Web 3.0 is about much more than cryptocurrency.
As we proceed forward, people are starting to realize how much different these two iterations of the Internet are. With Web 3.0, people are looking at a couple issues posed by Web 2.0.
The first is control of one's profile. We often see services locked behind paywalls. This is designed to enhance the revenues of Big Tech that run the networks.
Another is the flow of information. Since we deal with isolated server systems, all that are protecting data, there is a huge disconnect. We also see a lack of flow that should come naturally in the digital realm.
There is one start up looking to alter this. It is focusing upon the idea of LinkedIn.
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Web 3.0 LinkedIn?
Some venture capital money was raised to fund the development of a Web 3.0 version of LinkedIn.
The idea is to break free from the control of a company like Microsoft, the owner of the social media platform that appeals to professional. Instead, it is focusing upon returning digital identities to the individuals.
The project wants to become “the world’s first open-source network to make professional connections,” founded on the belief that people’s digital identity shouldn’t be owned by a single entity like LinkedIn.
This is a very important step in the mental conception of Web 3.0.
So far, people have looked at it similar to a casino. Since crypto is promoted as the main (only) use case, that is what people gravitate towards. The promise of riches, like those at the craps table, is what drives many.
With the rapid progress into the digital realm, we are seeing flags arising. People are starting to talk about deepfakes. This strikes at the core of digital identity and verification.
“Digital networking is increasingly saturated with AI-driven noise and fake personas,” the founders said. They highlighted Dillé’s LinkedIn profile, listing himself as “CEO of Google,” as an example of the type of non-verifiable information on web2 social media networks that can expose job seekers and recruiters to false claims.
Certainly, this could be the case. Someone claiming to be the CEO of Google will get called out. However, when one says he or she is married, went to ABC university, has 3 children along with 2 dogs, and worked in the engineering field, how are we to know?
In many instances, there might be no way of finding out. However, all of us leave a digital trail. Much of what I described will show up in people's social media activity. If someone works in engineering, it is unlikely they will be immersed in business group that focuses upon the increasing retail sales of groceries.
There is also the question of our own information. Over time, as we engage with different applications, we are increasing the value of our personal data, yet it is all fragmented. Since it is under the control of many different companies, there is no way to consolidate it for analysis.
Web 3.0 could change this.
The Future Of Data
With this start up, there is one red flag that stands out.
Obviously, we have no way of knowing if this will be successful or not. What we can say, if it is, this will run into the same issues Web 2.0 platforms encounter.
Web 3.0 that is formed based upon the funding of venture capital companies always end up in the same dilemma. At some point, monetization is required. In other words, the VC firms that put up the money want their return.
We saw this with Web 2.0. The result was the users being pitted against the platforms, which were seeking to monetize. This led to the "users being the product".
It is actually legitimate to ask whether this is truly Web 3.0? We have no clear definition so it is easy to toss the words around.
This is being tied to a blockchain, which is a positive. The question is whether it is a permissionless network where the data is accessible by anyone? We have seen the desire for companies to use private blockchains, a move that kind of defeats the purpose.
The fact it appears to be open source is encouraging.
Another factor is the read-write-own. Where is the ownership? This appears to be nothing more than a Web 2.0 structure. Of course, that could be sufficient if we are dealing with an open blockchain. If that is the case, this is effectively a front end for the data.
Applications are going to differ in what they offer. This is what makes the world go round.
However, we have to treat the "oil" of the world, data, in a new manner. When it is closed, we are not dealing with anything novel. While the assertion of this project is to get things from behind a paywall, what is preventing them from doing the same with the data at some point?
Which is why we always go back to the future of data.
When data is within a server configuration that is not public, users have no control over their digital identity. It can be shut off at any moment. This is not the case with a permissionless blockchain. That provides a database which anyone can access.
AI is becoming more mainstream.
As this happens, we are likely to see people being upset by the deepfakes and lack of transparency of the legacy networks.
Web 3.0 is a way to take control of one's digital identity. When data is consistently posted to blockchain, there is a public history of what took place.
Over the next few years, my guess is the conversation starts to shift towards taking control of one's digital identity. Blockchain is going to be a part of the solution.
Posted Using InLeo Alpha
