Ep. 158 - Web 3.0
Dawn of the decentralized web 🌐
In this episode, Mattimore explores the next stage in the evolution of the internet…
Topics Discussed:
What is Web 3.0?
Web 1, Web 2, Web 3
Top Web 3 applications
Web 3 finance: Bitcoin
Web 3 social: Bitclout
Web 3 gaming: Loot
Web 3 music: Royal
Web 3 science: Principia
Future impact of Web 3
Future Scenarios:
Worst case scenario
Best case scenario
Most likely scenario
Thanks for tuning in 🔭
Episode 158 Transcript
Mattimore Cronin (00:13):
Welcome to Hence The Future podcast. I'm Mattimore Cronin. And today we're discussing the dawn of the decentralized internet, which many are calling "Web 3.0." That means we'll get into what Web 3.0 is and how Web 3.0 differs from Web 1.0 and Web 2.0. We'll also highlight some of the coolest Web 3.0 applications and projects that exist today. And we'll explore how Web 3.0 is likely to transform civilization in the future.
Mattimore Cronin (00:39):
Let's start by defining what Web 3.0 is and how it differs from its predecessors, Web 1.0 and Web 2.0. Simply put, Web 3.0 is the next stage in the evolution of the internet.
Mattimore Cronin (00:52):
It's decentralized, which means it's built on a foundation of distributed, open source systems, and internet native currencies such as Bitcoin and Ethereum.
Mattimore Cronin (01:00):
It's also disintermediated and trustless, meaning it removes barriers between nodes in the network. Anyone can interact with anyone else on a peer-to-peer basis without having to go through a trusted third party intermediary like Facebook, Apple, Google, or Amazon, as in the prior web 2 days. The only trust you need is trust in the code of the blockchain itself, be it Bitcoin, Ethereum, or another blockchain.
Mattimore Cronin (01:26):
It's also permissionless, meaning it's virtually impossible to cancel someone or censor someone from using a Web 3 application, due to the decentralized nature of Web 3.
Mattimore Cronin (01:36):
It's privacy first, meaning users have control over their own data by default, rather than corporations and state entities having control of that data.
Mattimore Cronin (01:45):
And lastly, it's far more intelligent and capable than previous versions of the web. People sometimes call Web 3, "the semantic web," because computers are able to interpret the meaning of what you're searching for on the internet, rather than just matching a text-based input to a text-based output as in prior versions of the web.
Mattimore Cronin (02:03):
So how did we get here? What has the evolution of the internet been up until now? Let's compare some of what we're experiencing with Web 3 to what we've experienced with Web 1 and Web 2 in the past.
Mattimore Cronin (02:14):
Web 1.0 started with the birth of the internet itself on January 1st, 1983.
Mattimore Cronin (02:21):
And throughout the 1980s and 1990s, the internet was pretty much "read-only" in nature. That means you couldn't really interact with websites or engage with websites or create your own websites or your own content. It was often called "the syntactic web" because, pretty much, you would go on various websites, consume their information, and that was about all you can do. And if you look back to some of the very first news websites on Web 1.0, some websites would literally just scan a physical newspaper, upload it to the web, and then you could sit back and read the newspaper in the same way you would typically read it, except it's on a digital screen instead of printed on paper. This was the first version of the web, Web 1.0. And websites like AOL and Yahoo dominated in this era. And there wasn't a whole lot of social media or interaction taking place.
Mattimore Cronin (03:10):
That all changed in the year 2000 with the birth of Web 2.0, oftentimes called "the social web."
Mattimore Cronin (03:17):
The rise of Web 2.0 was sparked by the rise of mobile phones. And it really started to accelerate in 2007, once the first iPhone was introduced. Because now, for the first time in history, you had all of these internet users who had a mobile device through which they could access the internet. And they could also capture images, videos, text information, and they could post that to the internet. So no longer was it a one-sided relationship where all users could do was read information online. Now you had "read-write" access. People became creators. They became participants in this internet ecosystem. And this coincided with the rise of Facebook, Twitter, YouTube, Amazon. Now everyone could be a creator by posting their own content, engaging with websites, setting up their own e-commerce shop. They could then integrate with other 3rd-party sellers like Amazon to deliver their goods.
