Web 3.0 2023 | Levelling The Playing Field Between Corporates and Everyday People
In today’s Web3 video, we’re with Justin Lacche, the Commissioner of the Omniverse Sports League and we’ll be discussing web three and how it improves lives and is leveling the playing field between large corporates and the everyday people.
Justin. You have a clear vision of web three and how it improves lives and levels the playing field between the normal person and the big corporates. Let’s start with what is Web 3.0, what are the fundamental parts, and what is it you want to make.
The first thing that comes to mind is the approach to technology through decentralizing, and right now this interview is on Zoom. I could smile because one of my high school mates is a chief executive within Zoom, but at the end of the day, all Zoom rolls up to one company and ultimately is one single point of failure.
In Web 3.0, the digital expression continues even if the computer goes off. If you ever go to your store to buy something and you hear that the website is down, that’s a huge problem. You can’t do business. The first step in Web3 is the fact that the code is not always static.
The second step is to talk about the code itself and whether you are a computer scientist or not, it’s important for how you can have a better life. This is a very important conversation. The way of coding is more elegant with the use of the ledger. If you are to do something like a Web 2.0 company, there are oceans of code and if your IT people come and go, you’re inviting disaster at some point if the platform doesn’t work. It doesn’t scale and doesn’t maximize.
Web 3.0 is a more elegant, robust, modern way of coding that doesn’t restrict how the digital process is done but at the same time is Vladimir Putin proof? If bad people hack it you will know straight away that something has been done and can track it.
The next question is justin. I read in the past that people in the states are going to jail because they took cryptocurrencies, but instead of taking seven years to figure out it is being found three weeks later.
That is the huge paradigm shift in Web 3.0. The technology does not make people good human beings, but it does make them more accountable and traceable. Web3 technology is open and accessible with no points of failure.
How Would You Start Out In Web3 If You Are Hearing About It For The First Time?
I’m not too far away from turning fifty so first off I’d be excited that this is for every age group. I always advise people ‘Don’t worry about being an expert in code or digital things, talk about all the things you need to do, and think about all the steps it takes’.
For example, we have conditioned to accept human friction points. For example, if you want to buy fresh fruit and vegetables and you go to your local supermarket and they are out of what you want or the produce available is spoiled or you forgot to use your discount coupon and it is now out of date.
These issues are all relics from the post-war era where the world was trying to figure out how to be stable and global. I always tell people to write down all the things that they don’t need. When you these, ask the hard questions to your locally owned family business, your bank, your sports team or your supermarket. Ask them why they are still doing this and what they are doing to remedy it. The use of Web3 technology is going to remove a lot of these friction points and it is businesses that adopt it now will now have a headstart on their competition.
There is a lot of power in Web 3.0. When you were seven years old, the world was great, and you were going to be a professional beach volleyball player, and you were going to walk on the moon, and you had all these other dreams and goals.
What is the underlying Web3 technology?
The decisions that are made on the blockchain are a set of instructions that have to be decided on and reviewed by other people. If I were to code something for beach volleyball and Australia, one block of code might be if you are a player, there is a tournament tomorrow. That is a small amount of information.
The decisions can be made digitally, but the power of having multiple blocks downstream is it can be peer reviewed for authenticity.
The next block might be if you are an athlete, you must register, sign the health waiver and pay your league dues. In a Web 2.0 world this would all need to be confirmed by manual checks. In Web 3.0, this information can be peer reviewed in real time and if not completed the tournament knows in real time that the athlete has not completed all of the required steps.
The beauty of Web Three in the end is that there is no government that can turn it off. You would have to shut off electricity and solar power at the same time all around the world.
What Do You Mean By Efficiency in Web3?
We’ll talk about it from a digital perspective and then we’ll talk about it in the real world.
When we talk about digital efficiency, it’s that, instead of taking oceans of code to express something like you are going to register at the beach volleyball and you need to have your id number and you have to pass a drug test, in older Web 2.0 coding that would be a lot of code with failure points.
Using blockchain, because of the advances in computer science and because the different blocks can actually validate ‘yes or no’ much faster, it’s much more efficient from an energy perspective from a time perspective and from a design perspective.
So a real world example, if you’re a python coder, and if you don’t know what that means, it’s like, saying, if you speak a dialect of your language say French, you can use much less words to communicate what you want to say in that language. So in Python, if you want to build Web 3.0, it’s many built in functions can test it very quickly, rather than reinventing the wheel.
What Does Accessibility Mean In Relation to Blockchain and Web3?
I have some childhood friends who are from central Africa and their parents came over to work for me and they are doing well now and have gone back home and raising families. It’s amazing that they can be as competitive in Web 3.0 on a seventy dollar phone.
