Day2 – On Ownership and how it drives the future of Software

#Day2 – #30daysofWeb3 Learning Challenge

On Ownership and how that is driving the future of software and Digital Economy

#1 Why is Ownership the next step in software?

“Ownership is a powerful motivator for users to contribute to products in deeper ways, be it with ideas, computing resources, code, or community building. … This results in software that is not only built, operated, and funded by individual users—but owned by users too.”

#2 Why will it succeed today? Because tech today unlike earlier can enable it

Any innovation starts with replicating the existing process. Earlier web protocols such as IP, HTTP and RSS created copies of physical systems such as newspapers. This was followed by user published content such as blogs and podcasts.

Today the protocol innovation with tokens brings with it a new model with market driven networks – allowing users to ‘Own a piece of products and services they use’

#3 How does crypto drive ownership? How do they manifest to users?

Bitcoin and Ethereum are the first user-owned and operated networks at scale. It allows for multiple applications centered around users. Example – “startups like Binance and Numerai have leveraged tokens to distribute revenue from the platform directly to their users, fuelling brand loyalty and growth”

#4 How will Web 3 change the digital economy?

“Web3 will change the digital economy by enabling ownership of digital content.” Or through ‘monetizing individuality’ as Andreessen Horowitz puts it.

#5 How do you establish ownership of digital content?

In the physical world, that is in form of a ownership registry – think registering houses.. In the Web 3 world, the underlying database instead of being maintained by a central authority, lies on the blockchain – maintained by a network of computers around the world – with NFTs recording ‘proof of ownership

Now that we understand the what of Web 3 and the Why, lets talk more about the how tomorrow through uncovering Blockchain

Follow along if you are keen to join me on this journey.

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Ranjani Mani

#reviewswithranjani #30daysofWeb3 #Day2/30

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