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The three traits of Web 3.0 that fix what went wrong with today’s internet

Today’s internet is a far cry from its original intent as an open space, but Web 3.0 promises an open, transparent and creator-friendly future of the internet.
Blockchain tech has come a long way. It wasn’t that long ago that crypto…

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Today’s internet is a far cry from its original intent as an open space, but Web 3.0 promises an open, transparent and creator-friendly future of the internet.

Blockchain tech has come a long way. It wasn’t that long ago that crypto remained at the fringes, evangelized by a vocal minority. The narrative shifted once the COVID-19 pandemic pushed people into their homes with plenty of time to dive into new interests. Crypto benefited from the increased attention, entering everyday conversations among friends, family and colleagues.

Even so, it’s still early in crypto. Widespread adoption remains elusive and traditional tech gatekeepers maintain their grip on the digital economy. To loosen that grip, those of us building the decentralized internet, or Web 3.0, have to do a better job at defining the narrative about what’s at stake if we continue along with the status quo.

We have an especially compelling opportunity to seize the narrative after this past month when sentiment against Web 2.0’s centralized controllers turned especially sour. The stakes are becoming clearer as we see how Web 2.0’s structural inequalities affect us all.

First, Facebook testified in front of Congress as a former employee came forward with suppressed research showing the platform put “profits over safety” of its users. The testimony was coupled with a major outage at Facebook, affecting all of its products worldwide. Then, finally, an anonymous hacker published a trove of Amazon.com Inc.'s video game streaming platform Twitch data that included source code and creator payouts in an attempt to “foster more disruption and competition in the online video streaming space.”

While I don’t condone unauthorized access to a company’s proprietary information, I certainly understood the emotions involved. As a Web 3.0 entrepreneur focused on building an open infrastructure for video streaming, the size and reach of Twitch, YouTube and Facebook can stifle innovation. There’s not much space for upstart services to muscle their way into territory that’s dominated by the economies of scale (and access to eyeballs) that these companies enjoy.

So, how can we bend the web back toward its original vision of being an open platform and global utility where anyone can contribute and build? We need to seize the narrative to welcome more builders and users at the core of a thriving Web 3.0 ecosystem.

Open code

The open-source nature of Web 3.0 means that rather than proprietary code being hacked and leaked, contributors can collaborate on technology and features from day one. Contrast that with the walled gardens built and protected by the Big Tech gatekeepers. Once locked inside, there’s little recourse or ability to leave. People, companies and developers are simply beholden to the whims of the centralized authority, forced to adapt to changes in product or terms.

I witnessed the outsized influence these gatekeepers have on developers firsthand. After our first company was bought by Groupon, my co-founder and I built a company that relied on application programming interfaces (APIs) from the major tech gatekeepers: Facebook, Google, Pinterest and Twitter. Initially, these platforms were more open, allowing us to plug our service into these platforms. Abruptly, our access was cut off as these platforms decided to close off access to third parties. Our service ended up failing because those platforms didn’t remain open, which was a vivid lesson of the risks of building on someone else’s tech stack.

This experience led us to our next venture: building the open video infrastructure for live streaming. By building in an open and decentralized manner, we’re able to attract developers, nurture a community and re-align incentives that protect all stakeholders. It’s an approach that requires a shift from a mindset of protectionism to one of abundance. The pie is either only so big. Therefore, the competition must be stifled and prevented at all costs or the sum is greater than its parts, and a community can build more value together than it could alone.

Related: Striking a chord: DeFi’s domino effect on NFTs and Web 3.0 adoption

Transparent economics

At its most pure, the Web 3.0 economy is transparent and permissionless, giving stakeholders the confidence that entrenched interests aren’t secretly pulling the strings and controlling outcomes in their favor. This form of creative patronage becomes more popular every day, as it’s much more creator-friendly than current options.

These transparent economics are what creators lack from existing Web 2.0 dynamics. As creators build within walled gardens, they remain locked into whatever economics each platform chooses. And if the platform changes those economics, the creator has little recourse: With few alternatives, the option to leave is often economically infeasible.

Web 3.0 builders must also underscore how the elimination of tax-taking gatekeepers allows creators to keep more of the money they’ve earned from their communities. “Keep more of what you earn” and “Support more of what you love” are great narrative boosters as Web 3.0 looks to displace Web 2.0. With that messaging, it’s not only about empowering creators but also about empowering fans to give more of their money to their favorite creators.

Aligned incentives

The final pillar of Web 3.0 is aligning incentives between creators, users and the platform itself. These incentives influence a platform’s accountability and governance, which then affects toxicity, inclusion and control.

