Značka: mark zuckerberg

Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

Meta CEO Mark Zuckerberg is still hopeful about the company’s Metaverse plans regardless of the billions of dollars it’s sucking up from the company, claiming “someone has to build that.”Appearing remotely for an interview at the Nov. 30 DealBook Summit in New York, Zuckerberg was asked his thoughts on whether the tech giants’ Metaverse play was still viable given its cost and the doubts cast over the platform, answering:“I think things look very different on a ten-year time horizon than the zone that we’re in for the next few years […] I’m still completely optimistic about all the things that we’ve been optimistic about.”He added part of “seeing things through” in the longer term was “powering through” the doubts held about its ambitions.Meta’s latest earnings, released on Oct. 26, revealed the largest-ever quarterly loss in its metaverse-building arm Reality Labs dating back to the fourth quarter of 2020. Zuckerberg’s virtual reality has cost $9.44 billion in 2022, closing in on the over $10 billion in losses recorded for 2021.On the earnings call at the time Zuckerberg was unfazed by the cost, calling its metaverse the “next computing platform.” He doubled down on this claim at DealBook:“We’re not going to be here in the 2030s communicating and using computing devices that are exactly the same as what we have today, and someone has to build that and invest in it and believe in it.”However, Zuckerberg admitted that the plans have come at a cost, Meta had to lay off 11,000 employees on Nov. 9 and the CEO said it had “planned out massive investments,” including into hardware to support its metaverse.He said the company “thought that the economy and the business were going to go in in a certain direction” based on positive indicators relating to e-commerce businesses during the height of the COVID-19 pandemic in 2021. “Obviously it hasn’t turned out that way,” Zuckerberg added.“Our kind of operational focus over the next few years is going to be on efficiency and discipline and rigor and kind of just operating in a much tighter environment.”Despite the apparent focus from Meta to build its metaverse, Zuckerberg claimed 80% of company investments are funneled into its flagship social media platforms and will continue that way “for quite some time.”Investments in Reality Labs are “less than 20%” at least “until the Metaverse becomes a larger thing” he said. Related: The metaverse is happening without Meta’s permissionOf the 20% invested in Reality Labs, Zuckerberg said 40% of it goes toward its Virtual Reality (VR) headsets with the other “half or more” building what he considers “the long-term most important form factor […] Normal-looking glasses that can put holograms in the world.”Zuck takes bite at AppleZuckerberg also took a few jabs at its peer tech company Apple regarding its restrictive App Store policies, the likes of which have placed restrictions on crypto exchanges and nonfungible token (NFT) marketplaces, saying:“I do think Apple has sort of singled themselves out as the only company that is trying to control unilaterally what apps get on a device and I don’t think that’s a sustainable or good place to be.”He pointed to other computing platforms such as Windows and Android which are not as restrictive and even allow other app markets and sideloading — the use of third-party software or apps.He added its been Meta’s commitment to allow sideloading with its existing VR units and upcoming Augmented Reality (AR) units and hoped the future Metaverse platforms were also open in such a manner.“I do think it is it is problematic for one company to be able to control what kind of app experiences get on the device.”

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'Metaverse’ a top 3 contender for Oxford’s Word of the Year

The word “Metaverse” is one of three in the running to be crowned the Oxford “Word of the Year” (WOTY) in a competition run by the Oxford University Press (OUP), the publisher of the Oxford English Dictionary.OUP officially announced the launch of the competition and its three finalist words for 2022 on Nov. 22 with this year marking the first time the public can participate in voting for the WOTY.“Metaverse” will compete against the terms “#IStandWith” and “Goblin Mode”.1️⃣ metaverseUsage increased as we discussed #hybrid working, debated the ethics, and wondered about the feasibility of an entirely online future. pic.twitter.com/Lk0pLfc1mW— Oxford University Press (@OxUniPress) November 22, 2022In OUP’s video pitch for the Metaverse, it described it as “a hypothetical virtual reality environment in which users interact with one another’s avatars and their surroundings in an immersive way.”“The term dates back to the 1990s, with the first recorded use in the Oxford English Dictionary in 1992 in the science fiction novel Snow Crash by Neil Stephenson,” the video stated. Oxford noted that “Metaverse” has quadrupled in usage in Oct. 2022 compared to that of Oct. 2021. The video stated that more lifestyle and work-related activities taking place in virtual reality environments may bring about “more debates over the ethics and feasibility of an entirely online future.”As for the other two WOTY candidates, “#IStandWith” has become an increasingly used phrase for political activism, while “Goblin Mode” emerged as a post-COVID-19 lockdown concept in which one rejects “returning back to normal” and instead does what they want to do.As for how the three phrases were chosen, OUP stated that they ran an analysis on a language data system in order to narrow down the candidates to three. In order to officially vote for “Metaverse” or the other two candidates, voters must cast their vote on Oxford Languages’ website.Over 237,000 votes have been cast so far, with voting set to close Dec. 2.Oxford did not state when the winning word would be announced.Related: What is metaverse in blockchain? A beginner’s guide on an internet-enabled virtual worldIn what could spell how the votes are panning out, at the time of writing a Twitter poll by OUP shows 63% of 929 voters favored “Goblin Mode”, followed by “Metaverse” at 22% then “#IStandWith” at 15%:Are you #Teammetaverse, #TeamGoblinMode, or #TeamIStandWith? Vote now for Oxford Word of the Year 2022.— Oxford University Press (@OxUniPress) November 22, 2022

