This article has been authored by Omer Ozden of RockTree Capital and has been translated from it’s original publication on Chaindd.com
On July 29, US Eastern Time, CEOs of Facebook, Amazon, Google and Apple, including Mark Zuckerberg, Jeff Bezos, Sundar Pichai and Tim Cook attended In the antitrust hearing of the American Council, they accepted questions on whether their respective companies had monopolistic behaviors and infringed on consumer rights.
The current online world is not something we participate in design, we permit, or we can control. Over the past two decades, the Internet has grown rapidly, because the online activities of individuals and companies have generated a lot of data, and these data have been collected and used for profit by a few technology giants who truly understand their business value. Their surveillance capitalization behavior is actually based on the unfair profit of data, and has long transformed the Internet into a way that benefits them. This is what Internet 2.0 looks like.
Now that “credit” is being decentralized, the collection and monetization of personal data may evolve into a more socially attractive and personal form.
This is the concept we call Internet 3.0. It can give “you”, each individual, to some extent regain some control over their personal data. It can help you understand how to handle your personal information and the value it represents, and when a third party is interested in your data, it can help you find a suitable way to use your data for profit.
Internet 3.0 and decentralized finance
Internet 3.0 is realized through technologies such as blockchain and machine learning. It gives the right to profit to tens of millions of Internet users and attracts like-minded people to join. The concept of “trust decentralization” is now gaining more and more attention, especially in the field of decentralized finance (DeFi), projects such as MakerDao, Compound and Aave are already implementing this concept.
Internet 3.0 and advertising and e-commerce
Blockchain also provides solutions for advertising and e-commerce. For example, Basic Attention Token (BAT Token) is an ERC20 token that has attracted much attention recently, which brings DeFi liquidity mining opportunities to holders; Permission.io (ASK Token) is a highly scalable autonomous zone Blockchain can strengthen the interoperability of big data, making it an independent data center and becoming a COSMOS in the field of e-commerce and advertising; the Props project (Props Token) is an ERC20 token that allows application developers to return to the community. Designed to solve the problems in Internet 2.0. In the Internet 2.0 era, technology giants use the user data of advertising and e-commerce to make money, and the Internet 3.0 era will be user-centric and return value to the era of real network contributors. The emergence of BAT, ASK and PROPs will change the monopoly of a few technology giants, allowing thousands of users and advertisers to achieve a win-win situation.
The tracking of personal data by tech giants is worrisome. At the level of the entire network, these collected personal data may be misused on a large scale. Western Internet giants such as Facebook, Amazon, Google, and Apple make full use of our information to analyze our daily online activities, including social networking, finance, shopping, demographics, equipment, etc., to understand who we are and what we are doing , Where are we, and why we do what we are doing.
This is why the Chairman of the Antitrust Committee of the U.S. Congress and U.S. Congressman David Cicillin told their CEOs at the aforementioned hearings against tech giants: “It ’s not obvious to me. The fact is that these companies are now in a monopoly position, some should be divided, they all need to be supervised and responsible for their actions .”
The vision of Internet 3.0 is to rebuild an Internet that is more equal in all respects. It hopes to create value and benefits for thousands of users, rather than let a few people use the Internet for profit. Now this wave has covered the financial sector, creating new financial models, such as decentralized lending. Next, the e-commerce and advertising fields will also be ready to use blockchain technology to meet the wave of Internet 3.0, and provide a boost to the large-scale application of cryptocurrency.
With the continuous development and improvement of blockchain technology, while Facebook, Amazon, Google, and Apple are waiting for the final ruling of the US government, the wave of Internet 2.0 to 3.0 has become unstoppable, and the profitability of oligopoly will no longer exist.