I'm confused about web3
I recently watched a viral clip of a podcast in which Tyler Cowen asks Marc Andreessen about the concrete advantage of web3. Marc attempts to explain, but doesn't do anywhere close to as good a job as you'd expect him to. And the skeptics loved it.
That got me thinking - I've been bullish about web3 for quite a while; What would my answer to the same question have been?
And I must say – I have no clue.
Before you call me a blind follower of the web3 gurus and Twitter thinkbois, I'd like to propose a thought experiment:
Rewind to 1995. You've just heard about the internet. It takes 10 minutes to connect to it via a dial up modem, and when you're connected, it lets you send electronic mails to people you know. But the problem is, barely anyone has an email address.
Although the internet created a fundamental shift in the way humans communicate, 1995 was too early to use it well. Besides, it was too early to imagine that someday you'd be able to tap a button and 10 minutes later, freshly prepared food would appear at your doorstep. Or that you'd be able to yell "Alexa, turn down the lights" and not sound like a madman. Yet, here we are.
Similarly, web3 (or crypto, as I prefer to call it) has created a fundamental shift in the way we create trust between individuals. Yes, it has flaws, but in a world powered by the internet, where more strangers connect with each other than ever before, isn't decentralising trust still a massive achievement?
And isn't it natural for the best investor in the space to understand its potential impact, while not being able to paint a picture of the details?
Link to the clip: https://twitter.com/liron/status/1537186589486460928?s=20&t=KZnimslgTAHjqXIeH1qmBw