We seem to be living in a more utopian society today—straight out of a science–fiction novel! We are living in a world of digital transformation that was prophesized decades ago on the increased use of AR and VR.
Today, we find the promise of Web 3.0 (aka the Metaverse), offering an extension into a three-dimensional virtual world. The great news—Web 3.0, the decentralized internet, is soon becoming our future.
With the use of artificial intelligence (AI), machine learning (ML), and the semantic web, it is exciting to see the paradigm shift brought to our business landscape.
In this context, we have curated some critical insights on the future of digital transformation shared by some distinguished business leaders. Let's hear from them.
How dramatically has our daily life today been affected by Web 3.0 and decentralized internet?
Picture this—accessing your favorite music or listening to your absolute best podcasts through your voice assistant. And you are having a cup of coffee and scrolling through your social media, and you find ads that are just solely cut for you. Plus, you plan to e-shop some groceries, and the apps pop up some fantastic offers that seem irresistible.
Enter Web 3.0! You may think that technology is a mind reader. However, it isn’t! It is not a wizard with magical powers; it is Web 3.0 at work with AI models and big data analytics.
Modern technology uses deep learning, AI, and blockchain to empower real-world human interaction. Now, isn't that cool?
Simply put, Web 3.0 (aka semantic web) is now able to foretell the web's future. The future of digital transformation with related technologies is gaining momentum. And it is exciting to explore how you can build a safe and reliable decentralized network that offers you the best possible products and services that are apt for your business ecosystem.
Let’s hear from some outstanding experts about what they think about the future of Web 3.0 and the decentralized internet.
Jae Kwon is the President of Interchain Foundation. He is a blockchain software architect and co-founder of Tendermint, a project aimed at liberating the blockchain from the costs and limitations of proof-of-work-mining.
His mission is to make the technology underlying Tendermint more accessible so that it can accelerate the adoption of decentralized ledger technology.
The decentralized web is a continuing achievement: Jae highlights that the Decentralized Web is a self-organizing federation of humans and machines that speak many evolving protocols and languages.
He underscores that they are ideally robust in availability and have no central point of failure (benign or malicious) created and maintained for the benefit of everyone. Jae feels that the decentralized web is not a right - it is a continuing achievement by humans and machines.
Blockchain can drive greater acceptance of cryptocurrencies: Jae suggests that the next generation of innovation should focus on making blockchain applications friendlier and safer for consumers. He highlights how the hardware wallet makers are already making great strides, and their innovations are helpful.
However, he also points out that when we solve the problems of scalability, interoperability, usability, and security for the entire lifecycle of using virtual tokens, the public will feel the benefits of this new technology.
At Volley, he managed tracking analytics between UX and engineering while building data pipelines for financial and BD reporting. Plus, he iterated experiments, making personas regression models to find patterns in usage, monetization, and voice integration.
Data privacy and remuneration: According to Brian, the difference between Web 2.0 (as one transcends) and Web 3.0 is data privacy, and remuneration will need to become a first-level concern.
Defining features of Web 3.0: Brian also underscores some of the defining features of Web 3.0.
Monetary and token transfers are getting designed for people so that they are more incentivized to participate. Plus, give more value to the network.
Data sharing between parties is getting more modular to grant individual parties ownership over their own data.
Shauna Lee Lange is the Founder & CEO of Metaverse Placemaking, a design studio for creating spaces in the real world and placemaking in the metaverse. She began her journey at Metaverse Placemaking in 2020 as an information brokerage, network liaison, and reference & resource connector for those wishing to fully participate in Web 3.0, Metaverse, and NFT art & technology spaces.
Two Mental Models: Shauna shares two mental models when she thinks of the metaverse. The "small m - model" is on privatizing individualized platforms where one can create an avatar, attend a concert, or even make a financial exchange.
She shares that the "big M - model" is the transition from Web 2.0 to Web 3.0, where one needs to identify technologies, projects, and the people moving the metaverse forward with an eye toward a humanitarian approach.
Unified understanding: Shauna stresses coming up with a unified approach when it comes to the word NFT so that everyone has a unified understanding.
Jack Dorsey founder, and former CEO of Twitter, Inc., stepped down from the board in May 2022. Jack is also the principal executive officer of payments company Block, Inc. (formerly Square).
Decentralized web platform with Web5: Jack highlighted the launch plans of the Web5 project, which is expected to offer a decentralized web platform that enables developers to leverage Decentralized Identifiers. Plus, it will empower developers with Verifiable Credentials and Decentralized Web Nodes to write Decentralized Web Apps with the objective of returning ownership and control over identity and data to individuals.
Greater power over identity and data: Jack underscores that the web democratized the exchange of information. However, a key layer that is missing is identity.
One of the critical aims of the Web5 initiative is to fill a void in the web’s identification system by building this extra decentralized web that puts users in control of their data and identity. The initiative would give power back to the consumer, rather than third-party companies, and allows better control over their data flow.
Mark Zuckerberg, Founder, and CEO of Meta. He is an American media magnate, philanthropist, and internet entrepreneur.
Social Connection—the next frontier: Mark explains that the next step would be to augment technologies to advance human connection. He highlights how technology would be augmented to build platforms and experiences that deliver a sense of presence.
He gave examples of how they've started to release Horizon and Workrooms, and some of these experiences help make you feel like you're present with someone in a place.
Holograms are getting more real: Mark highlights how VR is already here, and it won't be long before it to gets to mainstream augmented reality. He gives an instance of holograms in the living room. He also shares a reference to a video of himself fencing with Olympic gold medallist Lee Kiefer.
In the context of AR glasses, he also underscores how we can soon start expecting to see things looking like normal-looking glasses that can project holograms into the world within the next five years.
