Forget crypto’s bad actors. How ‘tokenization’ allows users to reclaim the web from Google
This week at the Grammys, host Trevor Noah took a lighthearted jab at the tarnished reputation of the crypto industry. But beyond the negative headlines and government scrutiny, there is a transformative power hiding within crypto’s underlying technology – blockchain. Alex Tapscott’s Web3: Charting the Internet’s Next Economic and Cultural Frontier and Chris Dixon’s Read Write Own: Building the Next Era of the Web shed light on how blockchain is reshaping the internet and empowering users to reclaim control over their data and assets.
Blockchain technology holds the key to track and authenticate various types of data, ensure secure digital ownership, and revolutionize the way we manage value. From money to stocks, art, music, carbon credits, commodities, identities, and even votes, blockchain has the potential to disrupt traditional systems and provide individuals with greater autonomy.
The concept of Web3 revolves around the notion of an ownership web. Unlike the previous iterations of the internet, where giant tech companies capitalized on users’ data, Web3 allows individuals to capture and retain their own information and content. It enables users to store and manage their assets securely, addressing some of the critical challenges of the digital age.
Both Tapscott and Dixon explore how blockchain and tokens can empower users and challenge the dominance of behemoths like Google and Meta. Tapscott predicts that Web3 will reshape labor markets, empower creators, and bring billions into the global digital economy. Dixon delves into the technical aspects of blockchain, highlighting how tokens can transform individuals into stakeholders, facilitating trust and innovation within decentralized networks.
Moreover, Web3 tackles emerging concerns brought by AI-generated content, including deepfakes and misinformation. Europol projects that AI-generated content will comprise 90% of the internet by 2026. However, a survey by Maru Public Opinion revealed that half of Canadians feel unprepared to identify AI-generated fake news. Tokenization can play a vital role in proving the origin of content, offering users the ability to trace it back to its creator or media outlet. Tokens provide a verifiable layer of digital information, safeguarding the integrity of content in an increasingly AI-driven landscape.
The advantages of Web3 extend beyond the digital realm. Citibank anticipates that by 2030, users will tokenize trillions of dollars worth of assets, including equities and real estate. Tokenization, coupled with blockchain-based land registries, has the potential to combat fraudulent practices in the real estate market, as demonstrated by cases reported in the Greater Toronto Area.
Tapscott’s and Dixon’s books complement each other in exploring various use cases and illustrating how Web3 can transform businesses and society across industries. Ultimately, Web3 strives to create a fairer and safer digital economy that doesn’t require individuals to compromise their personal data for its benefits. The balance between privacy for individuals and transparency for the system lies at the core of this paradigm shift.
In our increasingly interconnected world, Web3 and blockchain offer a glimpse of a future where users regain control over their digital lives. By leveraging the power of tokens and decentralization, Web3 has the potential to reshape not only the internet but also our economic and social landscapes. It’s a revolution driven by innovation, trust, and the pursuit of a more equitable and secure digital landscape.
