“2020 for web3 was the year 2000 in internet terms” in terms of user growth.
Web3 is “group of technologies that encompasses blockchain, cryptographic protocols, digital assets, decentralized finance and social platforms, NFTs, and DAOs—is the third generation of the internet”
This A16z report makes some great points about the future we are headed, role of policy makers and the role we want technology to play in open societies
– In decentralized systems, value accrues to the platform and its users rather than intermediaries.
– The idea of creating basic building blocks is called “composability” and it is one of the biggest drivers of innovation in web3.
Because web3 systems are open and permission less, anyone can interact with them, integrate, combine, or build on top of them. Composability increases competition and leads to more and better choices for consumers
It’s an opportunity for a reset that allows us to obtain new benefits, while solving some of the thorniest problems arising out of the disruptive technologies of the past
So can web3 as a force for good?
The good news is that technology will be what we make it.
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#web3 #technologiesofthefuture
Link to the a16z report : https://a16z.com/wp-content/uploads/2021/10/How-to-Win-the-Future-1.pdf