Will Web3 be (in) the future?
Over the past 20 years, the bland webpages of Web1 have been replaced by Web2’s more interactive, socially connected, and user-generated content which is used by billions of people around the globe on a daily basis. The current version of the internet which we are all familiar with is Web2, but a steady interest and shift to Web3 is becoming more apparent.
So, What is Web3?
Web3 is a catchy term being touted as the future of the internet. It uses blockchain technologies, cryptocurrencies and NFTs to give power back to the users in the form of ownership.
Key Principles of Web3
There is no set definition for what Web3 is but it does follow a few core principles which revolve around it.
Web3 is decentralised: Meaning no single entity owns or controls the network. Instead, the decisions are made collectively through a consensus process.
Web3 is censorship-resistant: Everyone can access and use Web3 with no exclusions.
Web3 has native payments: Uses cryptocurrencies for spending and transferring money online instead of relying on the outdated infrastructure of banks and other payment processors.
Web3 is trustless: It operates using incentives and economic mechanisms instead of relying on trusted third parties, like banks.
The Beginning of the Future of Web3
Web3 is a young and evolving space. In the last year alone, there has been a significant surge of interest in cryptocurrencies, the metaverse and NFTs. OpenSea, which is built on the Ethereum network, has had $40 billion worth of assets traded within the last 2 years. There are several Web2 brands moving into the Web3 space daily and scaling their presence. One example is Disney, which has been hiring people for NFT role openings, hinting at their future Metaverse plans.
With so much potential and opportunities within the space, it is only time before revolutionary technology is built on these blockchain technologies and networks, like Ethereum, Solana and Polygon. Technology on Web3 as a whole takes time to establish and be trusted by the masses but only takes moments to exponentially grow and be in the hands of people globally within seconds.
With so many opportunities for growth and success in the crypto world, why not be a part of a team who is creating and building the future? Many of Durlston Partners’ clients are growing just that!
Advertising Giants Hungry to Retain Power?
Herman Narula (CEO of Improbable) explained that Improbable is now seeing huge interest from companies that want to build metaverse experiences. Improbable’s metaverse platform — M² — is seen as a more democratic and decentralised metaverse system than Meta’s. Improbable will be owned by their users which means they won’t be the grand masters of their own metaverse, rather the community that uses the network will have a bigger say over how it’s run.
Metaverse optimists hope that this decentralisation of power in Web3 will mean those creators who publish content online will be able to earn a bigger share of the revenue. Those using social media platforms like Instagram and YouTube today have strict monetisation rules and regulations. Less revenue going to platforms like Google and Meta ultimately means safeguarding Web3 from advertising giants dominating the space.
Key Dates for Crypto (October)
Wednesday 12th – The US Fed – Transcripts from their last meeting released.
Thursday 13th – CPI inflation data released.
Friday 14th – Q3 earnings from the biggest banks like J.P. Morgan and Morgan Stanley are released.
📅 This Week in Crypto 📅
Historically, bear and bull market cycles in crypto tend to correlate with the amount of talent that enters the space. Bull markets bring talent into the space and educate new people about what can be achieved through the use of this disruptive technology. Bear markets test the conviction of even the strongest minds and reward those with the endurance to stay. As the industry is expected to grow over time, it will require more talent to fuel innovation.
Privacy-focused cryptocurrency and payments firm MobileCoin, in collaboration with stablecoin platform Reserve, has launched a stablecoin dubbed “Electronic Dollars” (eUSD). The company says eUSD is fully collateralized and is uniquely designed to protect users’ private transactional data. According to MobileCoin, eUSD is backed by a basket of other stablecoins, namely, USD coin (USDC), Pax dollar (USDP) and trueUSD (TUSD).
European Union lawmakers today signed off the Markets in Crypto Assets Regulation (MiCA) – landmark legislation that hopes to regulate the digital asset space within the union. European Parliament officials voted 28 to 1 in favour of the legislation, which will, if passed in the next vote, require stricter rules for crypto companies.