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imagine a bunch of dots floating in
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space see how static and isolated they
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are this is what web 1.0 looked like
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let's take those dots and put them
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inside a few large bubbles they're
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connected now but they're also stuck
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inside the bubbles the bubbles own them
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this is what Web 2.0 currently looks
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like now what if we pop those bubbles
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but still kept all the dots connected so
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they could go wherever they want on
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their own this is the vision for web 3
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and this isn't the last you've heard
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about bubbles
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so you've heard of web3 but you still
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might not know what exactly it is or how
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it works don't worry you're not alone
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web3 refers to the third generation of
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Internet services although it's still in
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its infancy when the vision comes to
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life it's going to be a game-changing
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opportunity to make a better version of
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the internet and wrestle it away from
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the behemoths who control it today I'm
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Jackson Dumont director of video
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production at cointelegraph and in this
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video we're going to shed some light on
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web3 how it will be different from web 1
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and 2 and the role that blockchain and
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crypto will play in it but before we dig
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into the details don't forget to
00:01:10
subscribe to our YouTube channel for
00:01:12
advanced but easy to understand crypto
00:01:14
content we are the leading channel for
00:01:16
crypto news coverage and education
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foreign
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[Applause]
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[Music]
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let's get this started to explain web 3
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we first need to understand web one and
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two what is this web one encompasses the
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earliest stage of the internet from 1991
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to 2003. Tech experts refer to web one
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as the greed only web that's because
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there really wasn't much to do besides
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well read websites were built with
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static HTML Pages web pages were joined
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together by hyperlinks there were none
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of the forms controls or visual polish
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that we see today people logged on
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mostly to read or get updates on
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different things they were consumers of
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content a great example of this is a
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website many westerners are familiar
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with Craigslist I mean just look at it
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by modern standards this is already
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historical Relic but it's still very
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active so let's take a closer look it
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began as an email list for a group of
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friends in 1995 and eventually grew into
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a website in 1996. the design is simple
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text on a web page almost every piece of
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text is a hyperlink leading you to
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another web page within the Craigslist
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domain there are no profile pictures no
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moving elements no external links and no
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messaging services you can't even
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interact with the post directly if you
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want to reply to someone you have to hit
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the button then email the automatically
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generated address on your own this is
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why we call it static but even though
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it's archaic it's still fascinating just
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check out this board called missed
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connections it's a place where people
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search for other people they might have
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seen on the street or at the train
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station or at a stoplight not being able
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to view any replies to the post creates
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this kind of eerie experience it's like
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watching people shout their loneliness
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into the void and there you are nothing
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but a witness it's kind of poetic but I
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think this captures the essence of what
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web 1.0 was like now let's move on to
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web 2 the second generation of Internet
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services compare website like Twitter or
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Amazon to Craigslist and it's easy to
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see the transformation that's taken
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place at least on the surface the days
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of hyperlinks and static text are far
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gone instead we have images videos
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applications games pop-up Windows
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animations and most importantly
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advertising but we all know that you're
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here right now to understand web3 we
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need to talk about what's going going on
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under the surface how the modern
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internet is actually structured and why
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it's structured like that this is where
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the big changes will take place I've got
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an analogy for you that should help
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remember that browser game agario that
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consumed Our Lives 10 years ago you
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don't all right let me quickly tell you
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about it in the game you start as a
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bubble your goal is to eat other bubbles
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until you become the largest bubble in
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the room this is essentially how Web 2.0
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has evolved modern websites like search
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engines marketplaces and social medias
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gather data and bring it into their
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bubbles this process causes their
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bubbles to grow and become more powerful
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think of how you can find almost
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anything through Google search or how
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you can order almost any product off of
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Amazon we can call this the
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centralization of the internet but the
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big internet bubbles aren't only eating
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up data they're also eating up each
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other in agario there is a mechanic that
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lets you split your bubble in half so
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you can move more quickly and eat up
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more bubbles even though you now have
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two bubbles they're both owned by you
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think about Google and YouTube two
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different platforms both aggregating
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data and owned by the same parent
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company
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when you realize multiple internet
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bubbles are actually part of the same
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conglomerate of bubbles you start to
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understand just how centralized Web 2.0
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really is
