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Cryptogram - 07OCT2022

Cryptogram - 07OCT2022

Elon’s private chats and Web 3.0’s future

October 07, 2022

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07 October 2022

In this issue

How a Web 3.0 future looks || The Top Five stories this week

Hello, There is legit voyeuristic pleasure in reading others’ private chats, but they are a lot more fun when they belong to the world’s richest man. Thanks to Twitter suing Elon Musk for backing out of a deal he had agreed to, we got a rare peek into private conversations of the tech elite, and their ideas and approaches to investing. Some of the stuff we’ve read in those conversations is downright embarrassing for their sycophancy and mediocrity. But what caught our eye is what powerful men like Musk and Twitter founder Jack Dorsey thought about decentralization of platforms, and we think this can inform us about the future of Web 3.0.

The newsletter is put together by Giottus Crypto Platform and The News Minute’s Brand Studio. You can read all the previous issues of Cryptogram here.

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THE BIG STORY

How a Web 3.0 future looks

In the past few decades, tech guys have had a huge role in deciding how the world progresses. The strength they derived from their platforms gave them the power to influence policy at a global scale, and shape the future the way they deemed fit. This has had more disastrous consequences than good ones, but the tech elite are now coming around to realising how badly they screwed things up with a centralised internet.Conversations between Jack Dorsey and Elon Musk speak to that. Dorsey talks about a decentralised Twitter, one which could be an open-source protocol run by a foundation. He said that making Twitter a company was his “original sin”. Musk initially gets excited about and then abandons the idea of a blockchain-based Twitter, but it makes clear where he is headed: platforms which reduce centralization and increase transparency. The future is undoubtedly Web 3.0, even the Web 2.0 guys cannot live with what they created anymore. We are at the beginning of a Web 3.0 revolution, which will transform how we interact with the digital environment. But what does this exactly mean? How does a Web 3.0 future look, and how will we evolve into it? Web 2.0 >>> Web 3.0While it is true that entirely new players are laying the foundations of Web 3.0, eventually it is going to be the capital and resources of Web 2.0 which will evolve into Web 3.0. With Web 3.0 being the next iteration of the Web, every major platform today has an early Web 3.0 equivalent.

Image source: Messari

Obviously, platforms are exploring ways to integrate into or build future-ready platform to maintain the lead they carry from Web 2.0. Major companies across industries—JPMorgan, Nike, Google, Microsoft, Tesla, Sony and Disney among them—have begun to think about how Web 3.0 will influence their business and what benefits this new tech could unlock. Here are some examples.MetaMeta’s chief Mark Zuckerberg has been quite vocal about his plans to convert the social media portal into a full-fledged Metaverse entity. After they abandoned the launch of their native cryptocurrency, Meta has filed several trademark applications related to the crypto realm with regulatory authorities. The applications involved plans for crypto exchanges, Metaverse wallet and crypto wallet solutions, tokens, crypto trading, blockchain software, etc. Although, things don’t seem to be going too well for Meta on the metaverse front.MicrosoftMicrosoft has said it would aid Astar Network in constructing the Web 3.0 future through the Astar Incubation program. Microsoft is competing with other tech titans for a piece of the blockchain market. It has backed ConsenSys, participating in a $450 million investment round, doubling the startup’s market capitalization to $7 billion. Microsoft has also expressed interest in Polkadot, an additional smart contract technology via the Astar Network. SonyIn 2021, electronics conglomerate Sony filed several patents supporting cryptocurrency use for e-sports in-game wagering. The patent application proposed support for both physical and virtual currencies for in-game betting. It revealed the firm’s plans to create a real-time channel for players to place wagers while playing e-sports games. The company plans to expand the technology to consoles made by Microsoft or other firms’ VR headsets, AR headsets, laptops, computers, smartphones, portable TVs, etc.Web 3.0 adoption is also being driven by the increasing number of dapps (decentralized applications) being built on blockchain platforms. According to DappRadar, the total number of dapps has grown to more than 9,000 dapps this year. With a monthly user base of over a million worldwide, dapps are becoming increasingly popular. What can you do: Creating, investing Web 3.0 based projects in the crypto ecosystem have a market capitalization of $25-30 billion currently. This can grow into $1 trillion over the next 3-4 years representing a 30x from today’s valuation.As a creator, you have multiple ways to utilize the trend. You can:

1) build a service or a product that can replicate or better a current Web 2.0 offering2) build creator economy models that can benefit individual creators more than the platform3) pivot your career to service this evolution (via learning, exposure and adoption)As an investor, you can identify projects that have potential to build the Web 3.0 infrastructure – check out the links below. However, these are in early stages, newer projects can supersede them with time.Top Web 3.0 Tokens by Market Capitalization Top 20 Web 3.0 Tokens to Watch in 2022Other useful links that could be helpful to you:A New Age of the Internet Framing the Future of Web 3.0 - Goldman Sachs A Case of Missing On-ramps for Web3 Talent

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