Incorporating physical features such as scarcity, uniqueness, and personal ownership into the Web3 has fallen short of the goal of creating a user-owned internet up to this time. It is vital that we have the ability to control our time, money, relationships, and employment in the digital domain; otherwise, we will be unable to function properly. A global, real-money economic and social simulation, Web3 serves as a digital laboratory for complex dilemmas. As a result, it is slowly disappearing into the actual world, showing that physical issues can be resolved when people come together to be a part of something bigger than themselves. In Web3, a simulation of complexity economics, real people and real money are used to create the simulation.
We can learn a lot about how to organize groups of people around a shared objective by looking at examples on the internet. There are numerous ways in which Web3 might evolve in order to assist entrepreneurs and governments in tackling massive, complicated challenges, whether they are digital or physical in nature. Every time an NFT project is founded and then disbanded, every time people adopt a seemingly useless meme, and every time a DAO makes a subtle improvement to get around a constraint, we are witnessing the growth of the blockchain.
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Internet speed meets real-world money
Web3 does not recognize or accept the concept of “ownership” of the internet. It is more vital to experiment with governance and incentive systems quickly than than to advocate for decentralization or censorship resistance. When it comes to this simulation, greed and speculation are put to good use.
Until recently, Web3 was primarily concerned with the ownership and control of digital products by large groups of strangers on the internet. Every new NFT project, one-of-a-kind DAO, DeFi mechanism, and even memecoin is a real-time digital experiment that may also flow back into the physical world, assisting in the organization and reward of large groups of individuals attempting challenging tasks. Any endeavor to establish a new digital economy is, in and of itself, an experiment in the making.
The importance of digital aspects cannot be overstated. This year, the overall market capitalization of cryptocurrency exceeded $3 trillion for the first time. Even if these endeavors are extremely expensive, the world would not come to an end if the Dogecoin were to cease to exist. This is a feature rather than a flaw. People can perform simulations of group collaboration at fast rates while also learning specialized skills to assist them in solving challenging tasks thanks to a combination of internet speed and large sums of money from the real world.
Many anti-Web3 arguments are too reductionist
When it comes to steering large groups of people and large sums of money toward an undefined aim, Web3 has proven itself to be highly effective. It is past time for business owners to take use of this superpower. Complex systems may be found everywhere, whether they are in the climate, the human brain, the electricity grid, the economy, or even the origin of life on this planet. Capturing them mathematically is a near-impossible feat, even with the most advanced models and differential equations available.
Prior to the development of complex-systems research, reductionism was the dominant approach to understanding these complex systems: breaking them down into their constituent parts and attempting to construct a complete picture by piecing them back together again and again. There is a problem with complex systems because they do things that cannot be predicted by looking at each component individually. It is more accurate to say that they are emergent, meaning that the whole is greater and more distinct than the sum of their components. Many of the anti-Web3 arguments fall flat on their faces because they are overly reductionist in nature.
Photograph of the person’s profile (PFP) NFTs were first introduced in the year 2021. Bitcoin mining companies CryptoPunks and Bored Ape Yacht Club are each valued approximately $3 billion in terms of market capitalization. A community was formed by the people behind the NFT PFP, who came together both online and in the real world to form a network of like-minded individuals. They originally met in online communities such as Telegram, where they conversed for a short period of time. The National Federation of Teachers conferences were the first places they met in person. Future communities of people who share high-priced jpegs will begin to pool their resources and invest in other projects as a collective effort. It is expected that cryptocurrency venture capitalists will have to compete with one another, drawing on the community as a source of potential consumers, liquidity providers, and evangelists.
DAOs, for example, have progressed at a breakneck speed. On the surface, there is a diverse range of DAOs, ranging from potentially essential to ridiculous to downright idiotic. There are a variety of approaches to bringing together large groups of strangers to work toward a common goal, and each has its own distinctive twist. A reasonable assumption is that many people who join DAOs do so in the hope that their governance token, which does not confer ownership rights on the participants, will skyrocket in value and make them wealthy, despite the fact that there is no guarantee of this happening.
This may all boil down to the idea that most DAOs are illegal and are pretending to be decentralized in order to avoid the law, or that you do not own your jpegs and that anyone can right-click save them regardless of who created them. While some may argue that speculation isn’t the objective of decentralized governance and censorship resistance, others may claim that it is simply a pointless diversion from the real work at hand.
Web3 simulations help solve real-world problems
An alternative to developing a machine to mimic human behavior is for a complexity scientist to investigate decentralized autonomous organizations (DAOs) and non-profit trust networks (NFTs) as a series of real-money, real-incentive experiments that could teach them more about human nature than any machine could ever teach them. Researchers who are interested in human behavior and the world will benefit from the fact that people have invested about $3 billion in meaning into pixelated jpegs or any other number of these other things, among other things.
Researchers may treat information, resources, equipment, and finances as if they were Legos, putting them together as they see fit. They may apply what they learn in both the digital and real worlds to help them tackle increasingly larger and more challenging difficulties in their future careers. It is stated that art imitates life in some ways. Researchers have gathered a great deal of knowledge simply by viewing the simulations, which they have then applied to real-world challenges. No, the blockchain isn’t the subject of this discussion. In this game, simulations are everything.
Read More: Web3: The Future of the Creator Economy
It is possible to conclude from these simulations, which have been run over many thousands of iterations, millions of transactions, and many billions of dollars, that people are willing to part with money in order to feel a sense of belonging to something larger than themselves, that memes have value, and that speculation can be beneficial.
You can contribute to the simulation by adding tools to the toolbox and pushing future projects forward, whether you’re attempting to end world hunger or simply goofing about and testing some new mechanism or mechanism combination. One of the most lovely aspects about this is that it all matters. What I’m most looking forward to in 2022 is seeing all of the goofy, wild stuff we’ve been doing on the internet convert into practical solutions to real-world problems that we can all relate to.