The Importance of Long Term Thinking With Web 3.0
People do not seem to understand how early things are.
In all the "green candle/moonshot" nonsense, a very important fact gets overlooked: the technology that we are dealing with is very early.
Also, few consider what it takes to build a business. This is something that is common since few people truly do this. Most are employees, not realizing what it takes to start something from scratch.
While there are a number of success stories in the technology where which came about quickly, that was at the company level. These were able to leverage infrastructure that took years to build.
For example, Facebook was something that grew rather quickly. This would not have been the case 10 years earlier. At that time, there simply was not the user base nor the infrastructure to engage in such a manner. Can you imagine Facebook being used on dial up?
The same goes for Instagram. That was successful in the age of the smartphone. What would have happened if that application was introduced during the PC era?
We know the answer to it.
Web 3.0 Is Still Lacking
Many will read this and say "yeah, no kidding".
However, I think the trap people fall into is judging advancement based upon users or revenues. The biggest challenge right now is infrastructure is still lacking. This means we do not have protocols to do even some basic things.
Over time, that gets worked out. TCP/IP was adopted as the standard. The same is true for email. With Web 3.0, we have a mess simply because there is no dominant player. While most will claim Ethereum is, that is based mostly on market cap and the amount of development there. This latter might seem like a difference maker but it is not bringing much out into the world.
We see few applications gaining acceptance on that network. The transaction fees kill any chance of success.
Here is where a solution is required. This is both a technological as well as financial issue. The former might take care of itself as compute gets cheaper over time.
Either way, there is still some basic architecture required before Web 3.0 can be anything more than a dream.
Long Term Focus
It is easy for people to want the moonshots and overnight riches. This is actually a curse for the industry.
We have a situation where developing technology is basically operating under a mark-to-market scenario. This is absurd yet is exactly what is happening. The market is deciding how much something is worth with every tick of the tape.
Most have short term focus these days anyway. We live in a world of instant gratification. At the same time, Wall Street is conditioning people to only look at the next quarter. A few years down the road is a lifetime and of no concern.
That is the mindset anyway.
If anything we see the same thing in cryptocurrency. In fact, a case could be made it is on steroids here. People only talk price since that is the entire focus. Nothing about building is ever investigated.
When will the bull market kick off? That is all the masses care about.
In the end, the real money is not made through trading or trying to time thing. We are dealing with disruptive technology. When that runs its course, it becomes highly profitable.
Just look at the names of Netflix, Apple, and Amazon. They are worth trillions (hundreds of billions in NFLX case) and for good reason. Essentially, they turned into massive money printers.
Web 3.0 is going to be an order of magnitude larger than anything we see today. That said, it is going to take time and a lot of building.
This is something most seem averse to.
Article by @taskmaster4450le
Posted Using InLeo Alpha