There is a great deal of talk about Web 3.0, much of it hype. There is, however, an underlying shift that is technological in nature. Here we see the pathway that is going to see Web 3.0 taking over the world.
We know the term "exponential" can get a bit tiring. Nevertheless, there is a fundamental reason for this concept is vital. Since it is the basis of Web 3.0, all is going to feed into it.
As always, there are large trends in play. This is why something like Hive can be so powerful. It is not operating in a vacuum. It is all part of a seismic change that is altering almost every industry.
So let us do a quick dive into what is taking place.
This table is a list of the top 20 companies, by market capitalization. It lists the ones in 1989 and contrasts this with 2021. Between, we have 32 years.
Notice something interesting? Not a single company that was on the list in 1989 was there 3 decades later. These were the companies that were "too big to fail" and had a monopoly on all the top talent. Yet, they were surpassed.
Another interesting fact is the industries that dominate. In 1989, we see banks and financial insitutions. Those were the largest in the world. The second table shows how technology took over.
Much of this boils down to a simple problem. Unless you are making exponential changes in a company, you are done. Incremental changes no longer work since that only leaves you falling further behind the market. There is no way to keep up when making minor changes.
Here is where corporate culture enters. When established companies make try to make exponential changes, resistance arises. This is something they are going to fight. Unfortunately, that is why massive innovation often comes from the outside. The incumbents simply do not have the culture to instill exponential changes.
This is an important concept when considering the top firms of today. Many are primed for disruption. We do see ones like Microsoft going outside outside the organization with something like ChatGPT. Here we see a 130 person firm revolutionizing the second largest firm in the world.
Here again, we get a term that gets overused however it is very applicable.
Web 3.0, like most of the business world, is filled with people who major in small thinking. What does this mean?
When studying the top unicorns that became the fastest growing entities, they all had a massive plan of disruption. The idea is not to make incremental changes to something. Instead, they focused upon totally revolutionizing a field like healthcare (or aspects to it).
SpaceX is a prime example of this concept. Whether you agree with the idea or not, the concept of making humanity interplanetary is a massive target. Something like this is transformational.
The reason why this is a key component is because ideas this like attract other people. There are those who are moved by the mission. That means a lot of talent is drawn in, helping to accelerate the progress forward. Of course, all of this takes time and a lot of effort. This goes counter to the cryptocurrency mindset of "moon tomorrow". Instant gratification is something that goes counter to this idea.
It takes more than transformative technology. That is the basis that can help things going forward yet, without the vision, the impact will come from that team that does.
The key to exponential change is to have a platform. Another word for this can be ecosystem.
Why did Apple become the most dominant force in mobile phones? Many will claim it was the technology but that isn't the case. Others had something similar. We also see the major players at the time, Nokia and Motorola, failing to make a major shift.
Apple took over because they made the mobile phone industry a platform. They were able to develop a digital network tied to their hardware. Being a computer company for so many years obviously helped them on this end. It was able to bridge the physical with the digital.
Anything tied to Web 3.0 is, by definition, a platform. We see this on Hive. That means the potential for disruption is inherent.
Once entering this realm, especially with tokenization, things change quickly. The old rules no longer apply (although Gary Gensler and others are trying to apply them). We have a situation where a race is on, one that can be aided by other transformations such as artificial intelligence. There is no reason to limit what is occurring here. Massive amounts of data is being generated everyday. Even on Hive, we have thousands of posts and comments that keep expanding the database. Anyone can tap into that data.
People overlook how little it takes to change the world. Instagram was a start up that was purchased by Facebook for $1 billion. It had 13 people working for it at the time of acquisition. Think about that.
Yet we have people on Hive who believe that $100 million for a project on here is absurd. This is now small the thinking is.
The bottom line is someone is going to do this. Disruption is taking place and industries are going to be turned upside down. Banks along with other financial institutions are going to feel the pain. For many, their business models are antiquated, slow, and very inefficient. They are still, however, profitable. Hence, the quandary. The incentive to change is not going to come from them because the internal resistance is there.
Kodak, after all, was making huge money as a film company. We all know how that turned out.
Over the last few weeks, we highlighted media, finance, and social media. All of these are facing massive changes. Look again at the table above. Now think about that with the leaders in these industries. In a few decades, if it takes that long, they will be gone.
All success in this realm starts in between one's ears. Obviously, this is true for all of life. Nevertheless, for Hive to succeed, it is going to require a massive shift in thinking.
Most people are framing themselves for pathetic existences. Does going to work really inspire the majority? Reading how you all feel about Monday mornings, I would say no.
Here is where a massive target enters. Is becoming a leader in the march to disrupting the entire banking system something that excites you? How about totally reworking the way basket weavers engage, compensate, and support each other? What about the idea of completely changing the fandom of your favorite team (or sports in general)?
Whatever it is, Web 3.0 is going to encompass it. Someone is going to isolate a problem like mentioned in the list and go after it. That will lead to a massive breakthrough. Of course, there are dozens on here who will say "I had the same idea". The difference is they did something about it.
Social media and the Internet kicked the snot out of the traditional media systems. We are starting to see that impact in a major way. By the same token, there will be a time when Web 3.0 knocks the socks off Web 2.0. It is only a matter of time.
The question is where will this come from and who will emerge as the major players.
I can assure you that it will not be those thinking about incremental changes who cause that.
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