Mattimore Cronin (04:11):
And they could benefit from all the data-driven insights that were made possible by all of the data collected through the Web 2.0 ecosystem. And if you recall the saying, which many people around this era of Web 2.0 said, "data is the new oil." And Web 2.0 quickly became a race to aggregate as much data as possible so that you could lock in network effects and therefore secure your spot within the Web 2.0 ecosystem. So for instance, Facebook outcompeted MySpace and other social platforms by aggregating a tremendous treasure trove of user data, which allowed it to personalize ads and build an incredible business on top of all that data and user knowledge. Google outcompeted AOL and Microsoft and other search engines by aggregating as much search data around the world as possible to deliver higher quality search results to users. Amazon outcompeted Barnes and Nobles and Walmart and other e-com sellers by aggregating as much customer information, and by learning what customer preferences were. All of these businesses vastly improved humanity's ability to collaborate with one another. And it created a tremendous amount of wealth, not only for people involved with the companies, but for all of society, as we've all benefited by being able to instantly get something delivered from Amazon or Postmates or any of the incredible things we have available to us today.
Mattimore Cronin (05:33):
However, this Web 2.0 ecosystem does come at a cost. And that cost is that it relies on a "hub and spoke" system of information and value aggregation, which puts the power in the hands of these central entities, rather than having the power in the hands of the people. And I find it's really helpful to think about the internet geometrically. Imagine all of the information, the internet organized in geometric space, you have these massive hubs of data and power like Facebook, or Amazon, or Google, or even the federal government and the IRS.
Mattimore Cronin (06:09):
These have a tremendous amount of information about all the people in the network. And then you have all of these little spokes coming off of those massive hubs that allow people to interact with the broader worldwide web. So, whereas so much of the power and the data and the knowledge and the value is stored in these central hubs, hardly any of this data and value is owned by the users themselves. And when you think about how much time people put into writing their tweets or posting on Instagram or writing blog posts or creating Amazon stores to sell their goods, there is so much labor that is going into all of these hubs. And yet most of the value is actually being taken by the hubs rather than going directly to the people.
Mattimore Cronin (06:52):
This brings us to Web 3.0. Web 3.0 replaces this hub and spoke system, where there's these massive data and power aggregators, and then all these little spokes between them, to a new system where all of the value and power is decentralized across the network. And therefore the power is restored to the hands of the people rather than being aggregated in these central hubs. In other words, Web 3.0 empowers individual nodes to become sovereign individuals without needing any third party entity.
Mattimore Cronin (07:22):
And a geometric way to visualize this is a neural network. Think about the way your brain is structured. It's not like you have some massive neurons that take on all of the processing responsibilities of most of the other nodes around them. No, you have all of the brain processing power distributed among all the neurons in your mind. And it actually creates a much more efficient system than having it centered and aggregated in these central hubs.
Mattimore Cronin (07:48):
Now let's look at some examples of Web 3.0 projects and applications that exist today, and how they differ from their previous Web 2.0 counterparts.
Mattimore Cronin (07:59):
The obvious first example is finance. The whole dollar system is centrally controlled by the fed. If you want to do basically anything in the world of finance in the Web 2.0 ecosystem, you have to go through the fed. You have to go through the dollar. There are cool apps built on top of the dollar banking system. For instance, you can use PayPal or Venmo, but those really are just layers on top of the centralized system. And if you live in America or many other Western countries, it probably doesn't seem that inconvenient to use this fed-based, centralized, global monetary system. But if you live in another country where remittance fees can be as high as 30%, that is a very real tax on your wealth. And if you're going to get 30% of your paycheck taken out every single month, that goes to the fed or to this or that regulatory agency, that is a very real burden on you as an individual node in the network.
Mattimore Cronin (08:56):
Thankfully with Web 3.0, the internet now has a native currency, and that is Bitcoin. You could also argue that Ethereum might be a close second as far as the native currency, and there are certainly many other alt coins as well that are competing. The big difference is that, with any truly decentralized cryptocurrency like Bitcoin, no one central entity has control over the monetary system, and everyone has equal access to the currency. All you need is an internet connection and a smartphone, and you can participate in the Web 3.0 monetary system, which simply is not true with the Web 2.0 global dollar financial system. There are tons of restrictions in the dollar system, in the form of sanctions, in the form of regulatory burdens, in the form of remittance fees, in the form of the federal government being able to cut off your bank account in certain cases. None of that is true with the Web 3.0 monetary system.
