The three traits of Web 3.0 that fix what went wrong with today’s internet

Blockchain technology has made great strides. Not that long ago, crypto was still evangelized only by a small minority. After the COVID-19 pandemic, people moved into their homes and had plenty of time to explore new interests. Crypto was able to benefit from this increased attention and became part of everyday conversations between friends, family, and colleagues.

It’s still early days for crypto, even though it’s already widespread. It’s still difficult to get widespread adoption and the traditional tech gatekeepers continue to hold on to the digital economy. If we keep going with the status quo, those of us who are building the decentralized internet (Web 3.0) will have to do a better job of defining the story about what’s at stake.

After the tumultuous month that saw sentiments against Web 2.0’s central controllers turn particularly bitter, we have an opportunity to grab the narrative. As we all see the effects of Web 2.0’s structural inequalities on us, the stakes are getting higher.

First, Facebook presented evidence before Congress. A former employee provided suppressed research that showed the platform placed “profits above safety” for its users. This testimony was accompanied by a major Facebook outage that affected all its products globally. Finally, an anonymous hacker released a cache of Twitch data from Amazon.com Inc. to try and “foster further disruption and competition in online video streaming space.”

Although I don’t condone the unauthorized access of company proprietary information, I do understand the emotions. Being a Web 3.0 entrepreneur, I understand the difficulties of trying to build an open infrastructure for video streaming. The reach and size of Twitch and YouTube can stifle creativity. Upstart services don’t have much room to compete with established companies due to the large scale and access to eyes that these companies enjoy.

How can the web be reshaped to its original vision as an open platform and global utility that anyone can use and contribute? To make the Web 3.0 ecosystem a success, we must seize the opportunity to bring more users and builders to the table.

Open code

Web 3.0 is open-source. Contributors can work together on technology and features, rather than having their proprietary code stolen and leaked. Compare that to the walls of Big Tech gatekeepers. There is no way out once you are locked in. Companies, developers, and people are held to account by the central authority and forced to adjust to any changes in product terms or products.

Firsthand, I saw the immense influence these gatekeepers had on developers. My co-founder and me built a company that relied heavily on APIs from the top tech gatekeepers, including Facebook, Google and Pinterest. These platforms were initially more open and allowed us to plug in our service. Our access was suddenly cut off by these platforms, which decided to block access to third parties. These platforms closed our access, and the service eventually failed. This was a stark lesson in how dangerous it is to build on another’s tech stack.

We learned from this experience and decided to build the open video infrastructure that allows live streaming. We are able to attract developers and foster a community, and re-align incentives to protect all stakeholders by building in an open, decentralized way. This approach requires a shift away from a mindset that is protective to one of abundance. Either the pie is too small or it’s too big. The competition must be stopped at all costs. Otherwise, the sum will exceed its parts. A community can create more value together than any one individual could.

Related: Striking a chord with DeFi: DeFi’s domino impact on NFTs, Web 3.0 adoption

Transparent economics

The Web 3.0 economy, at its purest, is transparent and permissionless. This gives stakeholders the assurance that no hidden agendas are controlling the outcome and won’t be influenced by entrenched interests. This type of creative patronage is becoming more popular because it’s more creator-friendly than other options.

This transparency is what creators need from the existing Web 2.0 dynamics. Creators who build in closed gardens are locked into the economic policies of each platform. The creator is usually unable to change the platform’s economics.

Web 3.0 builders should also emphasize how eliminating tax-taking gatekeepers will allow creators to keep more money from their communities. Web 3.0 is looking to replace Web 2.0. The narrative boosters “Keep more of your earnings” and “Support More of What You Love” are excellent storytelling tools. This messaging is not just about empowering creators, but also about encouraging fans to give more money to their favorite creators.

Lined incentives

Web 3.0’s final pillar is to align incentives between creators and users, as well as the platform itself. These incentives have an impact on a platform’s accountability and governance. This can then influence toxicity, inclusion, and control.

Similar: DeFi, Web 3.0: Let your creative juices flow with decentralized finance

When it comes to aligning incentives, accountability and governance are key issues. Web 2.0 gatekeepers are not motivated to do right by creators or users. They wouldn’t, why would they? Because there is little competition, users feel trapped in their own garden. Because they are privately owned entities, there is little regulation outside of their control, so they can do what they like. It’s a “we make the rules, so you can take it or leave,” mentality and an “us against them” approach.

Web 3.0 allows governance to be decentralized through a decentralized autonomous organisation, DAO or other ingrained community feedback mechanism. There is a tendency to self-moderation when community management is decentralized away from central authorities. Communities that are built around shared passions have a natural moderation. When community members get out of line, they take action. If a member of the community is unhappy with something, they can submit suggestions for a vote by the community to change its direction.

Creators desire more direct relationships with their followers and greater control over the governance of the platforms that they use. Web 3.0 attempts to remedy this problem by allowing creator-driven platforms that allow users to become owners of platforms. This is often coordinated via tokens. Users have an incentive to offer key services such as moderation in order to stop hate raids and gain direct benefit from the platform’s growth.

There is no perfect solution. Web 3.0 will continue to struggle with moderation issues similar to other major platforms. Critics of decentralized platforms claim that moderation will be even more difficult due to the absence of a central authority.

These smaller communities will be less likely to fall for the toxic toxicity of larger platforms that have global reach. However, more platforms are being created to serve niche communities. When there are hundreds or even thousands of platforms, it’s easier to spread misinformation and engage with trolling.

Related: Adapt or Die: Venture capital vs. cryptocurrency, blockchain, DAOs, and Web 3.0

Web 3.0: What’s next?

Web 3.0 builders need to reclaim this narrative and shift from “winner takes it all” to “community over all.” It will not be easy. There’s still much to be done before Web 3.0 creates more creator wealth that the internet ever did.

Web 3.0 is a new way to prevent ourselves from falling back towards the mean. It would be foolish to just replicate the existing gatekeeper model. We must keep communicating the Web 3.0 story to developers and users to make sure they understand its value and avoid the pitfalls associated with Web 2.0’s current dynamics.

Web 2.0’s latest stumbles have shown us that the internet is still a place where we will continue to be presented with powerful examples of how far we’ve fallen off the track. We need to learn what to do to get back to the original vision of the internet being an open platform that’s creative and adds value to society.

This is a long-term commitment. We have to be evangelists, listen to users, and build with a community mentality first and foremost.

This article is not intended to provide investment advice. Every trade and investment involves risk. Readers should do their research before making any decision.
These views, thoughts, and opinions are solely the author’s and do not necessarily reflect the views or opinions of Cointelegraph.
Doug Petkanics, a co-founder of Livepeer is building a decentralized platform for live video broadcasting to enable the next generation in video streaming. Doug was also the co-founder and CEO at Wildcard, a mobile browser. He was also the co-founder of Hyperpublic, which was later acquired by Groupon. He was also the Vice President of Engineering at each.

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Jason Basler

Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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