tl;dr: the momentum that the term “Web3” has picked up means it’s an idea whose time has come.
I don’t remember the first time I heard the term “Web3.”
It may have been from Chris Dixon, but I honestly don’t recall.
I’ve long used the terms “crypto” and “Web3” interchangeably, but I now realize that was probably a mistake, partially driven by ego.
“Crypto,” to me at least, sounds cooler than “Web3,” but it’s not better.
I mean, which do you think is going to be a better version: “Web 2.0” or “Web 3.0?”
Yep, exactly.
When you talk about “Web3,” it starts to feel like something that is not only better, but inevitable.
“No force on earth can stop an idea whose time has come”
-Victor Hugo
If you really want to dive into the value proposition of Web3, take a gander over to Albert Wenger’s post, Web3/Crypto: Why Bother?.
In the meantime, I’ll net it out in old James Carville talk…
It’s the database, stupid.
If data is the new oil and data industrialization is a growth industry, then who owns the resource matters a lot.
In Web 2.0, it’s governments and Big Tech. In Web 3.0, it’s the creators and users of the data.
That’s a sea change.
And, as more and more people realize that owning the data is a form of individual sovereignty, I wouldn’t be surprised if we’ll see the growth of Liberation movements akin to the the shift from monarchy to democracy, which we have seen throughout history.
Today, I would guess, we’re somewhere between the “late early adopter” and “early majority” phase of adoption. In other words, Web 3 is crossing the chasm, which was the key question I asked 30 of the top minds in the industry back in 2016.
Now that we’re standardizing on the term “Web 3” and it’s becoming increasing clear that the battle/value is about about “who owns the data” (as well as why that matters), it’s also becoming increasingly clear that, though it may take a while and the Web 2 giants aren’t going anywhere any time soon, that Web 3 is going to win.
Bonus: It brings with it a new set of terminology. My buddy Jeremiah helps you get started.
And, double bonus….since I didn’t write this to read money (though you can tip me in BAT, if you use the Brave browser– which you should!)
