What is Web3? The 'Next Phase' of the Internet, Explained

Speaker 1: [00:00:30] Proponents of Wery would say that people are not sufficiently rewarded for their participation in web two platform. So [00:01:00] Google may pay you X per million views on YouTube, but you're probably entitled to way more of that. The, the whole point of crypto in general is to remove the middleman for web three. The whole point of those technologies is to remove the, the platform middleman. Um, the Googles, Speaker 2: [00:01:30] The data is decentralized. So there's no not a single entity that controls all your data. Your data is across the network and is secured, uh, so that it's, it's stored, uh, properly and not a, not a single player is running the, the whole node. And the, Speaker 1: [00:02:30] The issue then becomes like, what kind of content does that incentivize? I mean, YouTube is you get paid per click, uh, and that has, is not known for the most, uh, healthy content sometimes. So, uh, things like that, there are also other things like if everything is stored on the blockchain, which means it can't be, once it's in the blockchain encrypted in there, it can't be removed. [00:03:00] What does that do for, you know, illicit content that we would all agree should be taken down, but can it really be taken down? There are technical limitations to this that people don't really know [00:04:00] another important part about web one is that it's, it ran on open source pro protocols. So HTML HGTP, et cetera, they're all open source protocols. Whereas, um, web two, Facebook, Google, et cetera, they create platforms, um, which are obviously owned by those companies rather than open source software use by everyone. So the idea [00:04:30] of web three is that it takes the amazing content of web two and makes it open source again, um, takes it away from the platforms and, uh, and gives it to the people Speaker 3: [00:05:30] I've been skeptical of this concept of decentralization. My gut instinct has been that what we're doing is not really dispersing power, but we're in the process of there being kind of a power shift, right? From one party who had [00:06:00] power in, you know, non web three or non blockchain systems. And now the power is going to blockchain systems and there are people <laugh> within, within those systems or around those systems who are gaining concentrations of power is a power Speaker 1: At the moment. It's already a reality just in the sense that crypto is web three, like a foundational web three and NFTs are also web three. Um, so [00:06:30] the foundational building blocks of web three are already worth like hundreds of billions of dollars. So you could say like, we already are in the beta stage of web three, Speaker 2: [00:07:00] For sure. Uh, disruption is there, uh, where that will go and to what, uh, extent it will go. Uh, it's hard to predict, but I am sure that the next 10 years are going to be very exciting.