Migrations from Web2 to Web3
February 15, 2022

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We are fast progressing towards a massive migration in how we do computing and I think it is bound to have profound implications – not only on the technical underlining but also on social outlook towards technology and more favorable economic implications for all participants. Privacy will be enhanced and more secure systems will result, in addition to more autonomy in the favor of the end user. To this end, the importance of community building will take center stage, where ideas will be adopted, discarded, see growth and decline at an unprecedented pace. Open source software will thrive and technologies, which enable distributed computing will prevail. Overall, I see this as an extremely exciting time to be a catalyst/leader in.

DeFi space has already seen a lot of interesting development over the last 2 years, which has given way to a boom in NFT generation and trading.

Companies transitioning to web3 will now be able to leverage new revenue channels in previously unchartered territories, being able to monetize digital assets, microservice offerings and participants not limited by geographical borders but across the globe. Digital commerce will thrive with the advent of DeFi solutions and originality and verification will be established, all with the help of web3 offerings such as NFTs. Players who move fast enough will not only be able to reward their community user bases and become more in tune with the end user directly but also be able to extract a lot more value from their brands and digital asset bases, most of which have only been intangible assets until today. This is a very exciting prospect. Starting from on-chain authorizations (think web3auth) to unified efficient payment gateway integrations, I believe that the exploration potential is immense and one to be very excited about.

The promise of a common shared database with custodial capabilities at the user level will enable a more transparent yet accountable system, the implications of which are not just technical but also social. Think about a Spotify built in web2 vs web3 – where a centralized org does not collect and distribute rights to artist data, but the artist is connected directly to the end user with no possibility (or a limited possibility) of censorship. This is bound to break many silos as we know them, a journey that I am very excited about.

j

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