Top boss Fred Wilson tells you: Why is Web3 the future?

Original: “Why Web3 ?”

Original author: Fred Wilson, co-founder of USV

Recently, there have been more and more debates about Web2 and Web3, especially when large companies control users’ data ownership, which has aroused widespread concern both inside and outside the industry. Fred Wilson, co-founder of USV (Union Square Ventures), published an article on his personal website about Web3.

USV was founded in 2003 by Fred Wilson and Brad Burnham, and has always been regarded as one of the world-renowned venture capital institutions. The agency has invested in many Internet start-ups, and those that have successfully exited include unicorn companies such as Twitter, Tumblr, Zynga, Indeed, and Etsy. Since investing in the crypto exchange Coinbase in 2013, USV has begun to get involved in the crypto field and has invested in many high-quality projects including Polychain Capital, Algorand, Protocol Labs, and Blockstack.

Top boss Fred Wilson tells you: Why is Web3 the future?

Next, Rhythm BlockBeats will translate USV’s top investment boss’s views on Web3, and see how this unicorn catcher views the current hot Web3.

In the past month, there have been many debates and conversations about Web2 and Web3, and many of the dominant voices have questioned Web3, but it is also beneficial to maintain the debate and reasonable doubts. But for some Web3 fans on Twitter, it also reminds me of the missionary process of the missionaries. They try to recruit unbaptized people to join their belief system, and frankly, this is too much for me .

In the end, Web3 will have to fulfill its promise, which will also mean that the things it builds can provide new value to society; if this does not happen, then Web3 will also become a panacea for some people to ridicule. I believe that this will not happen, and the important thing is that only through verification can it be judged whether it is good or bad. Empty talk is meaningless.

And it all boils down to the database behind the application. If the database is controlled by a single entity, such as some large technology companies, then the huge market power will belong to the owner or administrator of the database.

If the database is a public and truly open system that is not controlled and managed by a single company and can be used by everyone, then this kind of market power cannot be built around data assets.

And, you can already see this effect in the fastest growing field of Web3. For example, in the field of decentralized finance (DeFi), hundreds of financial applications have been built on Ethereum. They all share the same database, and users can download from Move from one application to another, and keep their data and login credentials stored in the wallet at any time.

However, we will continue this debate until the team builds the same experience for a wide range of consumer and business applications, and the good news is that there are now tens of thousands of teams building new things on the Web3 stack.

In addition, some of the best entrepreneurs and developers have also joined in, and the above tools are getting better and better. This reminds me of the early days of Web2 from 2001 to 2003. At that time, we just started to create USV, and no one was willing to pay for our business blueprints, so we hardly raised the first funds. But later, we also proved that the business scenario we portrayed is true, and I believe that Web3 will do it this time.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/top-boss-fred-wilson-tells-you-why-is-web3-the-future/
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