The world has recently awakened to both the dark side of centralisation and the potential of Web3.0.
- The rise of arbitrary content manipulation and deplatforming in the past year has highlighted the need for credible neutrality and censorship resistance.
- On the other hand, the explosion of the crypto creative economy through NFT marketplaces has demonstrated the potential for alternatives to the free+ads model for user-generated content.
- DeFi protocols and DAOs have popularised the idea of running digital economies without intermediaries.
- With the recent breakthroughs in blockchain scalability, speed and cost, all incentives, economic models and tools are aligned to disrupt incumbent monopolies.Blockchain protocols are more scalable and composable. DeFi, DAO and NFT are becoming adopted standards for price discovery of both financial and creative assets. The remaining challenge is to bundle them into a consumer-ready holistic user experience that can be universalised towards product/market fit and data network effect.
A decentralised social graph where qualitative metrics and intellectual property are tokenised, allowing creators and audiences to coordinate through a diversity of UIs and algorithms competing to provide the best experience over creator-owned digital assets. Social 3.0 has 3 layers: free-market UI, free-market graph and decentralised open-state database as public utility. As a consequence, the internet will shift from the centralised attention economy to the decentralised creative economy.