Ep 90 | The Web3 Revolution | A Conversation with Alex Tapscott
Nov 3, 2023
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Alex Tapscott, an expert in blockchain technology, discusses the transformative impact of Web3. They explore the empowering features of Web3, programmable money, and a new way to organize and govern value. They also discuss the missing economic layer on the internet, the role of digital tokens, and the needs and desires in the digital economy. The podcast covers topics like network segmentation, Nike's digital assets, luxury brands, stablecoins, and the need for established companies in the Web3 revolution.
Web3 introduces an economic layer to the internet, empowering individuals with ownership and control over their digital assets.
Tokens play a crucial role in Web3's economic layer, allowing individuals to have greater control over their economic lives online.
Deep dives
The Evolution of the Internet: Web1, Web2, and Web3
Web3 represents a fundamental change in the internet – an economic layer. Web1 was about accessing and presenting information, while Web2 focused on collaboration and user-generated content. However, Web2 platforms captured most of the value, leaving users with little control. Web3 introduces an economic layer, allowing individuals to own and control their digital assets, including data and financial assets. This shift empowers internet users, offering them more autonomy, privacy, and freedom. The economic layer creates new opportunities for business, culture, and society.
Tokens and the Economic Layer of Web3
Tokens play a crucial role in Web3's economic layer. Tokens can be thought of as containers for value, similar to shipping containers holding various goods. Tokens can represent different assets, such as currencies, digital creations, or other valuable items. This economic layer enables individuals to have greater control over their economic lives online. Wallets become the interface for Web3, allowing people to custody and control their assets, value, and credentials. Decentralized Finance (DeFi) is an example within Web3, where financial services are being reimagined from the ground up, giving users ownership and control over the platforms they use.
Regulatory Challenges and the Need for Legal Certainty
Web3 introduces new challenges for regulators and governments, as it disrupts established systems related to law, governance, and money. The evolution of laws and regulations needs to accommodate digitally native organizations and recognize the unique aspects of digital tokens and smart contracts. Legal certainty is essential for enterprises and individuals to embrace Web3 fully. Adaptation and modification of existing laws, such as corporate law and securities regulations, are necessary to create an enabling environment for Web3 innovations to thrive. Regulatory evolution may take time, but advancements in technology and societal will are likely to push the legal landscape forward.
Opportunities for Enterprises in Web3
Enterprises have started to harness the potential of Web3 by leveraging digital tokens and exploring new utility models. Brands like Nike and luxury companies are delving into the world of digital assets to offer new ways for customers to engage with their products and express alignment with their brands. The adoption of Web3 can open doors to new products, services, and markets that were previously inaccessible. Additionally, enterprises are recognizing the value of public blockchain infrastructure, embracing its potential for scalability and reach. Web3 provides opportunities for enterprises to create innovative products, tap into digital economies, and transform traditional business models.
Alex Tapscott is an entrepreneur, author and seasoned capital markets professional focused on the impact of blockchain technologies on business and financial markets. In 2016, Mr. Tapscott wrote the foundational best-seller, “Blockchain Revolution.” In his latest book, “Web3: Charting the Internet's Next Economic and Cultural Frontier,” Tapscott gives a road map for the emergence of the “read, write and own” web.
In their Money Movement conversation, he and Jeremy Allaire discuss:
👉 [9:16] The coming primacy of the wallet
👉 [18:56] Programmable money
👉 [16:30] Why Web3’s impact will be so big
👉 [28:22] A new way to organize and govern value
If you’re interested in learning more about the foundations and implications of Web3 from one of its foremost experts, tune in to this episode of The Money Movement.
The global economy is experiencing unprecedented challenges and change. Business leaders everywhere are grappling with how to transform their companies to become more digital, resilient and efficient. As we face this change, a new global movement is building around the promise of digital currencies and blockchains — forming a new architecture for the global economy and creating new opportunities for companies everywhere. The Money Movement explores the issues, ideas and icons driving this transformation in how we spend, send, save and store value.
The Money Movement is brought to you by Circle. Our mission is to raise global economic prosperity through the frictionless exchange of value. Learn more at circle.com.
The Money Movement with Jeremy Allaire is handcrafted by our friends over at: fame.so
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