True Digital Age by Gavin Wood

True Digital Age by Gavin Wood

Gavin Wood, the founder of Parity Technologies, a Polkadot developer and a co-founder of Ethereum, shares his thoughts on what is wrong with the existing Internet and why we need to move to Web 3.0

September 5, Gavin Wood published Why We Need Web 3.0 on BREAKER. In this article, Wood explains the extremely centralized structure that is our today’s Internet. Nevertheless, as an ardent proponent of blockchain technologies, Wood is highly optimistic about the future.

What is wrong with today’s Internet?

Wood starts by admitting that, though a great deal of efforts have been and are being put into Ethereum and similar projects, they still are largely underdeveloped, and humanity has yet a lot to overcome on its way to decentralization. But Wood does not feel discouraged, as the truth remains the same: centralization is not the way to go.

The programmer then explains that the Internet, liberating and fresh at first, has become corrupted by human greed. Social injustice has found its way into the digital space and warped it. Now, as was in the pre-Internet era, we still need to appeal to the powers that be to interact via the Internet. As such, Facebook relays our messages to friends and PayPal approves our payments.

These corporations are not necessarily evil, clarifies Wood, but they only do what brings them money. And if something can disrupt this order of things, they will readily cut it out of the system.

Look at Wikileaks. In 2010, a broadly respected set of journalists that publishes information generally in the public interest was targeted and cut off by major financial institutions like PayPal and Visa without any legal grounds. If you wanted to give a perfectly legal charitable donation to Wikileaks, you effectively couldn’t

Gavin Wood of Parity Technologies

True meaning of ‘Digital Age’?

Web 3.0., Wood assures, empowers people to act for themselves. Web 3.0. may look the same but it will change everything underneath. Thanks to inter-chain blockchain protocols like Polkadot, the combination of different technological aspects of human activity will form ‘a single economy and movement’.

Consider Web 3.0 to be an executable Magna Carta — “the foundation of the freedom of the individual against the arbitrary authority of the despot.”

Gavin Wood

With Web 3.0. we will not need to appeal to an authority to prove who we are or to a bank to confirm our payments. Our identities will be represented by our wallets and keys. Web 3.0 will foster new business models and markets, and destroy monopolies like Google and Facebook.

Web 3.0 will, Wood is confident, put an end to the top-down structure that is so present in every aspect of human dealings.

To be sure, we can’t predict the first successful use-cases of this new platform and when they might appear. As with the development of the internet before it, the timeline could be measured in decades rather than months. But when Web 3.0 emerges, it will bring a whole new meaning to the phrase “the Digital Age.”

Gavin Wood

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Episode 4: What is Web 3.0 and How Will it Create New Business Models?

Watch the new episode in the Blockchain Explained series where Joe Lubin explains his vision for the decentralized movement.In this eight-part series the Co-founder of Ethereum, Joseph Lubin talks about key concepts in blockchain technology, Ethereum, and ConsenSys. Each week we’ll release a new video in the series. Check out last weeks video where Joe explains the difference between Bitcoin and Ethereum! this series, Joseph Lubin — Co-Founder of Ethereum and Founder of ConsenSys — discusses key concepts in blockchain technology.In the fourth installment of this series, Joe defines Web 3.0 — one of the major goals of the decentralized movement.Joe breaks down the internet as it exists today, also referred to as Web 2.0. He explains that while Web 2.0 has served the world well and transformed society, our needs as a society have changed and evolved over time.Joe examines many problems with the internet giants of today (i.e. Facebook, Twitter, Google, Netflix) and how they take advantage of the individuals who use their platforms, stating, “By addicting us to their systems they keep us sellable.” He continues to describe the misalignment of incentives which has resulted in humans becoming the product as opposed to the end user.However, Joe reassures everyone that Web 3.0 optimizes for a user-centric approach, stating, “The web 3 world makes use of decentralized identity to take back control for the user, to enable us to establish blockchain based self-sovereign identities.” Joe briefly discusses two ConsenSys companies, UPort and 3Box, who are already working to create identity solutions.The video also addresses Joe’s vision for Web 3.0, remarking, “We will have these network business models where people and companies can inhabit different roles to create products and services that we all own and benefit from.”Tune in next week for a deeper dive into the world of decentralization, and find out how companies are using blockchain today!Blockchain Explained by Joe Lubin The views expressed by the author above do not necessarily represent the views of Consensys AG. ConsenSys is a decentralized community with ConsenSys Media being a platform for members to freely express their diverse ideas and perspectives. To learn more about ConsenSys and Ethereum, please visit our website.Episode 4: What is Web 3.0 and How Will it Create New Business Models? was originally published in ConsenSys Media on Medium, where people are continuing the conversation by highlighting and responding to this story.
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