This article summarises the development of the internet to the current scenario where so many interactions are dominated by dealing with global tech giants. As data has become a more and more valuable commodity, those giants are fuelling a roaring trade using our personal data, with far reaching implications of more than simply what we buy but also matters such as what news we are fed, how we seek relationships, and vote. An evolving Web 3.0 based on blockchain technology provides an opportunity for individuals to take back decentralized ownership and control of their data.
It might seem strange to Americans reading this online, but the web is not widely available around the planet. If you have the web, you have an advantage. Information, goods and services are more available to communities with web access. This creates a loop where privilege enables more privilege, keeping offline communities at a disadvantage.
Fiber networks are expensive to install and not profitable for large corporations working in underprivileged countries. A decentralized web owned and operated by the people of any given community could provide opportunity to people living in areas without Internet access. Running the web from network nodes instead of a central access point reduces the cost of Internet infrastructure and could bring commerce and education to people who need it.
The crypto revolution is driven by “rockstars,” visionaries who often lack an academic background. Their ideas of decentralization and openness are refreshingly anti-systemic and optimistic. Still, these visions are only possible thanks to the work of generations of scientists who laid down the foundations of current crypto protocols decades ago, and continue developing them today. The shape and form that the crypto revolution takes will be the product of dreams and ideologies on the one hand, and peer-reviewed research and development on the other — in equal measure.
The struggle to provide meaningful real-time collaboration tools with outside parties is why email has remained so prevalent in the age of instant messaging. But change has arrived. An open, decentralized network benefits from being able to support interoperability between millions of users, making it well suited to the largest organizations and their entire ecosystem. Long gone are the days of being forced to switch between siloed systems.
Email may never die, but open-sourced and decentralized technologies will guide the way for the instant messaging and collaboration tool market. Interoperability is the key and Matrix is the open communication layer of the web that organizations have been looking for.
In a normal cloud storage method, all company and employee information are gathered and stored in large data centers, which often falls victim to downtime and outages when the facilities go offline. But decentralized cloud storage is free of these hurdles. Here, companies get to experience a large, distributed network comprised of thousands of nodes across the globe that are independently owned and operated which store data on the organizations’ behalf.
- Easy file transfer across vast distances
- A good place for private data
- Can be quickly downloaded with blockchain
Worldwide cloud data storage is increasing at a dizzying pace. Some of today’s most valuable companies are getting rich off of their high margin cloud computing units such as Amazon’s AWS, Microsoft’s Azure, and Google Cloud. Protocol Labs IPFS which allows cryptographic hashing and the scaling of level 2 blockchain protocols, along with the dApps that sit on top of them, are likely to grow exponentially over the next decade. Additionally, users from around the globe will look to and for a Web3 cloud storage solution that can safely, cheaply, and reliably store their data. FileCoin and IPFS are likely to be the go to solution for Web3 data storage and retrieval going forward thanks to the many early adopters who use FileCoin and to the opensource platform that allows developers to integrate applications and innovate with the protocol.
An oft noted major challenge lies in consistent ESG reporting or score uniformity across variegated frameworks and standards such as the Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI) — with others still being formed. Talk of a uniform set of standards to garner “apples to apples” comparisons is increasing in focus. Yet this obstacle is a bit of a red herring: disparate score cards.
Instead of such hefty focus on frameworks, bandwidth needs to go toward companies’ ability to capture real-time sustainability data to then power environmental performance strategies. Proving traction against carbon-neutrality goals will require an external metric, yes, but most importantly will be reliant on technology that can generate accurate, auditable and accountable sustainability measurements, reporting and, thus, records to track against. The technology that will fulfill this pivotal role is blockchain.
With Firework, you have a chance to deliver an experience that is similar to that of a social media, without really having to develop anything that creates a dent on your budgets. Firework upgrades simple websites and transforms them to mobile friendly web assets that deliver app-like seamlessness and immersive experience, powers the website with vertical short video storytelling capability with an unmatchable e-commerce experience that drives business revenue and consumer delight.
Web 3.0 is certainly about decentralised internet that will democratise the web. However, if businesses fail to offer an upgraded user experience then the might socials will continue to dictate the digital economy and the open web will cease to exist.
Most importantly, as with any new emerging technology-enabled business model, companies should pilot NFTs with cryptocurrency and blockchain. Start with creating a digital wallet and fill it with some Ether, the cryptocurrency that many NFT marketplaces use (because they use the Ethereum blockchain). There are a number of sites that sell cryptocurrency, including Ether. Some of the more popular sites are Coinbase and now PayPal. Once a company has purchased some Ether they can proceed to OpenSea (or other NFT marketplaces, like Rarible or SuperRare), which is where lots of digital things are for sale. Companies can buy some things on OpenSea (with their Ether) – and then sell them – all in the spirit of learning how it all works. They can then browse their own portfolios for something to sell, or consider creating something they can sell.
The three main factors solidifying institutional interest in Bitcoin are the current historically low interest rates, the inflation rate and geopolitical instability. With near-zero interest rates expected for the foreseeable future, investors are gearing up to move their funds into alternative locations for securing wealth.
The United States Federal Reserve’s 2% inflation target has incited concern in investors fearing devaluation, and with tensions between the U.S. and China on a precarious edge, portfolios denominated in U.S. dollars are becoming riskier by the day.