Blockchain Explained: How Web 3.0 Will Create New Business Models
Watch the new episode in the Blockchain Explained series, where Joe Lubin explains his vision for the decentralized movement.
In this eight-part series the Co-founder of Ethereum, Joseph Lubin talks about key concepts in blockchain technology, Ethereum, and ConsenSys. Each week we’ll release a new video in the series. Check out last weeks video where Joe explains the difference between Bitcoin and Ethereum!
In this series, Joseph Lubin — Co-Founder of Ethereum and Founder of ConsenSys — discusses key concepts in blockchain technology.
In the fourth installment of this series, Joe defines Web 3.0 — one of the major goals of the decentralized movement.
Joe breaks down the internet as it exists today, also referred to as Web 2.0. He explains that while Web 2.0 has served the world well and transformed society, our needs as a society have changed and evolved over time.
Joe examines many problems with the internet giants of today (i.e. Facebook, Twitter, Google, Netflix) and how they take advantage of the individuals who use their platforms, stating, “By addicting us to their systems they keep us sellable.” He continues to describe the misalignment of incentives which has resulted in humans becoming the product as opposed to the end user.
However, Joe reassures everyone that Web 3.0 optimizes for a user-centric approach, stating, “The web 3 world makes use of decentralized identity to take back control for the user, to enable us to establish blockchain based self-sovereign identities.” Joe briefly discusses two ConsenSys companies, UPort and 3Box, who are already working to create identity solutions.
The video also addresses Joe’s vision for Web 3.0, remarking, “We will have these network business models where people and companies can inhabit different roles to create products and services that we all own and benefit from.”
Tune in next week for a deeper dive into the world of decentralization, and find out how companies are using blockchain today!
Disclaimer: The views expressed by the author above do not necessarily represent the views of Consensys AG. ConsenSys is a decentralized community with ConsenSys Media being a platform for members to freely express their diverse ideas and perspectives. To learn more about ConsenSys and Ethereum, please visit our website.
