Like a ritual, we conduct Capria network meetups every now and then. Leaders from across some of the fastest growing/emerging economies of the world spanning from Seattle to Sao Paulo to Nairobi to Bangalore to Jakarta take part in these sessions and we end up getting powerful insights with each session because ‘knowledge is power’. Recently at Capria, we conducted one such workshop with our investing partners to delve into and decode the dynamics of Web 3.0. Some in attendance are crypto novices, and others have been trading tokens and are actively engaged in the market.
I would like to share a few takeaways from that workshop.
First, I’d like to address the elephant in the room: Web3.0 “does not primarily mean crypto and NFTs”. Web 1.0 was about consuming content (read), Web 2.0 was about consuming and sharing (read and write), and Web 3.0 is about consuming, sharing, and owning (read, write, own). It’s an inclusive technology stack built on blockchain, augmented reality, artificial intelligence, and machine learning to open a new dimension to technology, making life simpler and secure.
If you have smart light bulbs in your living room or use Alexa at home, you are already utilizing the Internet of Things (IoT), which is a preview of Web 3.0.”
While Web 3.0 has undoubtedly unleashed the truest potential of technology, it has also helped in eliminating challenges that include:
- Fewer Intermediaries
- Efficient searching and information linking
- Personalized Web Surfing Experience
- Uninterrupted services
- Better Marketing
- Return content rights to authors
- Provide more secure online tools
- Decentralize monopolies and thus build a new, more transparent digital economy
Having said all of the above, I don’t imply that Web 3.0 or blockchain are going to solve all of the challenges of businesses. But you shouldn’t be afraid to test the waters. The advantages it offers of increased transparency, verifiability, availability, and trust are likely to make it worth your while. Ignoring Web 3.0 today is a mistake akin to failing to embrace the Internet 25 years ago!
Here are a few interesting companies in our network that are harnessing the power of Web 3.0 with clear use applications:
1. The power to choose – Hive, an HRTech startup based in France is a distributed, peer-to-peer cloud platform that gives back users control of their data. Similarly, Atani is a Mexico-based end-to-end cryptocurrency platform that allows users to trade on multiple exchanges and manage their portfolios.
2. Harnessing the power of blockchain – NewStreetTechnology, a fintech platform enables banks and other financial service providers to provide loans, remittances, insurance, etc. to the masses leveraging a blockchain system to enable easy integration of multiple financial services partners. Signzy, another fintech payments startup provides blockchain-based digital risk and compliance tools to automate various customer onboarding and related processes for financial institutions, payment, and Internet platforms.
3. Enhanced security and optimum use of technology – Let’sBit, which is a digital banking alternative to local and cross-border payments, crypto and equity investments, savings, and trading, is working with the goal of financially connecting LATAM while offering the security and ease of use of an American bank. Airschool, a Pakistan-based ed-tech startup, is building the education operating system for the next generation of online teachers. Random Games, a game development company, uses NFTs to generate added value to the avatars used by gamers in the metaverse.
The potential upsides of Web 3.0 are exciting, promising users that they will have more control over their data and privacy. As global investors, we meet industry peers and entrepreneurs from emerging markets, unleashing the potential of Web 3.0. We at Capria are following the growth pains of this major milestone in the digital world where we live, keeping in mind that there’s no such thing as a “perfect internet.” All the iterations of the internet, whether it’s Web 1.0 or 2.0, had their pros and cons: Web 3.0 won’t be any different.