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The Evolution of the Web (source: Fabric Ventures)

Web3: Revealing The Multi-trillion-dollar Decentralized Machine Economy

We have witnessed the evolution of the three phases of the world wide web; Web1, to Web2, and now to Web3. It now clear that Web3 is poised to disrupt the internet as it is paving the way to a multi-trillion-dollar decentralized machine economy or IoTeX.

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IoTeX is a platform whose mission is to enable a borderless ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy. This ecosystem is rapidly growing as can be seen by the steady increase in transactions on their blockchain.

According to CrytpoSlate, it will create a significant upset. “IoTeX is, interestingly, kind of in a sweet spot right now,” said Amazon Global Blockchain Leader Anoop Nannra in a recent Web3 panel. “There’s a lot of opportunity in —Web3 and MachineFi— not just from a monetary perspective but also in advancing state of the art, so I am really excited about that”.

IoTeX’s goal is to decentralize the machine economy via Web3. That is where users will own their data, smart devices, and the value they generate instead of being dominated and monetized only by Big Tech.

The blockchain expert explained the three phases of the world wide web, invented in 1989 by British computer scientist Tim Berner-Lee, while working at CERN, the European Organization for Nuclear Research. He conceived and developed it for information sharing and messaging for scientists and universities worldwide. On April 30, 1993, Berners-Lee released the source code for the first global web browser and editor or Web1.

web3
The Evolution of the Web (source: Fabric Ventures)

“We went from Web1 with no real notion of strong identity or security,” Nannra said. “We then went to Web2 where we started thinking about identity and interacted with the broader creator and producer community, documents, videos, and what have you. And now to Web3, where we’re actually, truly encapsulating value and generating entirely new business models that weren’t possible in Web2.”

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NPR’s take is that Web1 was a disorganized but democratized way to access information worldwide. Web2, which started in the mid-2000s, is when Google, Amazon, Facebook, and Twitter brought order making it easy to connect and transact, but ultimately amassed too much power. “Web3 is about grabbing some of the power back.”

Nannra participated in the “Unlocking the Trillion-Dollar Potential of IoT and Blockchain” panel on December 15 alongside Mitch Tseng, IIC Chair of the Testbed Council and Edge Computing Task Group, and IoTeX Co-Founder Jing Sun. 

Mitchell Kominsky, CTA Director of Government Affairs for Self-Driving Vehicles, Transportation, and Smart Cities, participated in the panel as well. He’s also been with the US Department of Transportation and Stanford University. Also present was Robert Parker, Bright.ai Co-Founder, and former AI, IoT, and Engineering lead executive at Microsoft, Samsung, and Amazon.

2022 will be a critical year for the entire IoT machine industry because it will be the first year that we will see the first batch of MachineFi use cases. The transition will expand to more industries next year.

2022 will be significantly important in the machine economy sector as IoTeX connects the physical world into Web3. This will unlock huge possibilities that were still not possible this year even with Web3. We are now seeing developers building use cases, decentralized applications, and other new models that will unlock extraordinary value.

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