Mattimore Cronin (09:53):
And the most amazing thing about this to me is that once you figured out a secure way to send money between two different nodes in the network, and have that verified and trusted throughout the network, you've pretty much solved the hardest part. Everything else is built on that foundation of knowing you can transfer value and feel confident in the transaction. So this really does lay the groundwork for the entire next Web 3.0 ecosystem that we're going to see evolve over the next decade.
Mattimore Cronin (10:21):
Another exciting development in the financial Web 3.0 ecosystem is something Jack Dorsey of Twitter is working on. He is building a decentralized Fiat to Bitcoin exchange, which would allow anyone in the world with a phone and an internet connection to exchange their dollars or euros or other fiat currency for Bitcoin. And therefore they wouldn't have to worry that this exchange could get shut down because it would be truly decentralized.
Mattimore Cronin (10:50):
The one that Jack is building, which on Twitter is @TBD54566975 - That's the placeholder handle for now - with a decentralized exchange, which no one would be able to shut down. And therefore anyone around the world would be able to participate in this new financial system.
Mattimore Cronin (11:07):
Another exciting space to consider is social media. So let's compare a Web 2.0 social media platform, which is Facebook, with a Web 3.0 social media platform, which is Bitclout.
Mattimore Cronin (11:19):
In Facebook, you can spend tons of time creating the perfect posts to build a following, and you get virtually none of the benefits compared to what the platform gets. Facebook takes the vast majority of profits from the hard work that its users put in to create great content and great experiences on their platform. YouTube does share some revenue with creators once they reach a certain threshold, but for all of these Web 2 platforms, the vast majority of the value goes to the platform, whereas the vast majority of the work is done by the users.
Mattimore Cronin (11:51):
Web 3.0 flips this on its head by giving all of the value to the users and none of the value to the platform. So for instance, with Bitclout, every user has a creator token, and you can buy your own creator token, which is sort of a way of investing in yourself, or your fans can buy your token as a way of supporting you and showing that they believe in you. And then over time, if you create great content, the price of your token will go up as more people buy it. And therefore you can then sell some of your token to cash out at some point, and your fans can sell some of their tokens of yours so that they can share in the rewards of having helped you to grow. And anyone can also tip you. Right next to the like button there's a diamond button where you can directly send your favorite creator micro payments.
Mattimore Cronin (12:38):
This is a great example of disintermediating the internet. Rather than having one central hub that controls all of the social media profits and rules and values, you can have it distributed throughout the network. And then it's up to the users to create value. And the users are the ones who benefit from that value.
Mattimore Cronin (12:58):
Another benefit is that you can't cancel someone on Bitclout. You can't kick someone off of Bitclout. So whereas you could spend years building up a YouTube following, and then one day your channel could get canceled and you essentially lose your whole career, in Bitclout and with all of these Web 3 applications, you can not get canceled. No one can take you off of the platform because it's decentralized.
Mattimore Cronin (13:21):
Even cooler is that you can use Bitclout as a form of identity because they ask for identity verification when you sign up. And so rather than logging in with Facebook, you could log in with Bitclout. And this could become a blockchain version of your passport, of your identity, of your driver's license. And there's other companies that are creating these crypto passports, such as civic.com.
Mattimore Cronin (13:44):
Now let's talk about gaming, which might be the most exciting space within the Web 3.0 ecosystem. And gaming is expanding at such a rapid rate that it's literally swallowing entire other industries. Gaming is bigger than video streaming like Netflix and Hulu and HBO. It's bigger than music streaming like Spotify and Apple Music. It's bigger than education. Most education games now are actually becoming more successful than traditional education. And it's actually encompassing art collection through NFTs.
Mattimore Cronin (14:17):
And I just got to play the first ever fully decentralized game built on the Ethereum blockchain called Dark Forest. Dark forest is a space conquest game where players discover and conquer planets in an infinite, procedurally generated, cryptographic universe. And the way it works is that every game move you make is recorded on the Ethereum blockchain, but it's not made public to other players in the game. So you can have this interactive gameplay between other players on the blockchain, without there being anyone actually in control of the game itself. And this game is still in the early stages. We're kind of in the Pong or Pac-Man phase of the Web 3 ecosystem, but it's getting better and more expansive every single day.
Mattimore Cronin (15:00):
And the really exciting game that's being built right now in the Web 3 ecosystem is Loot (for adventures). This is an NFT adventure gear collection created by Dom Hoffman, who's best known as the creator of the short video app, Vine. Loot is currently the number one NFT collection on Opensea, even bigger than Bored Ape Yacht Club or even Crypto Punks.
