Web3 Challenges and Opportunities for the Market (2209.02446v1)

Abstract: The inability of a computer to think has been a limiter in its usefulness and a point of reassurance for humanity since the first computers were created. The semantic web is the first step toward removing that barrier, enabling computers to operate based on conceptual understanding, and AI and ML are the second. Both semantic knowledge and the ability to learn are fundamental to web3, as are blockchain, decentralization, transactional transparency, and ownership. Web3 is the next generational step in the information age, where the web evolves into a more digestible medium for users and machines to browse knowledge. The slow introduction of Web3 across the global software ecosystem will impact the people who enable the current iteration. This evolution of the internet space will expand the way knowledge is shared, consumed, and owned, which will lessen the requirement for a global standard and allow data to interact efficiently, no matter the construction of the knowledge. The heart of this paper understands the: 1) Enablement of Web3 across the digital ecosystem. 2) What a Web3 developer will look like. 3) How this alteration will evolve the market around software and knowledge in general.