Meta Plans to Factor into the Web3 (Metaverse space): Mark explains the intentions to build within the Metaverse, which has become a solid focal point for his enterprise and internal operations. He highlights that the investment is ramping up and would be over $10 billion in space.
Decentralization and DAOs: Charles highlights how people must be involved in the decision-making of blockchain projects when it comes to decentralized autonomous organizations. He described a future where DAOs could be seen as the foundation of Web 3.0.
Transformative Triumvirate as a solution: Charles suggests that blockchains, decentralized transaction systems, and smart contracts could be the solution for the future of Web 3.0.
DeFi needs to turn into real-fi: Charles also highlights how decentralized finance needs to grow and be looked at as real-fi. He stresses that achieving the goal requires more governance and true decentralization.
Shermin Voshmgir is the director of the Research Institute for Cryptoeconomics at the Vienna University of Economics. She is the author of the book "Token Economy" and the founder of Token Kitchen and BlockchainHub Berlin.
The need to set best practices: Shermin explains that we are still in an early stage of how to design tokens depending on the purpose of the network, and there is a need to properly incentivize the people who contribute to the purpose of the network in a way that it is a sustainable long term without forming imbalances.
She highlights that currently, we don't have too many best practices, but we do have some emerging, exciting use cases with good value propositions and good aspects, and we can learn from that for the next social networks that are designed.
The need for more people who will understand micro and macroeconomics: She also highlighted the need for people who understand micro and macroeconomics because we are creating a digital economy, so we need economists that will have a power structure; so, we need more political scientists. She emphasizes the need to create a technology with a soul.
Social scientists need to be a part of the coding narrative: Shermin reiterates that social scientists need to be a part of the narrative, and the bar of participation needs to be lowered. So, the tech scene needs to be more inclusive.
Decentralized protocols: Juan highlights how relationships are getting inverted, and we're linking content and programs directly to each other, bypassing intermediary organizations and gaining public verifiability. So, web 3.0 is transcending towards decentralized protocols.
Verifiability is the key: Juan highlights that a big part of Web 3.0 is verifiability (making things verifiable), which is the key property in this entire space. So, if someone is providing a verifiable service, one will want to check that they're checked to provide the service correctly.
Tapping the potential in the years to come: He reiterates how this new technology, Web 3.0, and blockchains will fundamentally change everything, including how we collaborate, build businesses, design governance systems, and operate global organizations. He suggests it is an exciting thing, and we will be able to tap the potential of this Web 3.0 for many years to come.
The keyword he reiterates is the need to aim for making the web and the internet more decentralized, verifiable, and secure.
Justin Goldston, Ph.D., is a Web3 Systems Thinker and an expert on blockchain technology. He is a Professor and Coordinator of Project and Supply Chain Management at Penn State University. Justin is a Metaverse builder and TEDx Speaker.
Sharing knowledge and working as a collective: Justin shares an instance of a societal view of blockchain and urges us to share the knowledge of how one can contribute to Web 3.0.
He highlights the need to improve on Web 3.0 fundamentals and take them a step further, so when we come together as a collective, he shares that the sky is the limit in the Web 3.0 landscape.
AI will affect the architecture of blockchain: Justin reiterates that AI will impact the architecture (the layer-one architecture). He gives an example of the Polkadot blockchain, where improvements would need to be built to it when one builds out the blockchain.
Exciting Use Cases: Justin highlights interesting use cases of blockchain implementation and reiterates how to look out for more such cases. For example, Walmart recalled one lot of mangoes in 2.2 seconds, which would typically take them six and a half days. They did this in collaboration with the blockchain they created with IBM.
He gives another example of the federal government using blockchain where Katherine Holmes stated how she helped indict federal agents on fraud, extortion, and embezzlement using the immutable, transparent nature of the blockchain.
Justin highlights how nations try to include blockchain in their future growth strategies. So, the question is, how can technology benefit us as people. He gives some pertinent examples like placing the power of voting or even having the control of patient records in the hands of patients through the use of public and private keys, which can reduce errors and give more control to the users. Simply put, future-focused organizations need to augment technology to benefit more people.
Julian Hosp, Ph.D., is the CEO and Co-Founder of Cake DeFi, a highly intuitive online platform that is dedicated to providing access to decentralized financial services. Julian is also a Blockchain and Bitcoin expert for the EU.
Web 3.0 Building Blocks and Use Cases: Julian throws light on Web 3.0 building blocks, including metaverse, EVM, NFT, ICO, and more. And he highlights the use cases and whether they are hype or a fad.
One of the essential facets he emphasizes is ownership. He talks of the use cases for Bitcoin that have transcended and where people can enjoy transparency, complete trust, and own their financial goods.
Redefining Trust: Julian highlights facets of accountability and predictability, blending with trust; he brings upon the critical question of who to trust when no one is in charge in the decentralized internet landscape. And states that the answer would be to trust yourself, which is insanely empowering.
He states that the future may not be 100% decentralized, and the systems may have to mix. He emphasizes that there will be a need for both centralized systems and decentralized systems.
He also highlights the need for people who can be in charge but those who won’t misuse our trust. According to Julian, the key is the visionaries who believe in becoming crypto-fit, where one can understand what hype is and what is legit.
Web 3.0 and the decentralized internet are on a trajectory of overall growth. The silver lining for businesses is to focus on legit facets of decentralization and overlook hype.
Get ready to ride the new wave of Web 3.0 to transform your business. Talk to us if you are unsure how to emerge as leaders with futuristic digital solutions in this space.
We can help you with practical use-cases and game-changing digital solutions. Let’s talk.