Related: DeFi and Web 3.0: Unleashing creative juices with decentralized finance

Accountability and governance are major issues when it comes to aligning incentives. Web 2.0 gatekeepers have little incentive to “do right by” creators and users. Why would they? Since there’s little competition, users are stuck in the walled garden. And, as privately-owned entities with little outside regulation, they can do whatever they want. It’s a “we set the rules, so take it or leave it” attitude and an “us vs them” mentality.

With Web 3.0, governance is often decentralized via a decentralized autonomous organization, or DAO, or other ingrained community feedback mechanisms. By decentralizing community management away from centralized authorities, there’s a tendency toward self-moderation. Communities built around shared passions enjoy natural moderation and when community members step out of line, the community takes action. And if a community member dislikes something, they can submit proposals for community vote to change the platform’s direction.

Ultimately, creators want more direct relationships with their fans and influence over the governance of the platforms they use. The Web 3.0 paradigm attempts to address this by enabling creator-driven platforms that also allow users to be owners in platforms, often coordinated through tokens. As they benefit directly through the growth of the platforms, users have the incentive to provide key services like moderation to prevent things like hate raids.

Of course, nothing is perfect. Web 3.0 will still struggle with some of the moderation issues faced by other major platforms. Critics of decentralized platforms say that the lack of a centralized authority will make moderation even more difficult.

But, as more platforms emerge to serve niche communities (rather than a single entity capturing everyone inside a walled garden), these smaller communities are less appealing targets for the toxicity that plagues larger platforms with global reach. It’s just harder to peddle misinformation and engage in trolling when there are dozens, or hundreds, of platforms.

Related: Adapt or die: Venture capital vs. crypto, blockchain, DAOs and Web 3.0

What’s next for Web 3.0

Web 3.0 builders must recapture this narrative and move beyond “winner takes all” to “community above all.” It won’t be easy. And there’s still a way to go until Web 3.0 generates more creator wealth than the internet ever did.

As Web 3.0 scales, we also have to protect ourselves from regressing towards the mean. It would be a shame to simply replicate the existing gatekeeper model. That’s why we must continue to deftly message the Web 3.0 narrative to help both developers and everyday users understand the value of Web 3.0 — and the pitfalls of staying the course with Web 2.0’s current dynamics.

After watching Web 2.0’s recent stumbles, it’s clear that we’ll continue to be gifted with impactful examples of just how far we’ve gotten off track — and what we need to do to restore the original vision of the internet as an open place that’s additive and creative for society.

We’re in this for the long haul. It’s on us to evangelize, listen to users and build with a community mindset first and foremost.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Doug Petkanics is a co-founder at Livepeer, where the team is building a decentralized live video broadcast platform to enable the next generation of video streaming. Prior to Livepeer, Doug was co-founder and CEO of Wildcard, a mobile browser. He also co-founded Hyperpublic, which was acquired by Groupon. He was the VP of Engineering at both.

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Survey Shows Declining Concerns Among Americans About COVID-19

Survey Shows Declining Concerns Among Americans About COVID-19

A new survey reveals that only 20% of Americans view covid-19 as "a major threat"…

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Survey Shows Declining Concerns Among Americans About COVID-19

A new survey reveals that only 20% of Americans view covid-19 as "a major threat" to the health of the US population - a sharp decline from a high of 67% in July 2020.

(SARMDY/Shutterstock)

What's more, the Pew Research Center survey conducted from Feb. 7 to Feb. 11 showed that just 10% of Americans are concerned that they will  catch the disease and require hospitalization.

"This data represents a low ebb of public concern about the virus that reached its height in the summer and fall of 2020, when as many as two-thirds of Americans viewed COVID-19 as a major threat to public health," reads the report, which was published March 7.

According to the survey, half of the participants understand the significance of researchers and healthcare providers in understanding and treating long COVID - however 27% of participants consider this issue less important, while 22% of Americans are unaware of long COVID.

What's more, while Democrats were far more worried than Republicans in the past, that gap has narrowed significantly.

"In the pandemic’s first year, Democrats were routinely about 40 points more likely than Republicans to view the coronavirus as a major threat to the health of the U.S. population. This gap has waned as overall levels of concern have fallen," reads the report.

More via the Epoch Times;

The survey found that three in ten Democrats under 50 have received an updated COVID-19 vaccine, compared with 66 percent of Democrats ages 65 and older.

Moreover, 66 percent of Democrats ages 65 and older have received the updated COVID-19 vaccine, while only 24 percent of Republicans ages 65 and older have done so.

“This 42-point partisan gap is much wider now than at other points since the start of the outbreak. For instance, in August 2021, 93 percent of older Democrats and 78 percent of older Republicans said they had received all the shots needed to be fully vaccinated (a 15-point gap),” it noted.

