Snowden’s Top 3 Recommendations On Web3’s Enhanced Openness
“Web3” is an emotive phrase with varied connotations for different individuals. Oliver Snowden refers to a group of decentralized technologies that uphold many of Sir Tim Berners-Lee’s values on decentralization, nondiscrimination, bottom-up design, universality, and consensus. It decentralizes their online services, improves compensation, reduces costs, and automates a variety of arduous chores. A digital token, whether digital or physical, defines ownership, access, and quantity. Satoshi Nakamoto’s computer science discovery established the Bitcoin Whitepaper on October 31, 2008. His autonomous and multi-agent systems lectures from 20 years ago are becoming a reality, and his mind is overflowing with ideas.
Web2 was characterized by efficient, centralized firms (usually FAANGs) building interactive and collaborative platforms for the general public. Businesses and consumers used these platforms, but just a few tech firms were granted extraordinary access to client data and the power and influence they continue to wield. He thinks we all recall President Trump’s personal use of Twitter. Numerous individuals identify with his “de-platforming.” Web3 decentralizes and democratizes online services, allowing community governance and more equitable compensation. He sees this technology as a means to bring meaningful employment to people worldwide and to compete with Web2 platforms.
Numerous individuals save their digital photographs on Google Photos, Flickr, iCloud, etc. 100GB of convenience costs $30 per year. What happens when users of mobile devices, personal computers, and video game consoles are compensated for free storage? These users would accept any payment. As people were using their PCs anyway, a clever application that allows consumers to utilize their free storage would push storage prices toward “waste pricing.” Any reward is preferable to none. Storj, Sia, Filecoin, and others are collaborating on this. Oliver is interested in how the price of Web3 storage fluctuates over time.
Which industries use Web3 the most?
Web3 mainly uses “low-hanging fruit” or substantial but easy use cases. The “solutions” for CPU/GPU processing, storage, networking, and DNS vary. Several attempts have been made to address significant computing subjects. You are now inquiring about popular areas. Web3 is used for news, video, social networking, identity, talent, audio, and Oracles. At the time of writing, Eth Gas Station reveals that all Ethereum’s leading “gas guzzlers” are either NFT or DeFi systems. Since these systems are open and decentralized, it is straightforward to monitor. The ten largest systems paid $170 million in fees in the preceding thirty days.
Why do these tokens have value?
The artwork at a museum may be pretty valuable, but the postcards in the gift shop are worthless. People wish to own and use digital content. The token verifies the “originality” of the material and the owner’s identity. Other digital systems, such as a game, may only permit “original content” (such as avatars, in-game characters, etc.). Therefore, these tokens may be costly. The Spider-Man NFTs were primarily responsible for AMC’s second-highest one-day ticket sales in history. DeFi is a global, open alternative to the current economic system based on open-source, community-developed technologies. Web3 is now dominated by Arts and Recreation Services and Financial and Insurance Services. The digital art NFT craze astonished him since he expected banks to dominate this market. The fact that Hal Finney thought of this in 1993 demonstrates how far ahead they were.
Catch him share his insights at #WBSDubai 2022!
— World Blockchain Summit (@WBSglobalseries) September 27, 2022
Top Web3 innovations, as per Oliver.
OpenSea is the “first and largest NFT marketplace in the world,” with 600,000 members and 80 million NFTs. It supports “EIP-721: Non-Fungible Token Standard” and “EIP-1155: Multi Token Standard”, which makes it easier to create NFTs. DeFi’s Uniswap system is a ground-breaking technique for trading cryptocurrencies directly. Built on Ethereum’s blockchain technology, much of it was written in the web language Solidity. The Uniswap V3 SDK employs TypeScript.
While the above may create the impression that Web3 technology is “ready to go,” HE warns that most of Web3 heavily depends on Web2. Most clients were designed for Web2, not Web3. To “increase developer efficiency,” Infura.io delivers Ethereum data across HTTPS and WebSockets. While this satisfies an essential need, it adds gasoline to the fire of vast sums of money being amassed by Web2 technologies that are “decentralized in name only.” This is why Jack Dorsey [former Twitter CEO and current Square CEO] is vocally opposed to Web3 and favors the development of Bitcoin via Spiral. XYZ (relaunch of Square Crypto) supports the Bitcoin Development Kit and the Lightning Development Kit (low-cost payments on top of bitcoin).
Which sectors will be unaffected by Web3? Pourquoi?
Oliver views Web3 as the evolution of the web. Exists a sector untouched by the Internet? He believes that there are few. He believes Web3 will become the public Internet. Like Web1 and Web2, military and critical infrastructure companies must adopt these technologies cautiously. Both “friend and foe” will have access to decentralized data, which may affect performance and governance. Multiple “impact assessments” will be conducted by such groups. Oliver believes it will be comparable to intranets against the World Wide Web. Formerly, intranets were shut down by overzealous network administrators. However, website blocking, workarounds, etc., have led to a more customized approach to security for everything but the most vital areas.
How many programmers create code without streaming music? Do they like downloading essential security software? Can they compete limitlessly? The need for specialist security solutions is projected to expand due to Web3. He anticipates that Web3 will promote transparency, accountability, and a less hostile, more equitable environment.
Can Web2 businesses migrate to Web3?
He hopes that people will see the societal significance of DLT. Many Web2 companies are market leaders. Participants in Web3 are interested in possibilities, defining the rules, and making a difference – democratic digital property.
It’s been a pleasure speaking with you about Web3, and HE believes we’re discussing something extraordinary. Google and Apple did an excellent job of bringing mobile to the world by empowering mobile developers via their App Stores. DLT enables more compensation for developing new features, providing data, and obtaining new employment. He wants the top IT firms to join a grassroots movement. No matter what we call it, he thinks it will significantly impact the globe. Large organizations, wealthy individuals, and even El Salvador have initiated the first steps.
He sees blockchain as a force for good—it promotes honest money, is inclusive of all technology, and streamlines processes. He thinks it will inspire discussions on their global role, how businesses give value, tax, global inclusion, and how states collaborate and compete. However, it poses several concerns for which he has no clear answers.
Oliver Expects significant billing system interruptions. What is the consequence of the “pay-per-frame” video? Will artists release NFTs in limited editions for legal listening? Will audio and video players respect the ownership of NFTs? Will tangible property become digital? How would tax authorities manage transactions at the speed of light? Is it reasonable to store data for years to comply with the law? How many local regulations are applied to international digital systems? He believes solution providers would collaborate with authorities worldwide to help them take a more active role in developing DLT systems to guarantee fair and acceptable compliance strategies. Oliver desires taxing intelligent contracts, transparent KYC/AML system interfaces, and the like so that third-party developers may build law-abiding and freely used products.
Oliver offers three recommendations for anyone interested in this subject.
- Rob Beckstrom’s The Starfish and the Spider is a novel. According to the author, this book offers organizational leaders insight.
- The YouTube lectures of Balaji Srinivasan, such as Startup School 2013. His grasp of digital systems and culture is highly acknowledged across industries.
- The Dfinity.org project by Dominic Williams demonstrates how DLT may replace Web2 and Cloud technologies.
He wants to hear from readers who share his enthusiasm for this technology.