What is Web 3.0, and why this will affect you
In the beginning:
Web 0.0: This was the prototype of the modern internet, before even terms like “internet” were common parlance. This was 1980s-1990s technology. The internet, including backbones, largely ran over the plain old telephone system. This was the era of Telnet, Usenet, BBS, and other systems that few even remember. Users of it were mostly large businesses (American Airlines/SABRE for coordinating ticket booking and flight plans with travel agents, etc.) or universities and researchers.
Web 1.0: Decentralized. Ordinary people now use the internet commonly. This was the age of vBulletin forums (remember them? Who else misses Bodybuilding.com Misc?) and the height of blogging. Social media was just starting out. MySpace rose and then peaked out. Facebook was ramping up. YouTube existed, but by no means did Facebook, YouTube, or Twitter have a monopoly on web traffic. There wasn’t really such a thing as deplatforming, because RSS feeds (an old technology that I really wish we’d bring back) meant that everyone was their own platform and aggregation was done by the users with a RSS reader rather than a mega-site like Facebook.
Web 2.0: Centralized. The height of social media. The good news is that sites like Instagram or YouTube are very user friendly. The bad news is an algorithm change, much less an intentional decision by the admins of those sites, can greatly affect public discourse. Censorship and privacy start becoming concerns, and rightfully so. This then leads us to what will come next…
Web 3.0: Decentralized and led by blockchain. What once was old is now new again. I believe that we will look back on the hyper-centralization of Web 2.0 with traffic revolving around the major social media sites as an aberration, not the norm. This will be the era of blockchain, encryption, privacy systems (Telegram, ProtonMail), censorship-resistant communication, and crypto. This will be the era of Work From Home, where cities that for a long time had a monopoly on high paying professional jobs will now face competition, if their talent can simply hop on the next flight to Miami or Dallas.
Why this will affect you
Old business models are going to be disrupted. One example is commercial real estate in central business districts with the rise of Work From Home. Some cities for a long time had a monopoly on high paying professional jobs. I argue this won’t necessarily be the case going forward. It is likely that professionals will still have a preference for cities for the sake of in person networking, restaurants, nightlife, entertainment—but if I can have great food, networking, and entertainment in Miami but in a more friendly business climate and lower cost of living than New York, I may indeed choose Miami.
But, it’s not going to matter what I think—it’s going to matter what the market thinks, and right now we’re seeing top financial firms like AllianceBernstein relocating to Nashville or other cities.
Another example is legacy corporate media, with sites such as this (Substack) allowing content creators to take their content directly to consumers, bypassing the need for a middleman like CNN or Fox News.
Public trust in legacy institutions is low. Just look at the opinion polls. And, institutions often seem to just go with the strategy of yell louder instead of taking measures to restore public trust. While this may be annoying—this is also our opportunity to put forward positive solutions of our own and start building the society that we want.
The price of crypto may go up and down any given day, but in my opinion, this technology is here to stay (not financial advice). Crypto removes the monopoly of governments and central banks on the facilitation of money. Think about that. This could be a really deep rabbit hole, and I’m not entirely sure where it goes—but I want to find out.
3D printing technology is advancing at a rapid pace, and this could lead to a decentralization of manufacturing and possibly even re-shoring of manufacturing away from China.
This Substack will explore these trends of crypto, blockchain, decentralization, and the future of the internet and society. What you will get:
My commentary on what I’m seeing in markets, trends with Web 3.0 and related technologies like blockchain.
News recap on important events in this space to stay informed. It’s not going to be a sweep of every random story. My goal is to provide information without the overload.
NO SPAM. I’m not going to send ridiculous headlines like “TOP SECRETS TO MAKE CRYPTO GAINZ THAT THEY DON’T WANT YOU TO HEAR!!!” or other lunacy. You’re not going to see me with my laptop by the pool and a bunch of hired swimsuit models and a rented Lambo. I have worked in financial services in a professional capacity and earned my CFA Charter in 2014. Silly “crypto influencer” behavior is not how I do things.
Check it out. Subscribe and let’s see where this Web 3.0 journey goes.
In the meantime, tell your friends!