Surfing the Web3.0 Wave: From 'Reading' to 'Owning', No Life Jackets Needed!

Hi friends, 👋

Thanks to my newsletter's backend data, I've noticed many of you are here from Linkedin or have been connected with me since my uni days. You may have seen I've been dabbling in a web3 project. Let me tell you, it's been an adventure. I challenged myself to a web3 bootcamp for 100 days, diving into the deep end with things like proof of stake, layer 2, and tokens. And guess what? I graduated! 🎉

In the final stretch of my challenge, I dug deep into the bigger picture of blockchain. Spoiler alert: it's set to shake up the world as we know it. To get there, I've been binge-reading “Read, Write, Own” by Chris Dixon from A16z (VC big shots), a guru in blockchain and crypto.

The 3 Era “Read, Write, Own”

Alright, let's first delve into the book where "Read, Write, Own" refers to the three transformative eras of the internet, as classified by Dixon! 🚀

Picture the first era, the "Read" era (1990-2005), as the birth of the internet as a global library 📚. It democratized access to information, and suddenly, anyone anywhere could pull up a browser and learn about almost anything. It paved the way for a world that was more connected and educated than ever before. 🌐

Then came the "Write" era (2006-2020). This was when the internet became a loudspeaker 📢, thanks to the rise of corporate networks like social media and blogging platforms. These platforms gave a voice to the marginalized and overlooked. But it wasn't all sunshine and roses, this era also saw a few mighty corporations gaining control over these platforms, sparking concerns around privacy and data ownership. 🏰

Now, we're stepping into the "Own" era, supercharged by blockchain technology! 💥 This era is about democratizing ownership. Blockchain technology empowers anyone to become a network stakeholder. So, now, we're not just reading and writing on the internet, we're owning a part of the network we contribute to. How empowering is that? 💪

So, what does blockchain mean for this "Own" era? Well, it's a game-changer! 🎯 Blockchain is taking on big corporate dominance, returning the internet to its dynamic roots. It's empowering users, cutting down 'creative taxes', and fostering innovation. Blockchain networks are more than just about creating networks; they're about creating more desirable outcomes, blending the societal benefits of protocol networks with the competitive advantages of corporate networks. It's like we're building an improved, equitable version of the internet, brick by brick, with blockchain as our cornerstone! 🌐✨

The Highways of the Digital World: The Creative Tax of Corporate Networks 🚧🍎

In the vast digital cosmos, networks are the highways. As we journey through the transformative eras of the internet—"Read, Write, Own"—it's essential to understand the different types of networks and their unique characteristics. 🌐

Imagine protocol networks, like email and the web, as bustling city squares. Open, egalitarian, and democratic, they encourage interaction, collaboration, and the free exchange of ideas. It's a digital utopia where anyone can send emails, create webpages, or even develop an innovative app! 😊📧💻

In contrast, corporate networks that we mentioned earlier, such as Facebook and LinkedIn, are exclusive gated communities. Entry requires permission, content is regulated, and data usage is dictated by corporations. Despite offering advanced services, they limit the possibilities of free, unregulated innovation. 🚧🔒

The spotlight now turns on to the "creative tax" imposed by these corporate networks. Consider the Apple App Store, which levies up to a whopping 30% in fees on app developers. This hefty cut could potentially stifle innovation by discouraging small developers. 🍎💸

Similarly, social media platforms like Facebook monetize user-generated content. Every post, every status update, and every interaction you make contributes to Facebook's content wealth at your expense. It's a system where platforms get an almost free, continuous stream of content, extracting value from creators and putting a damper on creativity. 📉🔒

The stark differences between these network designs and their impact on our digital existence are significant. Understanding them helps us navigate the evolving internet landscape and appreciate the challenges and opportunities it presents. 🌐🚀

A Bright Future Empowered by Blockchain: Revolutionizing the Creator Economy and Fostering Collaborative Storytelling 🚀🎨

As we step into the new "Own" era, we are witnessing an exciting confluence of transformative technologies - Blockchain and Generative AI. Together, they promise to shake up the traditional models, empowering content creators and audiences alike, and creating a vibrant ecosystem of creativity, collaboration, and fair compensation.

Consider the current scenario where content creators are often at the mercy of platform policies, struggling to ensure proper recognition and reward for their work. Now, imagine a radical shift - a system where creators can set specific terms for the use of their work, all backed by unchangeable, transparent, software-enforced rules. This isn't a distant dream, but a tangible reality made possible by blockchain. As a transparent, tamper-proof digital ledger, blockchain records every transaction, instilling a sense of trust and confidence among creators. 🛡️🔐

To illustrate this point, let's look at a recent case involving The New York Times and OpenAI's AI model, GPT-3. The model was found to reproduce content from The New York Times without permission, sparking a debate on the need for stricter copyright regulations in the AI realm. In such cases, blockchain's role becomes crucial. It ensures that a fair share of revenue generated by AI systems using a creator's work is redirected back to them. This can be a game-changer in the AI-driven digital content space, promising a new economic model that motivates creators to deliver high-quality, original content. 🗞️🤖📊💰

But the transformative power of blockchain isn't confined to the creator economy alone. It's also revolutionizing the way we engage with narratives, heralding a new era of collaborative storytelling. In traditional models, fans of a book or movie are mere spectators. Blockchain flips this model on its head. Fans can now "fork" characters or entire stories, actively shaping narratives, and creating alternative timelines. They become active participants, not just passive consumers, in their favorite creative worlds. This is storytelling with unlimited Lego bricks - a creative playground that fosters active audience engagement and participation. 🎬📖🌈

Platforms like Wikipedia, Quora, and Stackoverflow have already demonstrated the power of collective contribution. Taking a leaf from their book, blockchain has the potential to revolutionize the creative sector. It democratizes creativity, potentially boosting creator income, and promising a seismic shift in the creative industry. The result? Richer, more engaging, and diverse content. 📝🎉💸

To Sum Up

In a nutshell, we're standing on the precipice of a new digital era - an era that promises to democratize the internet, empower creators, and reimagine the way we engage with narratives. The "Read, Write, Own" evolution of the internet brought to us by web3 is a game-changer, ready to bring down the barriers of corporate networks and usher in a wave of innovation and collaboration. As we wave goodbye to the creative tax and say hello to the empowering world of blockchain, we're not just spectators but active participants in this digital revolution.

I would like to express my heartfelt gratitude to all my colleagues at Accenture. You, my senior leaders, managers, and fellow team members, have been my pillars of support, generously sharing your vast knowledge and experiences during our 9-month project. Our Dubai adventure was truly a roller-coaster ride, one I am sure we wouldn't hesitate to embark on again. To our global team across the US, Germany, Spain, UAE, India, and Japan, your dedication and perseverance through numerous late-night calls exemplify that time zones are merely a concept. As we continue our journey in the web3 world, let's keep innovating, learning and disrupting. Here's to many more adventures together!

📚 Book — Read, Write, Own by Chris Dixon

📝 Blog — a16z crypto

📄 My Posts — Web3 100 Days Challenge