Keep the Hopes

The past few months have been a rough awakening for many Web3 enthusiasts: the market prices of major cryptocurrencies have declined significantly, the trading volume of non-fungible tokens (NFTs) has slowed, and, most importantly, some pioneers of the space have declared bankruptcy because of failed risk management and misuse of consumer funds.

Yet even as the debris continues to fly, business leaders shouldn’t confuse market fluctuations or bad actors with the potential uses of digital assets and the technologies that underlie them.

The Disruptive potential of Web3

The core distinctive feature of Web3 is the decentralisation of business models. To that extent, it marks a third phase of the internet (hence “Web3”) and a reversal of the current status quo for users.

Web3, the next iteration, potentially upends that power structure with a shift back to users. Open standards and protocols could make their return. The intent is that control is no longer centralised in large platforms and aggregators, but rather is widely distributed through “permission less” decentralized blockchains and smart contracts, which we explain later in this article.

Essentially, it could mark a paradigm shift in the business model for digital applications by making disintermediation a core element. Intermediaries may no longer be required with respect to data, functionality, and value. Users and creators could gain the upper hand and, through open-source rather than proprietary applications, would have incentives to innovate, test, build, and scale.

दोस्तों अभी उम्मीद मत हारो, यह EndGame नहीं बल्कि Blossom Summer है. Keeping Fingers Crossed, Web3Shala Signing Off ✌🏻

Have a nice day :)Keep Learning 🙏🏻