No newcomer to the world of blockchain and cryptocurrencies, Alex Tapscott has a decorated history in the blockchain world. He is co-author of a international bestseller on the subject, founded a think tank for blockchain researchand as Managing Director at Ninepoint Partners, Tapscott has delivered this digital assets to markets in his native Canada.
His new book, Web3: Mapping the next economic and cultural frontier of the Internetout today from HarperCollins – follows his 2016 bestseller Blockchain revolution by providing a clear account of the key topics in today’s Web3 industry to a wide audience.
Tapscott has spoken CryptoSlate to share his vision for how blockchain and cryptocurrencies will shape businesses and society in this next age of the internet.
The promise and problems of the early Internet
When Tapscott first became interested in Bitcoin (BTC) in 2013, he primarily saw it as a new kind of payment network. But like many, his thinking evolved when he realized that the potential of blockchain technology extended far beyond just the financial world. As Tapscott says, “This is a general-purpose technology that will have a very broad impact on every industry in the world.”
According to Tapscott, the Internet’s early promise has gone largely unfulfilled. While the Internet has enabled easy access to information and publications, most of the added value has accrued to a handful of major platforms such as Facebook, Google, Amazon and Apple.
Tapscott’s book argues that new technologies such as cryptocurrencies, decentralized finance (DeFi) and non-fungible tokens (NFTs) are enabling new models of digital ownership. These new models As Tapscott puts it, “I think we’re going to end up in a world where these online trading arteries and these financial intermediaries are just less powerful, handle less value and have less economic influence in the world.”
A pragmatic approach to Web3
Tapscott positions himself as a pragmatist when it comes to Web3. The Blockchain Research Institution he founded helps stakeholders integrate blockchain into their existing businesses.
As Tapscott explains: “This is a toolkit. It’s the Web3 toolkit. It’s a box of toys and tools that you can reach into, and maybe you’ll discover that there’s something in there that’s really useful for your business.”
He points to companies like PayPal, Visa, Nike and LVMH that are already getting valuable tools from the Web3 toolkit without having to go ‘all in’.
However, Tapscott does foresee a future in which the current internet giants will be less powerful because of Web3’s innovations. Yet he doesn’t see traditional models being thrown out and replaced overnight. As he colorfully puts it: “The golden goose may die of old age, but you don’t have to take it to the chopping block, do you?”
Why Web3 represents the next frontier
Tapscott compares Web3 to the border, a purposeful and intentional metaphor. He tells CryptoSlate:
Borders attract dreamers and visionaries, and they attract stupid and naive people, and they attract criminals and con artists, and they also attract smart business people who usually end up creating enormous wealth on these borders. I think that’s probably true here… to simplify that a bit, I’d say the world of Web3 can probably be broken down into missionaries, mercenaries, and pragmatists, and I consider myself to be in the third.
Missionaries and mercenaries occupy the extreme ends of the spectrum, motivated by pure idealism or opportunism. Pragmatists are in the reasonable middle, but still sympathetic to the missionary vision of a better digital world.
Tapscott also discusses widespread concerns today about the impact of technology on democracy, social discourse, creator livelihoods, and economic concentration. Although Web3 emerged from similar concerns after the 2008 financial crisis, Tapscott says criticism has extended to the power of technology platforms, saying:
“If we do this right, there is an opportunity to rewrite the economic grid and the old order of human affairs for the better. I think this technology can be a very crucial part of that.”
Tapscott sees Web3 as the first wave of technology that will emerge when human capital and technical resources are equally distributed worldwide. He says, “I see that the pioneers in this field are all over the world.”
Tapscott notes that boundaries bring both risks and opportunities. He hopes his new book can serve as a guide to realizing Web3’s positive potential while avoiding pitfalls. If Tapscott succeeds in that educational mission, it could cement his reputation as the premier mainstream writer on blockchain technology and Web3.
Web3: Mapping the next economic and cultural frontier of the Internet is available today from HarperCollins and is available through major booksellers worldwide.