COVID-19 No Longer an Emergency

The U.S. Centers for Disease Control and Prevention (CDC) recently issued its updated recommendations for the virus, which no longer require people to stay home for five days after testing positive for COVID-19.

The updated guidance recommends that people who contracted a respiratory virus stay home, and they can resume normal activities when their symptoms improve overall and their fever subsides for 24 hours without medication.

“We still must use the commonsense solutions we know work to protect ourselves and others from serious illness from respiratory viruses, this includes vaccination, treatment, and staying home when we get sick,” CDC director Dr. Mandy Cohen said in a statement.

The CDC said that while the virus remains a threat, it is now less likely to cause severe illness because of widespread immunity and improved tools to prevent and treat the disease.

Importantly, states and countries that have already adjusted recommended isolation times have not seen increased hospitalizations or deaths related to COVID-19,” it stated.

The federal government suspended its free at-home COVID-19 test program on March 8, according to a website set up by the government, following a decrease in COVID-19-related hospitalizations.

According to the CDC, hospitalization rates for COVID-19 and influenza diseases remain “elevated” but are decreasing in some parts of the United States.

Tyler Durden Sun, 03/10/2024 - 22:45

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Rand Paul Teases Senate GOP Leader Run – Musk Says “I Would Support”

Rand Paul Teases Senate GOP Leader Run – Musk Says "I Would Support"

Republican Kentucky Senator Rand Paul on Friday hinted that he may jump…

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Rand Paul Teases Senate GOP Leader Run - Musk Says "I Would Support"

Republican Kentucky Senator Rand Paul on Friday hinted that he may jump into the race to become the next Senate GOP leader, and Elon Musk was quick to support the idea. Republicans must find a successor for periodically malfunctioning Mitch McConnell, who recently announced he'll step down in November, though intending to keep his Senate seat until his term ends in January 2027, when he'd be within weeks of turning 86. 

So far, the announced field consists of two quintessential establishment types: John Cornyn of Texas and John Thune of South Dakota. While John Barrasso's name had been thrown around as one of "The Three Johns" considered top contenders, the Wyoming senator on Tuesday said he'll instead seek the number two slot as party whip. 

Paul used X to tease his potential bid for the position which -- if the GOP takes back the upper chamber in November -- could graduate from Minority Leader to Majority Leader. He started by telling his 5.1 million followers he'd had lots of people asking him about his interest in running...

...then followed up with a poll in which he predictably annihilated Cornyn and Thune, taking a 96% share as of Friday night, with the other two below 2% each. 

Elon Musk was quick to back the idea of Paul as GOP leader, while daring Cornyn and Thune to follow Paul's lead by throwing their names out for consideration by the Twitter-verse X-verse. 

Paul has been a stalwart opponent of security-state mass surveillance, foreign interventionism -- to include shoveling billions of dollars into the proxy war in Ukraine -- and out-of-control spending in general. He demonstrated the latter passion on the Senate floor this week as he ridiculed the latest kick-the-can spending package:   

In February, Paul used Senate rules to force his colleagues into a grueling Super Bowl weekend of votes, as he worked to derail a $95 billion foreign aid bill. "I think we should stay here as long as it takes,” said Paul. “If it takes a week or a month, I’ll force them to stay here to discuss why they think the border of Ukraine is more important than the US border.”

Don't expect a Majority Leader Paul to ditch the filibuster -- he's been a hardy user of the legislative delay tactic. In 2013, he spoke for 13 hours to fight the nomination of John Brennan as CIA director. In 2015, he orated for 10-and-a-half-hours to oppose extension of the Patriot Act

Rand Paul amid his 10 1/2 hour filibuster in 2015

Among the general public, Paul is probably best known as Capitol Hill's chief tormentor of Dr. Anthony Fauci, who was director of the National Institute of Allergy and Infectious Disease during the Covid-19 pandemic. Paul says the evidence indicates the virus emerged from China's Wuhan Institute of Virology. He's accused Fauci and other members of the US government public health apparatus of evading questions about their funding of the Chinese lab's "gain of function" research, which takes natural viruses and morphs them into something more dangerous. Paul has pointedly said that Fauci committed perjury in congressional hearings and that he belongs in jail "without question."   

Musk is neither the only nor the first noteworthy figure to back Paul for party leader. Just hours after McConnell announced his upcoming step-down from leadership, independent 2024 presidential candidate Robert F. Kennedy, Jr voiced his support: 

In a testament to the extent to which the establishment recoils at the libertarian-minded Paul, mainstream media outlets -- which have been quick to report on other developments in the majority leader race -- pretended not to notice that Paul had signaled his interest in the job. More than 24 hours after Paul's test-the-waters tweet-fest began, not a single major outlet had brought it to the attention of their audience. 

