Web3 beyond the hype
Anutosh Banerjee, Robert Byrne, Ian De Bode, Matt Higginson,
McKinsey,
Sept 27, 2022
"The core distinctive feature of Web3 is the decentralization of business models," write the report authors. "To that extent, it marks a third phase of the internet (hence "Web3") and a reversal of the current status quo for users." And they argue that it's important to look to this core value despite the "bumpy (ride), with ongoing challenges ranging from poor user experience to fraud". The article outlines these "building blocks", including blockchains, smart contracts, and digital tokens. I think it would be wiser to focus on the functionality, because the enabling technology will probably change: open-data structures, disintermediated functionality, and decentralized ownership. The other part of the article to focus on is the 'risks and challenges', near the bottom, which as a whole (in my view) explain why the enabling technology will probably change: lack of clarity, poor interfaces, unknown risks, transaction costs, etc. Still: "the value proposition for consumers at the heart of it—one that unifies data, functionality, and value, and in doing so creates opportunities for new and more efficient forms of applications and asset ownership."
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