Mattimore Cronin (15:25):
So Loot is now number one on Opensea, and you cannot buy a bag of Loot for less than 50,000 us dollars. So that's just a glimpse of how much momentum this project has. And here's the basic concept. Dom wrote a program to procedurally generate adventure gear bags called Loot bags. And these Loot bags intentionally omit any information about what they look like or how they work. All we see is a list of gear written in white text on a black screen within the NFT itself. So you might see, in one Loot bag, something that reads, "hard leather armor," "necklace of enlightenment," "gold ring," "long sword," "pendant."
Mattimore Cronin (16:05):
And just like with any other NFT, be it Crypto Punks or Bored Apes, different Loot bags have different levels of rarity. So you might have one Loot bag that has incredibly rare items, where there's only one of them in existence, or you might have a Loot bag that has almost all common items that are not that rare. And so therefore the value of each loop bag changes depending on how rare the items are.
Mattimore Cronin (16:29):
And what makes this Loot project different than anything else that has been created in history before is that it lays the foundation for an entire metaverse to be built on top of it. There are developers, artists, gamers, building games that use these adventure gear items with Loot as their baseline. We're already seeing designers create computer generated visuals of what each of these Loot items look like. We're seeing developers build games where you can actually use these Loot items, or upgrade your Loot, or trade your Loot, or battle with one another. And what makes this so groundbreaking is that players will be able to actually own something in the same way that you could own any other asset on the blockchain, so just as secure as owning some Ethereum or any expensive NFT.
Mattimore Cronin (17:18):
And you can transport those items to various games. So imagine you have your gear, you are playing one game, and then you take that same gear and you play a different game ,and it still maintains its value. It still maintains its qualities. So already, for instance, in Fortnite players will spend a lot of money to buy rare weapons or to buy rare skins, but you can't take that with you into another game. It only exists within the world of Fortnite. And let's say your account gets banned for some reason, then you lose those items and they might really valuable to you.
Mattimore Cronin (17:50):
What's different with Web 3.0, is that your items live with you indefinitely on the blockchain. No one can take them from you unless you give them your private keys. And this is creating an entire metaverse, almost like a Marvel universe.
Mattimore Cronin (18:04):
And at a high level, as the world becomes more and more digita,l and people spend more and more time online rather than in the real world, people will want to have valuable items that they can show off in the digital world. It will become more important for people to show off a really cool crypto punk or a really cool, rare sword that they can use in games rather than buying an expensive Rolex watch or a Lamborghini to drive around in the real world. People will want to stunt in the virtual world more so than in the real world.
Mattimore Cronin (18:34):
And the beauty is that all of the value that's gained from holding onto these valuable items or trading them wisely will go to the players. It doesn't go to the top-down platform that created the game. It goes to the users, and this is one of the biggest themes across all of these Web 3 applications. And it is totally game changing.
Mattimore Cronin (18:54):
Let's touch on a few more Web 3 examples before getting into the future scenarios. So one example is Web 3 dedicated browsers. Right now you're probably using Google Chrome or Safari, but there are Web 3 browsers being built that are purely optimized for this new internet ecosystem.
Mattimore Cronin (19:14):
For instance, Brave and Opera are two of the best Web 3 native browsers. And whereas most browsers will, by default, track you and your actions across the web, you will have to accept cookies and they will store their data in a central database. With Web 3 browsers, no tracking happens by default. No cookies are accepted by default and no targeted ads are delivered to you by default. And this gets to the famous saying that if the product you're using is free, then you are the product. What's awesome about Web 3 browsers is that you are not the product. You might have to pay a $5 a month subscription or something like that. But what you get is a faster experience, a more secure experience, and the peace of mind in knowing that none of your data is going to some central database. Rather your data is stored locally on your computer and you are in control of that data. So I definitely think it's worth exploring Web 3 browsers moving forward.
Mattimore Cronin (20:14):
There's also something interesting going on in the music space right now as it relates to Web 3. If you know the DJ producer 3LAU, he recently announced that he is creating royal.io, which is a way for his fans to invest in the music that he puts out so that they can share in music royalties in the future. So, similar to how with Web 3 social media, you can actually share in the journey of your favorite creators. You can also do that with music through royal.io. So imagine if you have a favorite producer and you really love this song, and you just know it's going to be a hit, and you've been pretty early to the trend. You could actually spend some Ethereum or some Bitcoin or some other type of money in order to buy a fraction of ownership of that music. And then as that song becomes more popular, as the artist becomes more popular, you will share in the rewards and you could then sell some of your share later on, or you can just continue to collect music royalties for the rest of your life.
