Web3 aims to revolutionize participation in a wide variety of fields, from technology to the arts. However, it needs those participants to see what its potential holds, argues nitingaur, founder and director of IBM Digital Asset Labs
Web3 is hailed as a technology paradigm that is fueled by the creator economy and is in the future, or rather, the next evolution of the internet. As we draw evolutionary comparisons of the technology that underpinned everything from information consumption to content creation, Web2 contributed an unparalleled economic growth and represented a significant era in human evolution with new ways to work, consumer information and progress in human civilization.
Participatory economics originates from previous centuries of thought and experimentation around the idea that people should be able to manage their own lives with others cooperatively and fairly with rules embedded in the incentive economy that rewards participation and penalizes wrongdoing and activities that the network views as unfair. In other words, for Web3 to work and deliver on its promise, we need participation.
The Semantic Web extends the notion of document/information on the web to data that is of value, facilitating information that becomes more meaningful when semantically linked with data. Data is then converted to things of value — leading to monetization and the accountability elements of Web3 principles.
Now, many of these services are centralized so they that the challenges of the current economic system are also inherent in them, meaning they embark on on the promise of Web3 but lack its principles.
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