The Promise and Peril of Web 3 and the People’s Platform

 

The vast and vibrant realm of web 3 is unfolding with a surging impetus that is propelled by a mesmerizing constellation of riveting impressions and insightful perspectives as information technology converges with esoteric knowledge and human imagination to produce a compelling reflection of everything everywhere, Clancy O’brien writes.

With a staggering array of informative channels and pulsating venues, the ubiquitous digital presence is beginning to illuminate everyday life through a multifaceted public spectrum and a versatile commercial platform. And all of this is coming about under the direction of grassroots curators from every walks of life in an enlightened paradigm of user-generated contents.

 

As the wave of the future for commerce and communication, web 3 is the latest iteration of the internet and it is based on an egalitarian paradigm that is a marvel of pragmatic application as a responsive framework puts the principles into practice through interactive public participation. With a focus on widespread representation, web 3 is intended to foster burgeoning content that emanates from expanding public engagement. As the “people’s platform” and the “web of the future,” this complex phenomenon is characterized by a decentralized presentation as open access, spontaneous participation and transparent interaction produce multifaceted information with universal representation for all forms of public discourse and every dimension of economic activity.

 

The interactive dynamic of web 3 is exemplified by the concept of a BLOCKCHAIN MICRO ECONOMY which is a finely tuned mechanism for harnessing transparent communication to enable an open system of economic exchange. Blockchain has a significant role in supporting the internal functions of web 3 and the micro economies serve as catalysts for economic activity that is based on blockchain innovations. The micro economy creates a unique and responsive interaction because it revolves around specific communities of people who are engaged in particular economic activities that depend on specialized areas of knowledge.

 

These micro economies emphasize a sharing of knowledge to facilitate an exchange of goods or services as the talent of each entrepreneur or producer becomes the intangible resource that drives the blockchain.

 

The spontaneous interaction is enabled by a DIGITAL LEDGER which is transparent and reflects the participation of everyone involved as knowledge becomes the capital used to launch and sustain innovative projects that can generate monetary capital. The ledger serves as an informative report that aggregates all of the activities on the blockchain as the coordination of actions produces a convergence of knowledge through an interactive process that optimizes productivity and maximizes efficiency. Since everyone is involved in the process, the content of the pubic ledger is determined by the actions of every participant as multifaceted information is synthesized to correspond with what is produced or generated on the chain.

 

TOKENOMICS is also pivotal for every dimension of the micro economy because token transactions provide unique representation in a way that is swift, secure and equitable as objective and insightful knowledge brings together all actors and every function with seamless consistency and universal recognition.

 

And SMART CONTRACTS have a crucial role in providing a versatile framework for a dynamic and open exchange that streamlines the marketplace through a direct interface that links multiple interests. The innovative contracts provide access to expanding interaction on a converging blockchain that supports evolving micro economies. These smart contracts also provide reasonable contours for a flexible system of spontaneous participation as a new economic ecosystem facilitates individual initiative, responsive creativity and multifaceted collaboration.

 

As a crucial component of web 3, blockchain provides significant impetus for its host, but there are other dimensions of web 3 that go beyond blockchain. All of blockchain is web 3, but not all of web 3 is blockchain and it is important to understand everything that drives the web of the future. While the much heralded mega web is on the fast track of adoption, few are privy to the complex inside story of an evolving phenomenon that is reshaping the human experience.

 

The all-encompassing world of web 3 is a somewhat enigmatic work in progress and the promise of a responsive spectrum with an egalitarian perspective is being shaped by an ecosystem that we know little about. So, how web 3 unfolds and the degree to which it stays true to its intended purpose could depend on the level of ongoing media scrutiny as we move into an uncharted future.

 

With the “Peoples Platform,” it can be said that what resonates stipulates and what is stipulated is generated in a dynamic presentation as a growing pool of users produce increasing content in response to rising demand for compelling insight and this expanding context is propelled by interactive participation to create an exponential extrapolation of information.

 

At the heart of the web 3 ecosystem lies the COMMUNITY PLATFORMS which are pivotal for everything. The community platform is the keystone upon which public knowledge is organized and presented in the wide world of web 3 and it is a testament to the noblest concepts of universal representation because it is based on interactive participation as user generated content builds the “Web of the Future.”

 

The elaborate and extensive system of interconnected platforms is what constitutes the checkerboard of web 3 and each platform has a theme or general subject with continuously evolving topics and sub topics that are guided by content managers. While the content is produced by user-generated contributions, the topics are selected by a sponsor or steward who establishes the platform and assigns junior content managers to guide the building of particular topic categories. So, it is the content managers who create the focus of a community platform by establishing a primary theme and setting the topics that serve as a framework for the user generated contributions.

 

It is widely believed that public demand drives the community platforms because user-generated content tends to reflect what resonates with the greatest number of people and the community platforms serve to project information that is produced by interactive discussion. However, the user generated content is restricted by topical contours which have the intrinsic function of setting parameters for the information that is submitted and critics believe that the system of stewardship leaves the community platforms wide open to manipulation, distortion and monopoly.

According to more skeptical assessments, the process and the practice of establishing and guiding a community platform can favor special interests that have an angle to promote on the platform. There is a subtle filtering process that limits public participation and facilitates potential “sponsors” who want to manipulate public perceptions through selective representation and these special interest manipulators would use the platforms to monopolize information by selecting topics that channel the communication. So, the open access and interactive participation of web 3 could be meaningless if the users do not determine the focus of the community platforms and select the topics for discussion on those platforms.