Mattimore Cronin (21:20):
Royal.io combines two really interesting trends, which is that everyone's becoming a creator, and everyone's becoming an investor. And by marrying the two, we really are disintermediating so many industries, such that artists can directly receive money and funding from their fans. And then the fans in return can receive some ownership of the music they love and they can gain in the rewards of that music over time.
Mattimore Cronin (21:47):
The last example I want to bring up is actually one of the most impactful, and that is that scientific knowledge is being distributed through the Web 3.0 ecosystem. So let's compare two different examples.
Mattimore Cronin (22:00):
One is the traditional scholarly journal ecosystem. And the other is the new Web 3 scholarly journal ecosystem. In the traditional scholarly journal ecosystem. People will submit articles to a prestigious journal like Nature, and those articles are then subject to peer review, meaning other scientists who are in a relevant field will review the paper and they will either give their mark of approval, and in that case, it would go through to publication, or they might reject it totally if it's just nowhere close to what they were expecting, or they might send back some notes, in which case it has to be revised and then resubmitted.
Mattimore Cronin (22:39):
Now this sounds like a pretty decent system on the face of it. But when you actually look at what the incentives are, this peer review system is incentivizing people to judge a paper based on how it looks and how it appears rather than judging it based on the ability to reproduce that exact study from the data. And if you've been following the scientific journal world, you might've heard of a reproducibility crisis, which means that many of the papers in the scientific journals do not stand up to scrutiny when people try to reproduce those studies based on the data included in the paper and the process outlined in the paper.
Mattimore Cronin (23:17):
Another issue is that the peer reviewers aren't compensated for their work. So there isn't a great incentive for people to review tons of paper. And there's no incentive for people to reproduce a paper that's already been published. Even worse, once the papers are published, and they are in this or that journal, they're not freely available to the public.
Mattimore Cronin (23:35):
Thankfully now there are starting to be Web 3 versions of scholarly journals. One is principia.network. And the way this works is they actually incentivize people to not only peer review papers, but actually to reproduce the studies. It also requires that papers publish the datasets that they use to come to their conclusions. Not only that, they publish the code, the formulas, that they use to calculate their conclusions. And by using this method, it's pretty incredible to think of what we could create as far as a tower of scientific knowledge. If we were able to put all of the scholarly papers on the blockchain, and then whenever you're citing a previous paper, you could actually embed that dataset into your current paper. That would be an incredible way to build our foundation of knowledge. So we could literally go back to Isaac Newton's papers, Einstein's papers, and we could use their datasets, have that embedded in this blockchain version of a scientific journal, and then actually anyone, any node in the network, could come along and run that data set on their own computer. They might come to new revelations. They might be able to create new infographics that help with understanding and all of this knowledge would be made publicly available, free of charge. Now let's get into the future scenarios.
Mattimore Cronin (25:05):
Let's start with the worst case scenario. The worst case scenario in my mind is that we have a rocky transition from Web 2.0 to Web 3.0, where incumbents fight for ways to maintain their position. And therefore they place an undue burden on the crypto economy and on Web 3 participants.
Mattimore Cronin (25:31):
Nick Carter put out a tweet where he says, "The delusional arrogance of these people." And the quote that he is citing is a newspaper article that says, "One option worth considering," Ms. Warren said, "is to ban banks in the United States from holding cash deposits backed by stable coins, which could effectively end the surge in the crypto market. Another possibility, that some say could undermine the entire crypto ecosystem, is the creation of a government issued digital dollar." "You wouldn't need stable coins. You wouldn't need cryptocurrencies. If you had a digital us currency," Mr. Powell, the fed chairman said in July. "I think that's one of the stronger arguments in its favor."
Mattimore Cronin (26:12):
So we're already seeing incumbents, whether they are state incumbents or big corporations who are a little bit worried about the burgeoning crypto economy. And they're looking for ways that they can regulate it without having those regulations backfire on them. And it's unlikely that they could keep it squashed indefinitely, but they could certainly make the transition more painful. So while technologists will always find ways to route around these regulations and to route around these undue burdens that are being placed on them, it is a bad scenario if there's more pain in this transition than there needs to be. Another worst case scenario is, not on the macro front, but just on an individual front, that for people who wait too long to embrace the Web 3 ecosystem, they might miss out on some incredible rewards for adopting the web ecosystem earlier.