The traditional challenge of technology has been hardware that was expensive and inaccessible, and then software that was built to serve that hardware made people settle for watered down versions of things that didn’t work very well. I say this because I was raised with nothing, but I was able to afford some electronic stuff in college, but I had so many wires around my apartment. I’m sitting here because of all of the hardware and software that you have to cobble together to make it work
When we talk about democratizing hardware and efficiency, is it about reducing the amount of access points to have the most meaningful experience digitally, but also to have that translate to the real world.
I don’t want to wear goggles for nineteen hours, but I am interested in having three-dimensional projections of office environments or athletes.
What Does It Mean To Be Dynamic In Web3?
I think that the dynamic is that you can layer multiple things on a single decision. I would say that the analogy is that before computers for us, there was something called a xerox copy machine that would print more than 50 times. The picture was degraded because each time you printed it had less quality.
You can have a simple thing like a beach volleyball tournament. You must be registered and in good standing with the league in this block, but in the same block it could also say you can buy a snack if you get five coins. It can also say that you can make money with the league and that you can stack all the decisions together in a way that will make economic business process flow without slowing down any single decision. That’s where you can really use dynamic means.
You could have a lot of information. The zoom call ten years ago was impossible because of the speed and memory.
We can now have a Web3 conversation and talk about doing tokenization, having intellectual property, have people voting on communities. The real power of the technology is the things that could happen in real time.
What Is The Metaverse?
Web 3.0 is a realization of the metaverse. So when we talk about blockchain-based technology, when there is data visualization, whether it’s like graphics, about whether it’s your school recreated or video game, the underlying code of that data being visualized is on blockchain. That is fundamentally what a metaverse is. It is the data of visualization backed by a blockchain. But why that’s very important, and I know that there’s been rightfully so some skepticism on the investment side, but rather than a company being able to shut it down or a company being able to take your data, the protection of data economics and tokenization collaboration is what you can realize through a metaverse.
So in a real world example, if you told any of us five years ago there’s going to be a pandemic one day and your university professors is going to lock you out and say, come back in two years, you would have been laughed out of town. And yet here we.
I’m here to tell that someday a child in Tasmania who can’t go to Harvard will still actually go to Harvard but in a digitally three-dimensional dynamic form. She will be seen for who she is as a real person, not as a video game, and she will be able to actually do data modeling or data science or anything that she wants for her degree. Her data will be protected. That’s the metaverse.
How Do Smart Contracts Power Web 3.0?
I think smart contracts are the real fire power of web three. Today’s digital contracts are Web 2.0. Let’s go back to the beach volleyball example and we’re going to pay ten athletes. Even if it was electronically captured to pay them fifty thousand US dollars, we’re tied to the bank of the league. It would have to be authorized by the controller. The controller would have to have a login to the website and bank accounts for each athlete. If there are issues with the numbers or a failure on a wi-fi, the money might go down. Even if you agree to it, there are seven points of failure, and if you don’t get paid, you have to go to binding arbitration.
In Web 3.0, once you sign up for a tournament, you are an athlete and the money is yours. There is no need to worry about cheating the system or being short changed. The proof is in the code so it doesn’t stop bad actors, but it reduces all those friction points. The smart contract is how to enable meaningful business decisions within a system of a distributed ledger of information.
In international business, you have to code those fail safes into the contract, so you have to be a good business person, and the power for our contract is the actual lines of code, which is ten times more powerful than the power of the person. I can’t always promise you that you will get the piece of art you ordered but I can tell you this would go immediately to the jurisdiction that has the ability to impose a sizeable penalty if coded correctly.
Is The Concept Of Trustless In Web3 A Good Thing?
I think so. There are so many humans that are hired to verify transactions in Web 2.0. There are people who are great. There are people hired to sort of go through spreadsheets or to manually write down things and authorize payments on the back end. It’s very frightening. When you think about all the steps, it’s amazing that we have a western banking system.
The trustless concept on which smart contracts are built is to say that if we authorize people at say a restaurant or a university to confirm I am a valid supplier or student, the payment can then automatically process. It doesn’t require eighty four people to reconcile.
What Would Be The Summary If You Were To Summarize Everything We’ve Talked About?
I believe that Web 3.0 blockchain technology evens the playing field. It calls out fraud and allows for a real-word business to achieve its full potential. You can have a community of people that can help you with your ideas and give you the support you need to succeed.
It’s only realized through hard work, a good plan and the ability to go into the unknown. It is time for everyone to embrace Web3 because it is a cause we all should get behind.
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