"Web3 introduces capitalism to the internet after the dictatorial communism of web2" is a take I've seen multiple times—but it's wrong.
The web2 internet is akin to monopsony capitalism: few buyers control the market and dictate terms of engagement, thus eroding participant power.
Web3 is an attempt to re-establish capitalism with perfect competition: firms can freely enter the market and no one dictates prices.
Web3 is an attempt to re-establish capitalism with perfect competition: firms can freely enter the market and no one dictates prices.
"The web2 internet doesn't have digital property rights and therefore is communism" is a bad take.
A few platforms control distribution and data, and have outsized market power over creators & users. This is a classic labor market failure.
A few platforms control distribution and data, and have outsized market power over creators & users. This is a classic labor market failure.
https://mobile.twitter.com/ljin18/status/1427822936451338241
The blockchain as a globally shared database & the open source nature of smart contracts re-establishes free competition in the market and erodes concentration of power among a few platforms—the winners ultimately being end consumers & participants.
Oh, and in the broader US economy, there's evidence that monopsony is contributing to wage stagnation and declining geographic and job mobility in the real world.
obamawhitehouse.archives.gov/sites/default/…
obamawhitehouse.archives.gov/sites/default/…
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