Mattimore Cronin (27:07):
We are experiencing one of the most massive wealth transfers in the history of humankind. And yet some people are just not willing to even dip their toes into it. They're not even willing to buy 100 satoshis or 0.0001 ETH. And they're only going to hurt themselves by being such laggards when it comes to adopting Web 3 technology and Web 3 currencies. And there's a famous quote I think about a lot, which is that, "Everyone wants a piece of the reward. No one wants a piece of the risk." So one thing that's helpful in your own life and in my life is to think in bets. You don't get outsized rewards without risks. And I actually think when you consider where we are right now at this space in time, much of the risk of Bitcoin, Ethereum, and Web 3 has already been taken off the table.
Mattimore Cronin (27:59):
We know it's going to continue to exist in some form. The only question is how valuable it eventually becomes and how long it takes to get to that eventual evaluation. So I think it's important for everyone to take some risks in life, especially when you have some conviction, some belief. And when you feel like what you're betting on is actually improving humanity and improving the world. That is something worthwhile. So remember, doing nothing is a decision too. If you decide never to adopt any Web 3 technology, if you decide never to partake in the Web 3 currencies like Bitcoin, you are making a decision there as well.
Mattimore Cronin (28:37):
Now let's get into the best case scenario.
Mattimore Cronin (28:46):
The best case scenario is that Web 3.0 lays the foundation for an era of human prosperity never before seen. I talked in the Afghanistan episode about how we're switching from a Pax Americana to a Pax Bitcoinica. And one thing that people, I think, still haven't quite realized is that the Pax Bitcoinica will create far more wealth, far more prosperity, and far more equal access among all participants than was ever before possible, even under the Pax Americana, which is certainly the best, most peaceful, prosperous time in history up until now.
Mattimore Cronin (29:21):
And paradoxically, by introducing a trustless system, meaning a system where you don't need to trust anyone else, because all you have to trust is the code. It actually enables far greater trust between participants. There's been so much trust lost over the past decade. Trust in the state has eroded. Given what's happened with, with the mishandling of the pandemic, with lack of funding for social security, with all the devaluation of the dollar and the ballooning debt. People do not have the same trust in the state as they used to. Likewise, trust in mega corporations like Facebook and Google, and even Apple, are declining because they have created such incredible power centers that it is now becoming more difficult for regular people to operate within this late stage Web 2 ecosystem. So imagine a future under Web 3.0 where everyone can trust one another, everyone can collaborate with one another, and everyone is a sovereign individual who can participate in whatever networks they want, be it a traditional network like the United States or some new niche network like Bored Ape Yacht Club. Everyone will be able to choose their own adventure. And very few central entities will be able to prevent you from doing what you love and for participating in the economy, as long as you're not seriously infringing on the rights of others. This is the future enabled by Web 3.0.
Mattimore Cronin (30:47):
Now let's bring it home with the most likely scenario.
Mattimore Cronin (30:50):
There's a famous insight from Jim Barksdale, where he said, "There's only two ways to make money in business, bundling and unbundling." And I think about this a lot when it relates to Web 3.0.
Mattimore Cronin (31:10):
Let's take the music industry for an example. When I was in elementary school, all music was on CDs and I had a pretty awesome CD collection of my favorite music. Eventually though, there was a better technology and those CDs got unbundled from CD format into a digital MP3 format. And for awhile, I was torrenting a lot of music off of Limewire and these other sites. So the track lists of all the CDs got unbundled into standalone MP3s, and then got rebundled into intelligent music streaming services like Spotify.
Mattimore Cronin (31:47):
In the same way, right now everything that's in these central hubs is getting unbundled and distributed across the entire network through de-centralization, through Web 3.0. And this is creating a more egalitarian future. It's creating a more even playing field for all participants.
Mattimore Cronin (32:06):
Web 3.0 is greater collective intelligence. It is greater freedom. And I would say, it is inevitable. The only question is how long and how arduous the transition is to get there. And it seems to be going pretty seamlessly from my point of view. I hope you enjoyed today's episode you for tuning in, and we'll see you next time.