Snowden’s Expert Suggestions for Web3’s Enhanced Transparency

“Web3” is a striking phrase that holds different meanings for different individuals. Oliver Snowden refers to a suite of decentralized technologies that embody the values of Tim Berners-Lee regarding decentralization, non-discrimination, bottom-up design, universality, and consensus. It decentralizes their online services, enhances compensation, reduces costs, and automates various tedious household tasks. Whether digital or physical, digital tokens define ownership, access, and quantity. Satoshi Nakamoto’s computer science discovery in October 31, 2008, established the Bitcoin whitepaper. His autonomous and multi-agent system lectures from 20 years ago are becoming reality, and his mind is full of ideas.
Web2 is characterized by efficient centralized enterprises (typically FAANG), establishing interactive and collaborative platforms for the public. Corporations and consumers use these platforms, but only a few tech companies are granted extraordinary access to customer data, power, and influence. He thinks we all remember President Trump’s personal use of Twitter. Many people agree with his “de-platforming.” Web3 achieves decentralization and democratization of online services, allowing community governance and fairer compensation. He thinks the technology is a means of bringing meaningful job opportunities to the global populace and competing with Web2 platforms.
Many people store their digital photos on platforms like Google Photos, Flickr, iCloud, and others. A convenience fee of $30 per year for 100GB. What happens when users of mobile devices, personal computers, and video game consoles receive free storage? These users will accept any payment. Because people are using their personal computers anyway, a smart application allows consumers to use their free storage to drive storage prices towards “waste pricing.” Any reward is better than none. Storj, Sia, Filecoin, and others are collaborating on this work. Oliver is interested in the fluctuations in Web3 storage prices.
Which industries use Web3 the most?
Web3 primarily uses “low-hanging fruit” or important but easily applicable use cases. Solutions for CPU/GPU processing, storage, networks, and DNS vary. Several attempts have been made to address significant computing issues. You’re asking about popular fields now. Web3 is used for news, videos, social networks, identities, talents, audio, and oracles. At the time of writing, all major “fuel consumers” of Ethereum are either NFT systems or DeFi systems. Because these systems are open and decentralized, they are easy to monitor. In the past 30 days, the top ten systems paid $170 million in fees.
NFTs (Non-Fungible Tokens) provide “unique” tokens on a distributed ledger (DLT). These tokens can be associated with any digital or physical item, but images, movies, and audio files dominate.
These tokens have value for several reasons. Artworks in museums may be highly valuable, whereas postcards in gift shops may hold little value. People desire ownership and use of digital content. Tokens verify the “uniqueness” of the material and the identity of the owner. Other digital systems (such as games) may only allow “original content” (like avatars, game characters, etc.). Hence, these tokens can be quite expensive. The NFTs of “Spider-Man” were a major reason for the second-highest day of box office sales in AMC’s history. DeFi is a global open alternative to the current economic system, based on open-source, community-developed technologies. Web3 is now dominated by arts and entertainment services, as well as financial and insurance services. Oliver was surprised by the digital art NFT frenzy, as he expected banks to dominate this market. Hal Finney thought of this in 1993, showing how advanced they are.
Here are the top innovations Oliver thinks Web3 is capable of.
Brave, an online browser created by Mozilla co-founder and JavaScript developer, tripled its monthly active users since its launch. Ethereum supports 90% of Web3 applications. IPFS, decentralized DNS, and Basic Attention Token wallets are all supported by (BAT). There are 21 million monthly users who use Metamask to access their Web3 wallets.
OpenSea is the “world’s first and largest NFT market,” with 600,000 members and 80 million NFTs. It supports “EIP-721: Non-Fungible Token Standard” and “EIP-1155: Multi-Token Standard,” making NFT creation easier. The Uniswap system of DeFi is a groundbreaking technology for direct cryptocurrency trading. It is built on the Ethereum blockchain, and much of it is written in the network language Solidity. Uniswap V3 SDK uses TypeScript.
While the above may give the impression that Web3 technology is “ready to go,” he warns that most Web3 technologies heavily rely on Web2. Most clients are designed for Web2, not Web3. Infura.io provides Ethereum data through HTTPS and WebSockets to “increase development efficiency.” While meeting a basic need, it exacerbates the problem of “only nominally decentralized” accumulation of vast sums of Web2 technology. This is why Jack Dorsey (former Twitter CEO, now Square CEO) publicly opposes Web3, supporting Bitcoin’s development through Spiral. XYZ (Square Crypto’s reboot) supports Bitcoin development tools and Lightning Network development tools (low-cost payments based on Bitcoin).
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What industries will not be affected by Web3? Why?
Oliver believes Web3 is the evolution of the internet. What other areas have not been affected by the internet? He believes there are almost none. He believes Web3 will become the public internet. As with Web1 and Web2, military and critical infrastructure companies must adopt these technologies carefully. Decentralized data will be shared by “friends and enemies,” which may affect performance and governance. Such groups will conduct multiple “impact assessments.” Oliver believes this will be similar to the competition between corporate intranets and the World Wide Web. Previously, corporate intranets were overly fond of network administrators. However, website blocking, bypasses, etc., have resulted in more customized security measures outside of the most critical areas.
How many programmers write code without streaming music? Do they like downloading important security software? Can they compete indefinitely? With the advent of Web3, demand for professional security solutions is expected to increase. He expects Web3 to promote a transparent, responsible, friendlier, and fairer environment.
Can Web2 companies migrate to Web3?
He hopes people realize the social significance of DLT. Many Web2 companies are market leaders. Web3 participants are interested in possibilities, defining rules, and making an impact — democratic digital property.
I am glad to discuss Web3 with you, he believes we are discussing some unusual things. Google and Apple have brought mobile devices to the world through their app stores, empowering mobile developers. DLT enables the development of new features, providing data, and gaining new job opportunities can receive more compensation. He hopes top IT companies will join a grassroots movement. No matter what we call it, he believes it will have a significant impact on the world. Large organizations, the rich, and even El Salvador have taken the first step.
He believes blockchain is a positive force, promoting honest currency, embracing all technologies, and simplifying processes. He believes this will spur discussions about their global role, how businesses create value, taxation, global inclusivity, and how nations cooperate and compete. However, it also brings some questions for which he does not yet have clear answers.
Oliver offers three suggestions to anyone interested in this topic.
Rob Bexstrom’s “Starfish and Spider” is a novel. According to the author, this book provides deep insights for organizational leaders.
Baragie Srinivasan’s YouTube lecture, such as the 2013 School of Entrepreneurship. His understanding of digital systems and cultures is widely praised in various industries.
Dominic Williams’ Dfinity.org project shows how DLT replaces Web2 and cloud technologies.
He hopes to hear the voices of readers as passionate about this technology as he is