Chris Curl,
Editor
Dec. 29, 2021
There has been a lot of talk about Web 3.0 (or Web3).
On Monday, Tyler Winklevoss, co-founder of Facebook and the Gemini crypto exchange tweeted this:
“It’s really quite alarming how Big Tech has anointed themselves the arbiters of the world’s truth and morality. Power corrupts and absolute power corrupts absolutely. Web3 fixes this.”
Decentralization is the name of the game heading into the future. We’ve seen the internet morph into an increasingly narrow playground of ideas ever more tightly controlled by giant tech monopolies.
The past two years have revealed quite starkly how much control these companies have over the free flow of information on the web.
I think we all know what companies I’m referring to.
And not only are these companies not going anywhere, they’re getting larger and more powerful by the day. All these behemoths came to being in what is now known as Web 2.0.
Web 2.0 encompasses the entire modern internet of social media, video streaming, and search engines. When these technologies started, they were heralded as being a revolutionary means of spreading information freely and openly.
Now, they have nearly become as centralized and uniform as the news media of yesteryear.
This is where Web3 steps in.
Known as the decentralized web, Web3 seeks to reorient the internet back to its ideological roots. Rather than everything being centralized under a small group of Big Tech firms, which also profit massively from this advantage, blockchain technology will allow all internet users to host and verify data to the benefit of all.
Your information won’t be sold. Your account won’t be deleted. Your posts won’t be censored.
Web3 is also the foundation of the Metaverse – a virtual online world where people will interact using avatars or virtual representations of themselves.
This space is still in its infancy but is starting to see massive growth especially among Gen Z and younger Millennials. This demographic has in many ways been left behind and priced out of the ‘real world’ as they’ve watched asset prices skyrocket without wages to match. They are building a digital world where everyone can participate and reap the rewards of society – not just an elite few.
Still, there are some who question the legitimacy of Web3, including Elon Musk and Jack Dorsey. In a recent interview, Musk opined:
“I don’t see someone strapping a frigging screen to their face all day and not wanting to ever leave. That seems — no way.” Later adding: “I currently am unable to see a compelling metaverse situation.”
Jack Dorsey recently tweeted:
“You don’t own ‘web3…The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.”
Both of these rebukes come from men who made their fortunes on Web 2.0. And it would appear to me that they have ultimately lost the plot.
One can argue about the overall societal impact Web3 will have – whether good or bad – but at the end of the day one must accept its inevitability in order to profit from it.
And I’m not suggesting that the internet will be fully decentralized any time soon, if ever. But it would be a huge mistake to ignore this emerging trend.
I’m looking to profit from it and am excited to have others join me as I launch my Crypto Cycle service, where we’ll be putting real money to work in these kinds of investments so you can follow along.
You can expect it to be ready by the end of January. Click here to be notified when it is.
Keep coming back,
Chris Curl
Editor, Daily Profit Cycle