 

Even if there is no attempt to exert special interest influence over web 3, the process of creating a web 3 presence is more expensive and complicated than it is with web 2, so there is an inherent slant toward consolidation of perspective and monopoly of information as effective participation tends to be limited to affluent individuals and wealthy interests who can afford the cost of supporting the expertise that is required for initiating the community platform and gaining traction along the winding path of a very intricate ¬web 3 ecosystem.

 

When considered from a macro perspective, it becomes clear how the new spectrum works in an expanding context of ongoing extrapolation. The interaction of users with content drives the reciprocity of content and themes to create an escalating spiral of new information as the revolving energy of web 3 creates a rising impetus as it goes along. And the birds eye view shows how all of this comes together in a web 3 ecosystem that is defined by a highly diffused infrastructure with a somewhat centralized administration that coordinates a sprawling network of community platforms.

 

While the community platform is a masterpiece of interactive communication, the concept is only as good as its implementation and a centralized process could override a decentralized form and undermine the original purpose as a distorted function supersedes the visionary paradigm. A contravening process would distort the function and alter the role of web 3 by creating a practice of selective access for the creation and stewardship of the pivotal community platforms. And if the purpose of web 3 is superseded, the ramifications would be dramatic because any external manipulation of the internal functions of web 3 could distort economic activity on a massive scale.

 

A monopoly over ubiquitous information is tantamount to market domination and the astounding scope of the new spectrum suggests that entire markets and industries might be susceptible to consolidation if the universal representation of web 3 were to be inverted and used as a platform for the establishment of economic monopoly based on a monopoly of universal information. With web 3, there is an exceedingly wide reach in the representation of society and a deep penetration into every aspect of economic activity. So, there are nearly infinite possibilities for extrapolation of influence when these two dimensions of life converge to produce a universal reflection of human activity. And, since a centralized control over a decentralized framework is what a monopoly is all about, there is a very real peril that the function of web 3 could be distorted so that its role is reversed as the omnipresent spectrum is used as a formula for creating an unprecedented system of mega monopoly.

 

This negative scenario could only come about on such a massive scale if a universal source of representation is altered through uneven application in the process of administration and the practice of communication. If we look at patterns of sponsorship and the trajectory of interaction, it appears as though responsive functions are already being diminished and there are indications of a subtle monopoly hovering over the web 3 ecosystem. Among other things, there are indications of early attempts to influence the ecosystem through external manipulation of the information that is needed by individuals, small business and startup entrepreneurs who are seeking to establish a viable presence. The trend toward consolidation is already stiffling competition and creating a slant that is effecting the ability of smaller enterprise to secure adequate representation on the new web. While the cascading effect sets in gradually, the subsequent flood of special interest influence would be difficult to turn around. So, it is important to have discussions now. If the W3 ecosystem is not safeguarded, we could see an expansion of special interest influence over every facet of our lives as exclusive access to the creation and management of community platforms would create a fertile ground for highly centralized monopolies that would exercize direct or indirect influence over economic opportunity at the local, national and international levels.

 

An information based monopoly would be exceedingly pervasive and unlike anything that has ever been seen before. The global reach of this form of mega monopoly would be difficult to overestimate and subtle forms of neo colonialism would arise to permeate every economic sector on an immense scale that could rival and even exceed the scale and influence of the British Empire. The inversion of web 3 would inevitably serve as a versatile tool for colonial ambitions as sophisticated technologies are deployed across an expanding platform to usurp burgeoning Third World economies by taking over rising sectors such as the emerging digital marketplaces in developing countries.

 

While the spectre of a massive monopoly based on an all encompassing system of information is a major concern for both developed and undeveloped countries, the emerging economies are particularly vulnerable because of an ongoing shift to digital commerce along with an expanding pattern of consumption based on rising affluence and the introduction of new product categories. Countries that are in a state of rapid transition to the online marketplace are much more susceptible to a diversion of wealth through technological manipulation and, since digital commerce constitutes one of the most lucrative areas of economic activity, there is a strong motivation for vested interests to implement imperceptible forms of IT colonialism in the 21st Century.

When we look at the big picture, there is reason for optimism for an enlightened trajectory that will prevail if the issues are clarified and if there is a widespread understanding of the importance of web 3. The vast potential of open participation and universal representation can have so much benefit for society. While the potential advantages are matched by a corresponding peril of expanding monopoly if the decentralized paradigm is inverted, there is an overriding quest for public representation that serves as a beacon of light and this beacon is amplified by the interactive communication of the People’s Platform.

 

The illuminating concept of the peoples platform is compelling and it motivates us by activating our imagination and releasing the surging energy of grassroots participation. We can make it happen. But we need to move rapidly because W3 is enabled by a versatile framework that is materializing swifty and it needs to be nurtured, guided and safeguarded until it soars on its own. There is a need for active participation from every corner of society to ensure that the practice lives up to the principle on the evolving Web of the Future.

 

If there are reforms in the process that propels the paradigm and if there is ongoing consideration, open discussion and interactive participation, the pitfalls can be overcome with relatively simple remedies that would correct significant flaws in the current process of access and stewardship. And, it is imperative to have ongoing public scrutiny to ensure the preservation of a responsive web 3 paradigm so that the Plebeian dream does not turn into a Plutocratic nightmare.

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