Exploring the Web 3 World Today
It’s been an interesting day today, the first day of the two day Web 3.0 conference put on by Tech Circus. There was a huge number of presentations on two stages today. Thankfully I can return to any of them and watch the recordings. I definitely will be.
Drawing mostly on memory, just what I saw today was pretty packed.
One thing is pretty clear, there is a lot of confusion about just what Web 3.0 is. I don’t think that is a confusion that will be easily cleared up any time soon. There are so many technologies emerging right now.
They are sort of like watching puppies gaining their ability to walk around then their eyes opening and them seeing the world. They know there is a lot there but they are not too sure how it’s all going to work.
There will be a period bouncing from point to point exploring until the next thing grabs attention and off to that.
Another thing that seems to be pretty clear for anyone who was attending today is that as much as some people love to wave off Web 3.0 and everything developing around it as, hype, fad and even ponzi schemes, it’s growth and development will continue to take shape.
When a site like Shopify is not only part of the presentations but is building crypto ecommerce into their offerings, it’s not going any where too fast. Speaking of which Nicole Sandford, Shopify’s Merchant Success Manager used the best analogy of the day.
During a discussion on how to move Web 3.0 to a point where normies will feel comfortable she suggested the following (paraphrased by me):
She sees Web 3.0 right now like a bunch of diehard true fitness believers working out in a dark dingy basement. The sort of place that she’d not take her grandmother to out of embarrassment.
Web 3.0 needs to get to a place like a GoodLife exercise outlet where anyone could feel comfortable to come in and take part, even her grandmother.
We really do need to get to a place where it’s easy to understand what we’re doing without a lot of complicated language and explanation. It’s going to take time, development and thoughtful development to get there.
During a presentation by Alethea, a project that brings AI and NFTs together into what they call an intelligent NFT (iNFT), a recent Hivian @jfuji noted that iNFT is not the best choice for their product.
He’s right, with the media hype that has gone on around NFTs, the connection made in most people’s mind is NFT=digital art. I can easily see anyone not just normies asking what’s intelligent about digital art.
Alethea is a very intriguing project but sadly, lives on Ethereum along with it’s gas fees.
When will these projects learn?
In another session the discussion centered around the need for interoperability between the various chains. The consensus is for wide adoption people will need to be able to access and use their digital assets across multiple chains.
Anything less returns to the silo effect of Web 2.0.
One session that both surprised and intrigued me was with the Vancouver author Jeff Booth. He talked about how fiat monetary policy contributes toward the income inequity that is so obvious these days. He discussed how deflationary policies could help to rebalance wealth distribution and how Bitcoin can strengthen that rebalancing.
It was pretty clear he’s sees Bitcoin as the primary and most stable crypto. He did make some passing reference to altcoins by briefly suggesting most would be unlikely to contribute to the solution unless they have strong tokenomics. He didn’t elaborate.
I get a chance, I think I’d like to have a read of his book and get a clearer idea of what his views are. It was interesting for sure.
Even though the Tech Circus events are over today, I still have another Web 3.0 event in an hour or so. This one is a livestream put on by BFF, a group focused on helping women and non-binary person’s learn the emerging tech. The name of the livestream is, “WFT is an NFT? Crypto for Beginners”. Should be interesting.
Also looking forward to hearing our own @crimsonclad tomorrow in a session on the Tech Circus event. I was delighted it will be on before PYPT so I can tune in live.
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Woww... Today's tech circus event is already information packed and I can see that you are not ending it with that. More and more are lined up and you are taking all of them by the horn. Heheh.
This is quite interesting. Getting to hear people's perspective about these would be a really interesting thing.
If you check my browsing history, you will see all the stuff I looked up this morning about Web 3. I also did the same over the weekend.
Getting the definition can be confusing on its own. Sometimes, it feels like I know what it's all about. Other things, I'm like, "show me the exact thing you mean by Web 3". Haha.
The complexity of what the future holds for tech/Crypto is yet to be fully unravelled.
