Will Web3 redefine the way we work?
Web3 is certainly having impact on digital economy and the way we are working. But is it just another disguise for modern 9-5 slavery like early industrial revolution?
In the 1800s, the early times of industrialization, the invention of new technology and machines created revolutionizing possibilities for every social class. At the latest, this was sealed by the global adoption of the 8-hour workday, electricity and oil. Reinforced by inventions such as bestselling Ford’s highly standardized T-model in the early 1900s.
Since the workforce was in demand, work hours standardized and pay guaranteed, it appeared like a no-brainer to people living in rural areas and farms. Especially between the 1880s and 1920s, when global political stability was constantly under scrutiny and weather was unfavorable to the crops and harvesting.
New cities emerged quickly and created whole new ecosystems for newcomers who wanted to make a better living for themselves and support their families.
At the end - we all want to live a decent and purposeful life.
How the Internet is reshaping the way we think about wealth and work
Fast forward to 2024, and it feels like we’re exactly in the same revolution, again. But this time, post-C19, the so-called 4th Industrial Revolution is happening virtually, on the Internet.
And we are still early. There are still around 2.6 billion people without access to the Internet.
But this number decreases.
On the other side, past year-over-year GDP rises and prosperity grows.
Slowly but steadily, the poor class becomes the middle class, the middle class becomes the new rich… and the rich become even richer.
Partly this is driven by the huge global inflation problem that’s contributing to these trends but real progress is happening.
Evolution of the Web is Real
In the 1990s, we had Web 1 with a few websites used by researchers at Swiss CERN, and then Google. Around the financial crash of 2007 and social media as we know it - came Web2. Now, we’re living in the era of mighty Silicon Valley led FAANG companies. But it feels that this power is actually diminishing. Why?
Centralized power, owning and capitalizing on the data we’re providing them, black-box Artificial Intelligence models are causing massive mental problems in society such as loneliness and isolation. People are starting to get enough.
“Trends in the Internet are resembling pendulum swings in human behavior”
Web2: Centralization
Web3: Decentralization
So now, starting from the invention of Bitcoin in 2009, Web3 has been slowly but surely raising its head and spreading its wings with a number of novel promises about decentralization, “freedom" from the centralization of big corporations and governments and new ways of working + finding purpose in life that’s abstracting from 9-5 model.
Here’s the list of topics, Web3 has promised to “reinvent”:
peer-to-peer banking without the need for a middleman (basically - banks)
lending between individuals, businesses and NGOs
asset tokenization
building trust by using on-chain verification
introduction of new organization models like DAOs
Conceptually these are huge disruptive topics is the promise realistic? At the end, existing establishments don’t just let new players change the landscape without a good political fight.
I don’t have to tell you - check out the map below, it explains clearly why all the listed cases are more than realistic in the 10 years from now.
It is inevitable that by 2040, the population of developing regions will have whole new young tech-native generations who will have a completely different lifestyle than their parents…
Better education and, most importantly, unheard-of access to global work and careers that previously (=now) only citizens of the first world had the privilege of.
The main contributing point here is the digital economy accounting for up to 30 percent of GDP by 2030. This number is not far-fetched, as many countries are setting such a goal.
The way I see it, the digital economy will create a pool of novel jobs, work and careers where paradigms such as Web3 will play a contributing role in reshaping physical industries such as transportation, wealth creation, healthcare, production and agriculture.
Like 150 years ago our ancestors had to move from rural areas to cities in search of a better life, the future hunt for prosperity will look different.
We won’t need to travel or migrate anywhere. All we will need is just:
home
brain
computer
access to the internet
Is this a possibility or a new type of slavery in disguise?
A list of shifts will be prevalent shortly:
There will be more work available than ever.
It will be normal to work multiple jobs.
People will probably work more than ever.
People will earn more than ever.
Gig working will dominate over full-time employment
More health and mental problems will occur from growing passivity.
What do you think -
Will Web3 and the Internet be disrupting completely the way society works and where it can take us, from wealth, health and emotions point of view?
Curious to hear your opinions.