Whatever the results of the poll, the Metaverse is predicted to be a significant industry in the near future, with a recent report by international consulting firm McKinsey estimating Metaverse-related technologies to be worth $5 trillion by 2030.Investment bank Citi upped that prediction, saying the total addressable market for the Metaverse economy may fall within the range of $8-13 trillion over the same time frame.The understanding of the Metaverse has been most significantly influenced by the blockchain and cryptocurrency industry, along with Meta CEO Mark Zuckerberg’s rebranding of Facebook to Meta in Oct. 2021 and its recent developments on its Metaverse products through its Reality Labs business.

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Crypto Biz: Crypto’s day of reckoning has arrived

Who would’ve thought that the implosion of Terra, the collapse of Three Arrows Capital and the bankruptcies of Celsius and Voyager wouldn’t be the most terrible crypto stories of 2022? In retrospect, crypto’s day of reckoning — and the new low for the cycle — hadn’t arrived even after all these tumultuous events. The industry’s cyclical execution occurred this week when FTX — the world’s second-largest crypto exchange — was feared to be insolvent and on the brink of collapse. Those fears stemmed from FTX’s incestuous relationship with Alameda Research, a trading firm founded by FTX CEO Sam Bankman-Fried — As it turns out, FTX was trading on Alameda revenue to prop up its business, offering its illiquid and useless FTX Token (FTT) for Alameda’s Tether — Amid reports that FTX’s native token comprised roughly 40% of Alameda’s assets, Binance CEO Changpeng Zhao announced that his exchange would liquidate its entire FTT stash. It was the same Zhao, also known as CZ, who offered to buy FTX a few days later to save it from imminent collapse. While Bankman-Fried agreed to the deal, credible rumors suggest that CZ is backing out because of a huge hole in FTX’s finances. (Those rumors have since been confirmed to be true.)Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won’t pretend to make love after divorce. We are not against anyone. But we won’t support people who lobby against other industry players behind their backs. Onwards.— CZ Binance (@cz_binance) November 6, 2022This week’s Crypto Biz newsletter isn’t for the faint of heart. Breaking: Binance CEO announces intent to acquire FTX to ‘help cover the liquidity crunch’After trying to quell rumors of FTX’s liquidity issues, Bankman-Fried announced on Nov. 8 that his firm had agreed to a Binance takeover — a move intended to ensure that all existing users would be made whole. “I know that there have been rumors in media of conflict between our two exchanges, however Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators,” Bankman-Fried tweeted. (It was later reported that CZ and Binance looked under the hood of FTX and didn’t like what they saw, so they’re backing out of the deal.)Binance CEO shares ‘two big lessons’ after FTX’s liquidity crunchWhether he likes to admit it or not, CZ played a major role in FTX’s collapse this week when he tweeted his intent to liquidate Binance’s FTT holdings. As the whole ordeal played out, CZ sounded off on “two big lessons” he learned from the FTX saga: “Never use a token you created as collateral” and “Don’t borrow if you run a crypto business.” He also confirmed that “Binance has never used BNB (BNB) for collateral, and we have never taken on debt.” Massive debt, poor asset management and highly risky trading practices have been common themes in this year’s crypto market mayhem. Two big lessons: 1: Never use a token you created as collateral. 2: Don’t borrow if you run a crypto business. Don’t use capital “efficiently”. Have a large reserve.Binance has never used BNB for collateral, and we have never taken on debt.Stay #SAFU.— CZ Binance (@cz_binance) November 8, 2022

