While the announcement of the meta-universe implies that the digital world may soon face a paradigm shift unprecedented since the advent of social networks, internal notification from CEO Andrew Bosworth may mean, that Blockchain will be the basis for the future of the Internet
It is believed that the Internet, an invention that has often been compared to a printing press in general for human society, has gone through three specific iterations. Web 1.0, or read-only, was mainly used as an information transfer method with little input from users. Web 2.0, or the Internet for reading and writing, allows users to enter their own content on the Internet. It allowed it to explode in importance through the democratization of content creation, which led to the Internet as we know it today.
Finally, experts at the frontier of emerging technology are beginning to note that due to recent innovations such as the blockchain, we may be in the first stages of Web 3.0. While the definition of this yet emerging concept can be nebulous, we may very soon see the dawn of an internet where private ownership would set the stage for a decentralized network of the people and for the people.
It is here that Meta, the leading force behind Metaverse and VR technology, appears. In a note sent by Meta’s chief technology officer and acquired by the New York Times, Mr. Bosworth expanded the vision in which the nascent social network would be designed to be organically compatible with the nascent Blockchain. In the note, he urges caution and advises them not to rely solely on distributed ledger systems, saying that “there are not many places where we can rely solely on them. ” This being said, he does argue that the technology has the potential to have “profound impacts on our industry over the next decade.” More so, he believes that the best path moving forward would be to work hand-in-hand with the crypto industry rather than to compete with them. He noted that “if we see an opportunity to work jointly with entrepreneurs in the web3 space I expect it will be worth the effort.”
Mr. Bosworth’s rank places him in charge of Meta’s projects based on AR and VR technologies, a position that he has used to advance the company’s work on NFTs as well as in investments pertaining to smart contracts, DAOs and internet-native communities internally coordinating through crypto tokens.
This note could not have occurred at a more important time, as recent innovations have made even titans of Big Tech tread cautiously. The alphabet, Google’s parent company, has shown a clear reluctance to enter cryptospace. By contrast, Meta has already started experimenting with blockchain-supported technologies. This included attempts to create a global digital currency for the Facebook and Whatsapp networks. Perhaps, by giving credence to the thin ice that underlies this emerging sector, the project has experienced a retreat from the lead project and a complete rebranding under the pressure of regulators.
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