Would I be doing a Summary? Hahah... I read a line about some 'recording'.
hehe every session is recorded and then made available to attendees. There are so many sessions you have to decide which ones to attend live and which to catch on recording.
And yes, there is another day tomorrow.
Hmmmm... 'attendees'.
I feel like one of those puppies bouncing from one spot to another. Hehe. As if we don't have alot to learn about Crypto on its own, NFT came and now Web 3.
This learning curve is becoming so stretched. Good news is, we get so many options to choose from.
I may come knocking. Haha. It's been a while I did Summary
The more you start to understand the underlying tech, the more web3 feels like an inevitability. What form it will take is anyone's guess though! One panelist quote that stuck with me was, "Not everyone will want to be their own bank."
Indeed, and on top of that, not everyone should either. Meaning the future market should have tons of space for for custodial wallets, hybrid centralized-decentralized apps (the web "2.5" stuff), and straight up old school centralized systems (which are better at some things than decentralized... the fire department comes to mind).
We're in a wacky wild west era, akin to the dotcom craze but with a completely different societal and technological landscape. It's hard not to be excited. 😃
Sounds strange but true! Not everyone will understand what cryptocurrency and blockchain technology is truly about so, they'll stick to the one they know and understand. But those who understand the technology will sure want to be their own bank because it comes with many benefits than demerits.
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I disagree, and I think this was the point of the comment in the session. Today, the technology exists to manage your own fiat investments (e.g. a self directed margin account). People are aware of it, but instead choose to grab a mutual fund or other managed account. They either can't or won't self direct, even though they're aware of the tech.
People will have a ton of reasons to engage or not. For some, 'being their own bank' may simply be too much pressure, work, or it may be outside their capacity. Regardless if they understand the tech.
I guess I should have added "some" to the referenced sentence.
On the whole, I believe everyone sticks to whatever they prefer as we all can't have the same choices.
Your views are valid!!
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Haha fair enough! Cheers :)
We disagree to agree
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kind of like the difference between those who want to know how their car works and those who just want to turn the key and roll. The former will be able figure out the workings and repair ... the latter will depend on others to do that for them.
It still boils down to people's choices, preferences and fears.
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I agree.. there will have to be layers of Web3 in many ways to embrace the range of people who are coming in and their ability level. I'm glad I can go back and listen to the recordings... I'm thinking that some of the recordings from the Metaverse conference will be more relevant to me now.
Exciting developments. Please keep us updated.
It's a space I've been exploring beyond this conference so I'll be posting future articles on it as well.
Thank you so much for hooking me up with the free code for a ticket back in December. I only got to be there for about 2 hours today but tomorrow I'll be there all day hopefully. The technical issues were making my head hurt today though lol
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yeah they were struggling some. I hope their recordings run smoother. You can access the recordings for about a year so hope you saved the link.
How can I miss this one. Thanks for the update.
Keep your eye on the Hiveio account. There will likely be another free ticket opportunity as the next one approaches.
Thanks for the tip. Will definitely go there now 🙂
Web3 is still in its early stage/ development phase so, it's normal that people will have different views about it. However, one thing is certain about web3 that it brings along with it many opportunities and freedom than web2.
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It will.. the big challenge is getting interoperability between chains so people can move fairly easily from one to another.
Yes, we really do need that. Since Web 3.0 is really new to many, the confusion is understandable.
Even economists are divided in their view of the character of a sound monetary policy. For years, I agree with the idea of the Austrian school that reconnecting fiat currencies to precious metals is the way to go. One economist from this school is even confident to say that digital currency is no money. However, just recently, with my entry to crypto space, I stumbled with this Chartalist school talking about tokenization of the economy. Reading The Bitcoin Standard by Saifedean Ammous, though it appears to me, that he is coming from the Austrial school, he is very positive about the future of Bitcoin. I am not done yet with the book so I could not say whether he is a bitcoin maximalist or not.
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I suspect that there will be a lot of debate over the economics of the crypto world vis a vis the fiat. There has been debate within the fiat world for generations so in a sense, debate within crypto is a good sign.