Cenk Sidar is the co-founder and CEO of Enquire AI.
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The true essence of the internet is the democratization of knowledge and communication. From its earliest roots as ARPANET, the internet has been used to close the information gap over time and distance, increasing access for everyone.
That same spirit fuels the current Web3 movement, as entrepreneurs and innovators work to build the next generation of the internet. In a world where community is key, Web3 seeks to decentralize ownership and decision-making to the people who use it. When implemented at scale, the hope is that decentralization will mean more equity, inclusion and equal opportunity for all citizens of the web.
To understand how that’s possible, it’s important to recognize where this started. Think back to the early days of the internet, with modem sounds, AOL, Netscape, instant messaging and GeoCities. At the time, Web 1.0 was revolutionary because it allowed you to communicate in real time and read content in a more dynamic way than on paper. In retrospect, the user experience was slow, clunky and relatively difficult to navigate.
In the early 2000s, we saw the rise of what we now know as Web 2.0, which is essentially the modern internet. Companies like Apple, Google and Amazon took the basic principles of Web 1.0 but made it mobile, social, user-friendly and dynamic. Sites like Facebook, LinkedIn and Wikipedia empowered users to not just absorb content but to create and interact with it, collaboratively.
The rise of Web3 is based on the revolutionary idea of blending the advancements from Web 2.0 with the best of Web 1.0, spreading the decision-making, information and benefits among many instead of a centralized few. Advances in internet speed, access and technologies such as cloud computing helped Web 2.0 change the world. Web3 promises to continue those trends while offering ownership to the participants who use it.
Web3 is built on a collectivist ideology, where WAGMI (we’re all gonna make it) is a popular rallying cry. Projects and organizations will succeed based on their commitment to shared benefit and the decision-making of their community instead of a select few. The transparency needed to ensure these principles are adhered to is written in the public ledger codified on the blockchain. Co-ownership makes collaboration smarter and encourages Web3 participants to seek efficiency while generating wealth together.
This mindset will have a transformational change on business, where we will witness the rise of decentralized autonomous organizations. DAOs are entities controlled by smart contracts and governed by a community instead of a company with centralized leadership. Membership to a DAO can be gained by a token or NFT, which gives the holder voting rights and access to other perks, as determined by the DAO itself.
It’s not hard to imagine a future where entire companies are owned and run by DAOs, with rules set and enforced by its members, written on a blockchain accessible to all. In this future, personalities should be fully transparent, with their identities, Web3 history, assets and any conflicts of interest written publicly on the blockchain.
This model puts the value of companies or organizations in the hands of its users, not just its founders or investors. It’s a radical shift in thinking that returns the power of the web to its true essence. While there seems to be a tension between Web 2.0 and Web3, the path forward uses the best of both worlds. The future of the internet is hybrid and will be shaped by those who are skilled leaders, both virtually and IRL.
The most important lesson for Web3 innovators to learn from Web 2.0 is the ease of accessibility and user experience. Web 2.0 companies became giants by making the internet mobile, fast and easy to use. This commitment will be crucial for Web3 adoption and the success of its projects.
The good news is that Web3 is being built by many of the same people who built Web 2.0 and imagined something better. They understand the need for a smooth interface, great functionality and powerful utilities in their product. They also embrace the principles of decentralization.
Web3 innovators should also embrace the Web 2.0 power skills of networking, knowledge-sharing and interpersonal communication. You cannot build a successful DAO without gaining and maintaining people’s trust. Intentional transparency by way of personalities, clear communication and interactions beyond the virtual world will be key.
Successful Web3 ventures will take all these elements and build strong, tight-knit communities that emphasize the human element. Web3 will build a digital experience that augments in-person interactions and vice versa.
Web3 has already succeeded in creating value for its users, including hybrid communities that pull the digital and physical worlds closer together. As we contribute to the rise of Web3, it’s exciting to see Web 2.0 leaders embrace its principles, introducing its technology and concepts to a broader audience. Web 2.0 giants have the resources and reach to bring Web3 further into the mainstream, and their adoption of its technology only helps the tech ecosystem as a whole.
There are amazing Web3 communities—such as Angel Alliance, NextWave DAO and Seed Club DAO—not only incubating new ventures but also educating their communities and preparing them to build the future of the internet.
While Web3 is still in its infancy, it has the potential to completely revolutionize the tech industry, improving how we interact with the internet, organizations and each other. However, there is still work to be done to ensure this powerful technology reaches its full potential. Learning from Web 2.0’s wins and lessons will be critical as we build out a fully connected, decentralized world that’s beneficial for all.
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