Web3, blockchain, crypto and mass adoption were the top buzzwords in 2021 and 2022, but public interest in the terms fell by the wayside over the past year as media headlines focused on the now-defunct FTX exchange and the judgment of its founder. Sam Bankman-Fried.
Fast forward to the present, where media headlines focus on pending bitcoin exchange-traded fund applications, more than 100% year-to-date price gains for bitcoin (btc), and a revival of the markets. of non-fungible tokens (nft).
Maybe Web3 is back.
In episode 14 of The agenda In the podcast, hosts Ray Salmond and Jonathan DeYoung spoke to Alex Tapscott about their insightful views on Web3 and how the technology and ideas behind it will “transform existing industries.”
The blockchain revolution is still happening
Revolutions catalyze transformation, but these changes tend to occur gradually and not all at once. Tapscott detailed the impact he believes he will have Web3 on various industries with The agenda and in his new book, Web3: Charting the next economic and cultural frontier of the Internet, where he discusses and explains everything related to Web3, from NFTs and decentralized autonomous organizations (DAOs) to the metaverse.
While NFTs, DAOs, and the metaverse are often presented as total replacements for the current structures in use, Tapscott explained that the ideas and tools Web3 offers can be more effectively integrated into existing industries:
“But the most interesting thing is not that existing companies will change to be like the new ones, but that new things will appear that, if they are useful and fun, will drive adoption. “People will use them because they prefer them and think that if they are on Web3, part of that will be that individuals will have more sovereignty and control over their data and their assets.”
Related: Meet the 13-Year-Old Student Selling Sneakers for bitcoin: The Agenda Podcast
With respect to tech-neutral-crypto-regulations”>The regulatory challenges that continue to create obstacles for the Web3 industry and whether blockchain “fixes everything” or not, Tapscott referred to a conversation he had with Andreessen Horowitz general partner Chris Dixon. From his conversation with Dixon, Tapscott said:
“Going back to what Dixon said, technology gets better and more useful and then it becomes something that everyone wants to use because we’ve solved the problems. And I think, frankly, we’re still in the problem-solving phase. So that’s point number one. But point number two is that just because we fix the problems and make this better and more useful doesn’t mean it solves all the problems.”
Tapscott explained that many people “look for salvation in technology” and will probably be disappointed:
“I think many people make bitcoin a religion. And I can tell you that, like any previous religion, maybe, well, I don’t want to get political or anything like that, but rather comment on people’s faith. But I think it’s not the right way to think about technology as something that can solve all problems.”
Web3 provides tools, not a replacement template
Returning to the discussion about people’s belief that Web3 can solve everything, Tapscott suggested that Web3, DAO, cryptocurrencies and blockchains should be seen as tools rather than paradigm shift catalysts that will replace current industries:
“I think it’s a set of tools or a set of tools that we can use to build new business models, create new types of organizations and transform existing industries. And all of that is really cool. And maybe in the process we can put more power in the hands of people, give them the opportunity to earn a share of the services and apps they use, and make it easier for anyone to connect to the global economy, even if we live in a part of the world that is usually overlooked.”
To hear more of Tapscott’s conversation with The agenda – including his take on how Web3 will eventually become a daily part of everyone’s lives – listen to the full episode on Cointelegraph’s Podcasts page. Apple Podcasts either Spotify. And don’t forget to check out the full schedule of other Cointelegraph shows!
Magazine: I spent a week working in virtual reality. However, it was mostly terrible…
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