That may be his strongest endorsement yet. 

Tyler Durden Sun, 03/10/2024 - 20:25

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The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While “Waiting” For Deporation, Asylum

The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While "Waiting" For Deporation, Asylum

Over the past several…

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The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While "Waiting" For Deporation, Asylum

Over the past several months we've pointed out that there has  been zero job creation for native-born workers since the summer of 2018...

... and that since Joe Biden was sworn into office, most of the post-pandemic job gains the administration continuously brags about have gone foreign-born (read immigrants, mostly illegal ones) workers.

And while the left might find this data almost as verboten as FBI crime statistics - as it directly supports the so-called "great replacement theory" we're not supposed to discuss - it also coincides with record numbers of illegal crossings into the United States under Biden.

In short, the Biden administration opened the floodgates, 10 million illegal immigrants poured into the country, and most of the post-pandemic "jobs recovery" went to foreign-born workers, of which illegal immigrants represent the largest chunk.

Asylum seekers from Venezuela await work permits on June 28, 2023 (via the Chicago Tribune)

'But Tyler, illegal immigrants can't possibly work in the United States whilst awaiting their asylum hearings,' one might hear from the peanut gallery. On the contrary: ever since Biden reversed a key aspect of Trump's labor policies, all illegal immigrants - even those awaiting deportation proceedings - have been given carte blanche to work while awaiting said proceedings for up to five years...

... something which even Elon Musk was shocked to learn.

Which leads us to another question: recall that the primary concern for the Biden admin for much of 2022 and 2023 was soaring prices, i.e., relentless inflation in general, and rising wages in particular, which in turn prompted even Goldman to admit two years ago that the diabolical wage-price spiral had been unleashed in the US (diabolical, because nothing absent a major economic shock, read recession or depression, can short-circuit it once it is in place).

Well, there is one other thing that can break the wage-price spiral loop: a flood of ultra-cheap illegal immigrant workers. But don't take our word for it: here is Fed Chair Jerome Powell himself during his February 60 Minutes interview:

PELLEY: Why was immigration important?

POWELL: Because, you know, immigrants come in, and they tend to work at a rate that is at or above that for non-immigrants. Immigrants who come to the country tend to be in the workforce at a slightly higher level than native Americans do. But that's largely because of the age difference. They tend to skew younger.

PELLEY: Why is immigration so important to the economy?

POWELL: Well, first of all, immigration policy is not the Fed's job. The immigration policy of the United States is really important and really much under discussion right now, and that's none of our business. We don't set immigration policy. We don't comment on it.

I will say, over time, though, the U.S. economy has benefited from immigration. And, frankly, just in the last, year a big part of the story of the labor market coming back into better balance is immigration returning to levels that were more typical of the pre-pandemic era.

PELLEY: The country needed the workers.

POWELL: It did. And so, that's what's been happening.

Translation: Immigrants work hard, and Americans are lazy. But much more importantly, since illegal immigrants will work for any pay, and since Biden's Department of Homeland Security, via its Citizenship and Immigration Services Agency, has made it so illegal immigrants can work in the US perfectly legally for up to 5 years (if not more), one can argue that the flood of illegals through the southern border has been the primary reason why inflation - or rather mostly wage inflation, that all too critical component of the wage-price spiral  - has moderated in in the past year, when the US labor market suddenly found itself flooded with millions of perfectly eligible workers, who just also happen to be illegal immigrants and thus have zero wage bargaining options.

None of this is to suggest that the relentless flood of immigrants into the US is not also driven by voting and census concerns - something Elon Musk has been pounding the table on in recent weeks, and has gone so far to call it "the biggest corruption of American democracy in the 21st century", but in retrospect, one can also argue that the only modest success the Biden admin has had in the past year - namely bringing inflation down from a torrid 9% annual rate to "only" 3% - has also been due to the millions of illegals he's imported into the country.

We would be remiss if we didn't also note that this so often carries catastrophic short-term consequences for the social fabric of the country (the Laken Riley fiasco being only the latest example), not to mention the far more dire long-term consequences for the future of the US - chief among them the trillions of dollars in debt the US will need to incur to pay for all those new illegal immigrants Democrat voters and low-paid workers. This is on top of the labor revolution that will kick in once AI leads to mass layoffs among high-paying, white-collar jobs, after which all those newly laid off native-born workers hoping to trade down to lower paying (if available) jobs will discover that hardened criminals from Honduras or Guatemala have already taken them, all thanks to Joe Biden.

Tyler Durden Sun, 03/10/2024 - 19:15

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