At Malta Week 2021, CEO & Co-founder of Web3 Labs Daniele Monteleone sheds light on the incoming digital revolution of Web 3.0 and how it could be the most innovative disruption since the rise of the early internet
One of the most fundamentally disruptive technologies of the last century has without a doubt been the internet. It’s ability to connect all four corners of the globe has given rise to entire virtual economies and ecosystems that would have been incomprehensible just 30 years ago. With his deep well of experience as a pioneer in this emerging space, Monteleone refers to the sheer degree of influence that the internet has had on modern society and how it not only shaped the global economy but even the trajectory society was taking.
The Web Age is similar to other ages like the Iron Age and the Stone Age. We see society being changed by technology. What is happening today is that our society is impacted by social media, social networks and these prominently change [the path society is taking]. In the last few years, we have assisted with this [process of] change. This is our present.
He also noted that we were in a crucial phase in the evolution of the internet with the Father of the Internet, Sir Tim Berners-Lee, himself stating that “The web has failed instead of served humanity as it was supposed to have done.” In an interview with Vanity Fair, he outright claimed that the noble purpose of his invention had been twisted and warped by vested interests and Big Tech into something that was antagonistic to human welfare.
Building on this, Monteleone pointed out that Web 2.0’s infrastructure consolidated power in the hands of a few companies and gave them free reign on some of the most sensitive aspects of its consumer base, mainly personal data that has been sold off to the highest bidder.
All these people become victims because they get injected, they get scammed, they get phished and they suffer cyber attacks. Data breaches are just the beginning. It’s not only that because, like banks, when you put the money in the bank it is not your money anymore. It’s the same case with data. Once you put your data in the social networks, it is not your data anymore because they manage, profit and decide who can access your profile and data.
He continued by stating that the sheer power of these conglomerates meant that they were the proverbial judge, jury and executioner when it came to anything relating to the digital space.
They are the law enforcement, the prosecution, the defense and the jury. They basically replaced the entire justice system. In other words, they have established a kind of digital dictatorship.
While the keynote so far may have given the impression that the status quo was immutable, Monteleone then argues that, through Blockchain, we may finally have a way to correct the path the internet will take moving forward. He started by elaborating the nature of the Blockchain breakthrough with a historical example.
Newton discovered The Laws of Gravity but for that achievement he also invented integral math. That tool was used afterwards by other mathematicians to demonstrate other theories to move their field forward. Satoshi Nakamoto invented the Bitcoin and, to invent the Bitcoin, he solved an impossible problem that was the decentralization of the ledger.
Blockchain and the Digital Revolution 3.0
This technological leap allowed for the creation of the perfect tool that could not only decentralize finance but, in theory, decentralize any centralized systems, including the internet.
After describing the mechanics of how Web 3.0 will work, he illustrated the benefits that such a system will provide. The first aspect he wanted to illustrate was the fact that Web 3.0 would be permissionless. This means that the community would have the freedom to build, refine and improve upon systems without barriers that would be required from traditional alternatives.
The second aspect he focused on was Data Ownership. As the ownership of a private key would necessitate that all personal data would be encrypted, data ownership would be a fundamental pillar of this emerging system.
Transparency would be another aspect of this ecosystem, allowing users to comprehend their ecosystem in ways impossible in Web 2.0.
Finally, the potential for Innovation through this system was immense due to the cross-pollination of different technologies.
Monteleone concluding by noting how we should be optimistic and that the technologies of the present have the potential to supercharge the economies of the future. Through his pioneering work on the next generation of the internet, we may see the emergence of a new era of safer, more democratic and more ethical digital ecosystems.
AIBC returns to the United Arab Emirates:
Drawing the leading figures of the emerging tech world to the Middle Eastern metropoles for cutting edge technology, the 2022 AIBC UAE expo plans to unite the policy-makers, developers, C-suite executives, and legal experts of the burgeoning AI and Blockchain sectors. Through three days of educational panels, inspiring keynote speeches, workshops, and networking events, the expo seeks to create the foundation that the Industrial Revolution 4.0 can be built upon. Join us from the 20th to 23rd March 2022, in UAE.