A Bit of Optimism
A New Paradigm for Trust with entrepreneur Yat Siu
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.
31:29
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Quick takeaways
- Web3 introduces blockchain technology as a solution for large-scale trust issues and enhances human coordination.
- Non-fungible tokens (NFTs) serve as a reflection of cultural value, providing ownership and financial benefits to creators while increasing loyalty among fans.
Deep dives
Web3 and the Democratization of Ownership
Web3 represents a shift towards a more democratic and equitable system of ownership. In Web 2, data was written to private databases owned by companies like Facebook and Google, making users mere products. However, Web3 introduces blockchain technology, which allows data to be written to a public infrastructure owned by the community. This means that individuals can now have ownership and control over their digital assets, such as NFTs. By owning these assets on the blockchain, individuals become stakeholders and can benefit from the value they contribute to the network. Web3 aims to create a more equitable framework where everyone can make a reasonable income without exploiting others.
