. I can't even remove it but I am able to edit it.
I think this is what scares the sense out of even smart people like Mr. Musk

Power to the people.

Web 3.0 really has the potential to return power to the people. Ownership of your account, your content, your network of fans, followers and connections, and in some cases like Hive a shared ownership of the platform.
It’s going to be amazing when the world see’s what we have here.

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