Blockchain Coverage Might Be Showing The Next Phase Of Web 3.0
Years ago I developed a basic model which I use to judge the pace of technological advancement. It is something that helps me to decipher true progress from hype cycles.
In this video I discuss that and how this was triggered by an article I saw on Fortune that discussed blockchain yet not cryptocurrency. If this is something that is followed up by other outlets, we could be witnessing a new phase in Web 3.0.
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If they are finally looking more into the use cases of the blockchain technology, that is really good news. I have seen a few posts about it before, how it can help evolve banking and financial sectors. It didn't get much traction then. I'm hoping this bull market gives it more legs.
Summary:
In this video, Taskmaster discusses a model he developed over the past 25 years to gauge technological progress by tracking its journey through various media channels. He explains the stages technology goes through, starting from hardcore tech/scientific pages to mainstream media, and how the quick transition indicates hype. He emphasizes the importance of separating hype from realistic progress. Taskmaster relates this model to Web3 and the significance of blockchain technology over cryptocurrency. He suggests that builders should focus on utilizing blockchain for data architecture and mentions the need for the conversation around Web3 to shift towards blockchain rather than solely cryptocurrency.
Detailed Article:
Taskmaster starts by introducing a model he crafted over a quarter-century to track technological advancements as they move from hardcore scientific pages to mainstream media. This model serves as a way to differentiate between hype and substantial progress, based on the time taken for a technology to traverse different media platforms. He explains that the faster this transition occurs, the more likely it is fueled by hype rather than genuine advancement, citing the recent example of the metaverse trend.
He elaborates on the model's stages, starting with research pages focusing on technical and scientific discussions, moving to more accessible tech pages like Hacker Noon, and progressing to business and mainstream media like CNBC and CNN. Taskmaster emphasizes the importance of allowing time for technology to evolve through different versions before reaching mainstream success, as initial iterations are often buggy and inefficient.
Taskmaster then connects this model to Web3, highlighting the distinction between cryptocurrency and blockchain technology. He mentions an article from Fortune magazine focusing on blockchain rather than cryptocurrency, signaling a significant shift in the narrative. Taskmaster suggests that builders in the Web3 space should prioritize building on blockchain technology rather than solely focusing on cryptocurrency. He underlines the importance of restructuring data architecture and removing frictions to distinguish Web2 from Web3.
Furthermore, Taskmaster addresses the broader conversation around Web3, stating that cryptocurrency should be viewed as one asset class among stocks, bonds, and commodities. He criticizes the current focus on market activities within the cryptocurrency space and urges for a more profound exploration of blockchain's potential in Web3 development. Taskmaster encourages developers, particularly those working on websites, to consider adopting decentralized networks and exploring open data opportunities within the blockchain space.
In conclusion, Taskmaster highlights the significance of the Fortune article focusing on blockchain as a potential catalyst for shifting the conversation towards blockchain technology in Web3 development. He underscores the importance of media coverage in driving trends and attracting a broader pool of developers to explore the possibilities offered by blockchain technology in the Web3 ecosystem.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.