WEB 3 OPPORTUNITIES WITH LORD WEALTH

WEB 3 OPPORTUNITIES WITH LORD WEALTH

We had an amazing session with Mr. Mathew Anietie Micheal popularly known as “LORD WEALTH”, a seasoned blockchain educator at BEI consultancy and the Human Resource manager at AAX Nigeria.

He shared with us what web 3 is and how we can take advantage of the opportunities that web 3 has brought to the internet.

INTRODUCING WEB 3?

He simply defined web 3 as the third generation of the world wide web. ‘ web three is your basic internet that incorporates some basic new concepts like blockchain technology, decentralization, and token-based economics which is cryptocurrency.

From 1991 up to 2004 when the internet came, it operated on the web on web 1.0 which was a static page not dynamic, and without a feature for interaction either with the owner or with other users of the internet.

Web 2.0 was created as an upgrade to web 1.0 and to solve the problems of web 1.0 which was interaction. With web 2 introduced the “global village” where people around the world were now able to interact with each other

The missing feature from web 2.0 was the transfer of value which is the critical problem web 3 is about to solve. While web 1 and 2 are internets of information, web 3 with its incorporation of blockchain technology, cryptocurrency, decentralization, and peer-to-peer interactions, has baked the internet of value.

With web 3 we not only have the capacity to interact in a peer-to-peer manner but value can also be transferred peer-to-peer without the need for a middleman.

 WEB 3 AND DECENTRALIZATION

 Before the internet, information dissemination was highly reliant on big media platforms as the only source for getting information. The creation of the internet was primarily to solve the problem of decentralization of information and communication.

When the internet launched people were able to put up news and share their thoughts on certain issues. It introduced the peer-to-peer dissemination of information but did not introduce a peer-to-peer model for the transfer of value.

Web 3 introduces a model for the peer-to-peer transfer of value and eliminates the need for a middleman when carrying out transactions.

OPPORTUNITIES IN WEB 3

 To discover the opportunities that avail in web 3, it is pivotal to first and foremost find out what web 3 does. He mentioned key roles web 3 will play on the internet like smart contracts, play to earn, chat to earn, and walk to earn, and discussed how we can find opportunities in all of these amazing features.

 FULL IMPLEMENTATION OF WEB 3

 He mentioned that it will take some time to implement all the ideas of web 3.

 ‘We are going to have a whole lot of hype, execessive promises, utopian ideas, vanilla ideas and promises pf people taking us to the metaverse and to a world where everything is possiblle. Bu the fact remains that at the moment we are not going to see the true potentials or the true funtionality of web 3 because web 3 currently is in its teenage age and there is room for so many improvements and it will be a walk in progress”

 You can watch the full interview HERE :