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  • I'm sure there's a lot of people joining us that maybe you know, a little bit about crypto, maybe they bought some meat but maybe this is new to them and I thought maybe we do just a quick acceleration through the concepts of maybe web one point oh two point oh three point oh to maybe explain why this matters so much.

  • I still remember sending my first email in 1989.

  • I was at M.

  • I.

  • T.

  • And they called it the Athena Network and I was really excited to and deep and I sent an email to my brother at stanford and then I didn't use it for four years.

  • I still, I think remember my first browser in 1995 and then I remember joining facebook and Youtube like you know in the mid nineties.

  • But now we're going to this concept of Web 3.0.

  • And It's a major shift in in the philosophy of what we do on the web, not to mention all the exciting stuff you guys are doing on the Blockchain.

  • How would you explain this kind of thing to your grandma or two people on the streets when it comes to this concept of 1.02.03.0 I would even go back.

  • You know, then then the internet itself like you know, I mean if you go let's say 203 100 years back, right.

  • I mean we all we had was a king.

  • Right.

  • And then there were empires and then the king was the only institution and whatever King said was the law was the bank was the treasury, everything was going right.

  • But then you know, somewhere in 2-200 or 300 years back we started, you know the whole world, like basically slowly and steadily started shifting towards these nation states, right?

  • And then our governments became institutions and you know our banks became institutions everything today like for example, and this is continued until today and everything that we see today is in the form of an institution And globally, if you see the like, you know, in the last 200, years this the cycle of evolution happened and then you know uh you know, ups and downs and that and and it has reached a place today where uh the institutional trust globally is that all time low?

  • Right?

  • Nobody really trust any kind of institution, be government, be bank the media, nobody trust, you know anybody right?

  • The reason is that you know, these institutions have been running in a kind of a centralized mode like all at max delegated mode where you have a core set of people who run that institution and then sometimes you know like in government people will vote for something and then some delegates will actually choose the core people and things like that.

  • But eventually like the reason being the problems are there is like you know, lack of transparency, corruption and all those things out there secondly the individuals participation in these institutions also uh you know, becomes smaller and smaller and this is this technology like I always say to, so to people who want to get into the technology that don't think of it as a technology.

  • First of all, I think of it as a paradigm shift in how we human beings can collaborate right previously.

  • As I was explaining institutions.

  • So the one way that we interact, if I have to sell land to you or a house to you, I will go to a registrant party, registrant registrar's office who registered it in in your name.

  • Right, So the registrar becomes the institution and all that.

  • So because they are also ensuring your ownership of some things with block chains, two things get changed radically.

  • One that the ownership is secured uh you know, uh in a in a very sovereign way on, on on the digital platform itself like that, that is on the internet itself.

  • The ownership, nobody, nobody needs to ratify your ownership.

  • You don't need any, any third party or any central party to ratify your ownership for anything, be it asset in future, it will be a right now with digital assets, we in future, we expect that more and more, you know, physical assets will also come in some form uh with this ownership.

  • And the second thing is that whenever you are interacting with any application, any network, that network is although that network, if you can think of it as an institution itself but no central party is running it, you don't need to trust any central party to do it.

  • Right?

  • So if you are participating in the network for example Bitcoin or ethereum network you can also become a validator or a minor and then uh you know start turning the network so the network is not owned by any central party and these two things kind of completely and radically change how we human beings interact with each other.

  • So when you remove that kind of mental barrier of that this is some cold technology and all that.

  • This makes a life much easier and then you can go deeper into it that what exactly is happening right?

  • And you can understand okay, bit point try to solve this For for currency like you know which is a simple business logic.

  • I pay to you $100.

  • My balance goes down by 100 your balance goes down, it goes up 500, right?

  • And then how you can apply the same concept to ethereum which can process much more complicated business logic that you know I me and some people, some more people sign on something than only we paid to someone and all that.

  • All that complicated logic can be can be used.

  • So uh so now coming back to in the context of internet also so the same thing the same you know concepts of institutions and ownership being being decided by some other party to you know complete ownership in the hands of the user is this revolution from you know basically web to to help revive everyone was very primitive.

  • But web to basically all of the listeners will understand that you know in web two for example you think that you know you have an email I.

  • D.

  • You think that you have a bank account and you might think that you have a social media network but at a social media account.

  • But at the end of the day you don't own any of them.

  • Like you you own a social media account because facebook is allowing you to or twitter is allowing you to have that account and twitter if they don't like they can even shut down the twitter account of the president of America.

  • So you know there's this illusion of you owning something is like completely uh you know not true similarly your banks like you know we all have in our lives one day or the other uh you know have seen times where we think that we own the money in the bank but then the bank completely goes for a toss one fine morning you wake up and your life savings are gone right?

  • So we think it's it's you own the money, you don't own the money.

  • The bank owns the money on your behalf right?

  • And same thing is with their email that if something happens and some malware comes to your account and some, let's say some terrorist is using your email, gmail might block your email for for for the entire life, right?

  • So you don't own these things.

  • Any of the things that you feel on the internet you want, you don't own actually.

  • And the same thing like, you know, this web three with the concept of Blockchain brings, brings, you brings into onto the table that here in this, in this uh, you know, paradigm, you own you have a native ownership via a small uh few character key, you have the native ownership of assets, you have the native ownership of some accounts and all that.

  • Once something is in an account, nobody be president of America or we know be president of anywhere.

  • They can't do anything with that.

  • That is the fundamental paradigm shift that that we see from, you know, web to to web three and then went three, you will have these depths, you will right now, the technology has not reached that place right now.

  • You have currency, you have banks defy is basically essentially nothing but the traditional banking system in your control and you control all your assets and everything.

  • Uh and then, you know, in future, very soon you will have these social networks and and you know, uh and then different kinds of like email services and things like that, where you will own them completely, your data will not be sold to the advertisers.

  • Uh and you know if if if if at all you want to sell it, you will be the one who will be receiving the money on that we have.

  • So this is this fundamental, a fundamental shift not only in how we human beings attract with each other, but the way our Internet is evolving into work.

  • Three Yeah.

I'm sure there's a lot of people joining us that maybe you know, a little bit about crypto, maybe they bought some meat but maybe this is new to them and I thought maybe we do just a quick acceleration through the concepts of maybe web one point oh two point oh three point oh to maybe explain why this matters so much.

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A2 ownership web network institution email account

A Paradigm Shift ? Sandeep Nailwal Explains Web 1.0, 2.0 & 3.0

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    林宜悉 posted on 2021/09/23
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