What is Web3?
Web3 is the next stage of the development of the Internet, which can be called the Internet of perfect capitalism. This is a worldwide network where all resources are distributed in the same way as the efforts made by a person to create them. Accordingly, if a project generates a certain amount of resources, then everyone who participates in the development of this project can count on a part of the resources created by them.
Web3 is an Internet that runs on a blockchain and does not have a central node for storing and processing information. Such an Internet will be a network of distributed computing devices, where processes are handled in an absolutely decentralized manner on users' devices.
The blockchain consists of separate nodes that constantly exchange information — this is what the Internet of the future will look like. Now in the mass consciousness, blockchain is associated with bitcoin as a means of transferring value, that is, information about how much money we have sent. However, there are many more types of transmitted information on the Internet.
We are only gradually moving to Web3, but we can already imagine what this new world will be like, what benefits it will bring, and how it will change society.
The value of smart contracts
A smart contract is a set of program code that performs a specific function. Any smart contract can be perceived as a perfectly programmed robot.
We consider Web3 as a model of the future, where different smart contracts come together, the totality of which determines the functioning of the Internet.
Now the existence of the Internet is provided by providers, site creators and server centers connected to each other by a huge web of wires (web) that envelops the whole world. Each of these links is a commercial business that is subject to a large number of government regulations, primarily related to data storage and processing. That is, the data that we are currently transmitting via the Internet is absolutely accurately verified and accessible to a very large number of outsiders.
In Web3, all these functions will be performed by smart contracts.
The modern Internet can be compared to the music industry. In order to release your music track on some streaming platform, you need to go through nine circles of hell. First you look for someone to record a simplified version of the track for you, then an arrangement, then you need to find a studio where you would be well recorded, then you look for a producer who can negotiate with a record label, this label contacts a streaming company, and only then the track appears on the streaming platform. And then you also need to invest in advertising aimed at promoting the track. All this together is a huge series of intermediaries, each of which has its own role. All of them enjoy the trust of the author of the music track and do not give him the opportunity to contact the record label directly.
Each link in a long chain of intermediaries can replace a smart contract that can be trusted 100%. It will only do what it was programmed to do.
From listening to a music track, an artist or a group of artists who created it receives 5-7% as royalties, but if you replace intermediaries with smart contracts, the creator will be able to receive much more and better conditions for creativity will be available to him. This is the Internet of the future.
One of the advantages of Web3 is equal opportunities for everyone. At this stage, in order to achieve success on the Internet, to make your startup, you must have connections, contacts, you must declare yourself, become noticeable. The Web3 Internet is arranged in a completely different way - your entire audience will always be with you, and its digitization on the blockchain will allow direct distribution without the participation of any intermediaries.
Everyone will independently distribute the values they create. Web3 will really rid the economy of a large number of intermediaries, which will significantly increase the efficiency of economic ties.
Web3 allows you to create an international payment system that is automated using tokens and digital assets.
This payment system already exists right now. People who are familiar with cryptocurrencies and blockchain are gradually getting rid of the mediation of banks.
Here is a typical example. For more than a year I have been studying with an English teacher through a learning platform. Everything was fine, but suddenly the platform cut staff, fired teachers, and my teacher was also cut. Up to this point, the tuition fee looked like this: I replenished my account with a bank card, and the platform was settled with the teacher. But he was fired, and I want to continue studying with him. At the same time, I am in Israel, and he lives in Japan — in both countries, the banking system is not the most welcoming and friendly. In order to send money to a teacher from Israel, you need to go to the bank and bring a lot of pieces of paper to explain what kind of money it is and why I am transferring it somewhere. And in order for him to accept this money, he needs to do the same in Japan.
So now we use USDT. I told my teacher about cryptocurrency, helped create a wallet, and literally in 5 minutes he was able to get $100. And absolutely no questions from intermediaries, because they have all been replaced by smart contracts. USDT is a set of smart contracts that fulfill clear conditions - to move value from one point to another. Cryptocurrency copes with this by 100% and charges a commission of ten cents, unlike bank transactions where I would pay a lot of money for the transfer. And my counterparty would also pay in his bank.
Metaverses and consumption
The metaverse is a space of unlimited possibilities, where everyone really owns content and invested resources, where everyone gets what they deserve.
Any company can create its own metaverse, people will not end up in any one of them. Now there is a top-1 global social network — Facebook*. This will not happen with metaverses. We will be able to be in thousands of metaverses in the form of our digital characters. These characters will be the result of digitizing a person based on artificial intelligence, analyzing his behavioral abilities and communication. They will become a complete copy of a person on the Internet, which, among other things, will be able to learn from models of a particular person's life experience.
Facebook Instagram* usually offers to link it to a Facebook account when we use Instagram*. Facebook instantiates a bridge — when you create a story on Instagram, it becomes possible to publish it on Facebook at the same time. This works because both social networks belong to the same company, and an agreement was reached between the divisions about this.
There is no need to negotiate in the metaverses.
There is written program code and entry points to this code. All metaverses can be combined by the will of the developers, so that the content of one metaverse will be duplicated in another. Therefore, it is unlikely that any one metaverse will be ahead of the entire planet, most likely, we will travel freely between different virtual worlds.
Gartner recently published a study that by 2025, a quarter of the world's population will spend at least 2 hours a day in the metaverse. This study is only six months old, but now they have already updated their data and claim that by 2027 40% of companies will use metaverses as a business tool. Three years seems like a fairly short time, but significant changes will occur.
By 2027, the consumption model will completely change. Remember how we came to the store 10 or 15 years ago: we received an expert evaluation of the product from the seller — that is, what the seller told us was almost the only available information about the product. Sometimes friends also told us something, and we came by recommendation.
Today, when we come to the store, we have a supercomputer in our hand, which allows us to quickly find information about the product. The amount of this data is limited only by our ability to search and analyze information.
What awaits us in the future? The stores will be 100% in virtual reality, all of them will be digitized.
Virtual reality is connected to the Internet, which means that comprehensive analytics will be instantly pulled up to any product that a person sees on virtual shelves. Every consumer of any store in 2027 will become a highly expert on the product he is going to buy. Only high—quality products will benefit from this - that is, those whose expertise and value are confirmed. There will no longer be any opportunity to hide anything about the product, because any information about it will be available to us at any time. Therefore, companies that are not represented in the metaverse will lose in the competition and will leave the scene.
* Meta product, activity recognized as extremist, banned on the territory of Russia by the decision of the Tverskoy Court of Moscow dated 03/21/2022.
Web3 and the education industry
The first projects we want to launch in the DEXART metaverse will be educational.
Communicating with people who are engaged in education, I heard a wonderful phrase:
We teach children of the XXI century with the help of teachers who grew up and studied in the XX century using the technologies of the XIX century.
What are children being taught now? What were we taught? We studied according to an outdated concept, when the result of education was memorized data embedded in the brain.
However, when we come to the store, we can get any information from the Internet at any time almost instantly. How valuable is it to remember data now?
The value of storing data will be negligible.