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the problem is once you get eaten by one
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of those larger bubbles you don't have
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control over your own bubble anymore
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your data can be used without your
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consent in web 1.0 internet users were
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consumers but in Web 2.0 we are products
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big tech companies like Facebook and
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Google gather data about us and sell it
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to advertisers for profit the problem is
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we don't have a good way to limit the
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data we are unknowingly sharing on the
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internet this is what web3 is trying to
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solve web3 can easily be understood as
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the read write own phase of the internet
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it aims to eliminate the exchange of
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personal data for services and break
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down the corporate monopolization of the
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internet let's look at the first part of
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that data is the main currency of Web
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2.0 how do we change that well we would
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need to build a separate Network that
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relies on a different medium of exchange
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like a coin you might see where I'm
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going with this cryptocurrency networks
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like ethereum do just that it has its
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own programming language for building
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applications users access the services
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of applications by paying a fee in eth
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the native coin on the network each user
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keeps their ease in a wallet the wallet
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doesn't share any personal information
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about the user nothing is known except
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the public address of the wallet which
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is a long stream of random numbers and
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letters by the way did you know that the
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term web3 was actually coined by the guy
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who coded ethereum you can check out his
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story here okay so we're replacing data
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with magic internet money how does this
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solve anything well because web3
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networks will be decentralized and open
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decentralization means that networks can
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be upheld by anyone with a a computer
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and an internet connection it doesn't
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require a centralized Warehouse full of
00:07:02
servers it is maintained by the
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community this means no single entity
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controls the network and nothing can be
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done like selling your data without the
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consent of the community web3 will also
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be open which means it's trustless
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permissionless and largely built on open
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source software
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trustless and permissionless mean that
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interactions can take place between two
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parties without the need for
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intermediary this is done with smart
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contracts if you don't know what a smart
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contract is we've got you covered it's
00:07:32
exactly like sending Bitcoin from one
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person to another the whole process
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happens on the blockchain and there is
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no way that anyone can interfere with it
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or stop it now let's get to the other
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goal of web3 which is deconstructing the
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tech conglomerates that control web 2.
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breaking up these giant companies can
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only be done through legislation and
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legal action however web3 provides an
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alternative to the typical company
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everyone knows the classic corporate
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pyramid with CEOs and shareholders
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sitting at the top but what if
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organizations were structured more like
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a flat circle where everyone was equal
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users could participate in the
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governance and operation of the
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organizations themselves turning them
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into participants and shareholders not
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just consumers or products the structure
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of the organization will be governed by
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smart contracts so that everyone has to
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play by the same rules this is the
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premise for decentralized autonomous
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organizations or Dows if you're not sure
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what that is check out our video on it
00:08:28
here alright now we are starting to get
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an idea of what web3 could look like
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decentralized applications built on
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decentralized networks all run by Dows
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the final missing piece is well you how
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will you navigate web3 while accruing
00:08:43
all of these different currencies nfts
00:08:45
and digital assets it's simple you'll
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store them on encrypted digital wallets
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just like a wallet in the real world
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digital wallets will safely hold onto
00:08:54
your currencies and data these digital
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wallets will essentially serve as your
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identity on web3 and they will be
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interoperable across many different
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networks you'll be able to use them to
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access various decentralized
00:09:06
applications that need to interact with
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your currencies and properties hopefully
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you'll even be able to regulate how much
00:09:13
information you share using your wallet
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rather than clicking through cookie
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pop-ups on every web page so this all
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sounds good right a new era of the
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internet founded on privacy and governed
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by the global Community but there are
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some challenges number one scalability
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transactions and decisions are slower on
00:09:31
web3 because they're decentralized web3
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networks simply can't handle billions of
00:09:36
users right now and time isn't always a
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luxury organizations can afford number
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two accessibility interacting with many
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web3 protocols and applications is
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difficult because it requires
00:09:48
understanding and experience the fact
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that we're here right now proves this
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point and number three it's still mostly
00:09:54
a vision we know the core tenets of web3
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but we don't know exactly what the final
00:09:59
product will look like there are
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unpredictable factors like government
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regulation that will inevitably shape
00:10:04
the course of the future but for now we
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at least know the trajectory so all in
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all it's safe to say that web3 is on its
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way to becoming the next evolution of
00:10:13
the internet an internet where personal
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data is no longer the main currency an
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internet that no longer ruled by Tech
00:10:20
drives the internet for you if you
00:10:23
enjoyed the video be sure to like it
00:10:25
leave us a comment below and don't
00:10:27
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00:10:29
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