My god the amount of froth and FUD around Web 3 these days! Literally as I typed this up two of the largest CT voices posted mic drop excellent pieces - Bankless and Li Jin (supporting the froth) and Packy McCormick (addressing the fud). Please understand that, while it looks like I am piling on, I started writing this before those came out.
Alas, I’ve made some edits. I’ve “punched it up” a little. The goal of my piece was always to discuss how ownership is a dial for development. Now for your added entertainment, I am also going to shine a light on the massive impact of Web 3 through unrelated analogies and hyperbolic ideas like Web 3 will curb wealth inequality, reshape the entire economy, and limit the negative global impact of big business. Ladies and gentlemen, zenith-froth!
We are seeing only the first glimpses of Web 3 and already this fuzzy image is engendering extreme froth to fud zeitgeist-pendulum swings. Not only do we still have to build and experience Web 3, but we actually have to build many of the underlying elements that will enable it, like mass adopted zero-knowledge proof technology, next-generation crypto wallets, new social behaviors, and reasonable regulation to pluck a few examples. And this is ok. It would have been an incredible leap to predict the creation of influencer marketing in the early days of Friendster. But the onslaught of social media douchebags/thought-leaders let us know something big was coming now that the web had become read AND write.
No doubt, if you are working in crypto you’ve had to struggle explaining what you do. Have you found that you can’t explain your project (not product), without a red-pilling paradigm warping diatribe? We’ll see if this becomes a series, but if I am going to have to generate long-form content for a mid-week family email, I’m thinking maybe I just post it.
“Does Cambrian Protocol seek to automate ("on-chain"), or at least automate more, the traditional gatekeepers of business (such as managers in large corporate bureaucracies; the lawyers, accountants, and consultants they hire; and government regulators who oversee them all, and others) that have up until now been not only off-chain but increasingly expensive, unpredictable, possibly non-progressive and, arguably, untrustworthy?”
I think it's fair to say yes to this. I do think some gatekeepers and middlemen will be automated away. But, I believe a more important piece of this is the emergence of new kinds of web3 enabled business activity and where it will take humanity.
I'll start by asking - do you remember the practice of law before word processing and other computer-driven advances - the job got done, right? But you certainly wouldn't go back to that world. Blockchain offers some transformational unlocks - arguably the biggest unlocks yet.
In 2017, Ethereum powered a flood of Initial Coin Offerings or ICOs which combined to raise over $5B and completely revolutionize blockchain-based fundraising. By 2018, that number was $20B. Even amidst a myriad of caveats like: