A Bit of Optimism A New Paradigm for Trust with entrepreneur Yat Siu
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Nov 14, 2023 Yat Siu, co-founder of Animoca Brands and a leading voice in blockchain technology, shares his vision for rebuilding trust in a digital world. He discusses the evolution from Web1 to Web3, highlighting how technology can empower users and redefine capitalism. Siu critiques traditional systems of wealth and data ownership while promoting a fairer, blockchain-driven future. He delves into the transformative power of NFTs and ownership in the metaverse, emphasizing the importance of human-centric approaches in restoring social trust.
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Web2's Data Colonization
- Web2's bidirectional data flow empowers platforms to extract immense value from user-generated content.
- Users, essentially working for free, become the product, fueling targeted advertising and centralizing profits.
Capitalism's Irony: Web2's Authoritarianism
- Web2, a product of capitalism, ironically resulted in authoritarian data control by a few powerful companies.
- Web3 aims to democratize this landscape by returning ownership and control to users.
Web3: The Web of Ownership
- Web3, using blockchain, allows users to own stakes in the networks they contribute to, fostering a stakeholder model.
- This contrasts with Web2's extractive model, where platforms own and control user data.