Galaxy Digital discloses $77M exposure to FTX, $48M likely locked in withdrawalsAs FTX began to unravel, it didn’t take long for businesses to step forward and acknowledge their exposure to the sinking crypto derivatives exchange. On Nov. 9, blockchain financial services company Galaxy Digital disclosed that its exposure to FTX was worth nearly $77 million consisting of cash and digital assets. The company also acknowledged that $48 million of that total was likely locked in withdrawals. Like many other collapsing exchanges and lenders, FTX announced that it was halting withdrawals to prevent a bank run while its FTT token was in freefall.Meta joins big tech layoffs, lets go of 11,000 employeesIf crypto news wasn’t bad enough, Facebook operator Meta announced this week that it would lay off roughly 13% of its staff, equivalent to 11,000 people. Like other big tech companies, Meta is hemorrhaging money due to soaring costs and a declining economy. Meta’s metaverse division, dubbed Reality Labs, lost $3.672 billion in the third quarter, raising serious doubts about its metaverse ambitions. Some of Meta’s shareholders are growing concerned that Mark Zuckerberg’s metaverse experiment might not bear any fruit. The Zuck could dole out as much as $100 billion toward his metaverse business over the next ten years. Is that a gamble you’d make?BREAKING: Meta CEO Mark Zuckerberg says the company will cut 13% of jobs affecting more than 11,000 employees, the first major round of layoffs in the social media giant’s history https://t.co/heUXkZEQPL pic.twitter.com/yFg8tZbI0i— Bloomberg (@business) November 9, 2022

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Facebook became Meta one year ago: Here's what it’s achieved

It’s been just over a year since social media giant Facebook rebranded as Meta at the Facebook Connect conference on Oct. 28, 2021.The name change reflected the company’s growing ambitions to transcend past social media and into the world of Web3, crypto, NFTs, and the Metaverse — virtual worlds where consumers are likely to spend more of their time for both work and play.The company has been busy. In December 2021, Meta debuted its Horizon Worlds virtual reality social networking project, while it also opened up advertising for more crypto ads on Facebook.In April 2022, reports emerged that the company has been considering a digital currency designed for use in the Metaverse internally dubbed as “Zuck Bucks,” though no further updates on the project have been seen since. In May, the company filed five trademark applications for a payments processing platform with support for cryptocurrencies and digital assets called Meta Pay.In September 2022, the company announced that 2.9 billion users would have the ability to post digital collectibles and NFTs they own across Facebook and Instagram across 100 countries by linking their wallets.Meanwhile, on Oct. 11, Meta announced a partnership with tech giant Microsoft to bring a range of Microsoft Office 365 products into Meta’s virtual reality (VR) platform to try and coax other companies to work in virtual environments.However, the year has not come without its challenges, particularly when it comes to the company’s Metaverse ambitions. Last week, Altimeter Capital’s CEO and founder called Meta’s $10 billion to $15 billion a year investment into the Metaverse as “super-sized and terrifying.” Meta’s Q3 report appeared to only solidify these concerns, with the stock price falling 23.6% following its release, while Meta’s virtual reality research and development arm Reality Labs posted an accumulated loss of $9.44 billion so far this year. Many may also remember Meta’s Eiffel Tower fiasco when an image of Meta CEO Mark Zuckerberg’s avatar standing in front of a virtual Eiffel Tower was mocked over lackluster visuals. Mark Zuckerberg’s Metaverse avatar which became an internet memeMeanwhile, an Oct. 15 report from The Wall Street Journal suggested that the company has slashed its monthly active user goal for Horizon Worlds by more than half, suggesting the company’s flagship Metaverse was “falling short.”This backlash was touched on by Zuckerberg during the Q3 earnings call on Oct. 26, noting that “we’re iterating out in the open” and that the social Metaverse platform was still an “early version.”“It’s a kind of a live early product platform, and that’s evolving quickly, but obviously has a long way to go before it’s going to be what we aspire for it to be,” said the CEO. Related: FTX CEO dissects Mark Zuckerberg’s intent to pump $10B/year into MetaNevertheless, the technology giant is continuing to push forward with its foray into Web3 and other projects including artificial intelligence, with Zuckerberg noting on the call that “we’re on the right track with these investments” and the company “should keep investing heavily in these areas.”The company recently unveiled its latest virtual reality headset, the Meta Quest Pro during an Oct. 11 virtual event; along with the partnership with Microsoft, and a new computer platform from Reality Labs. “Work in the metaverse is a big theme for Quest Pro. There are 200 million people who get new PCs every year, mostly for work.”“Our goal for the Quest Pro line over the next several years is to enable more and more of these people to get their work done in virtual and mixed reality, eventually even better than they could on PCs,” said Zuckerberg. “Between the AI discovery engine, our ads and business messaging platforms, and our future vision for the metaverse, those are three of the areas that we’re very focused on,” he added.

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Crypto Biz: Is Zuckerberg’s $100B metaverse experiment doomed to fail?

Not everyone is convinced that Mark Zuckerberg’s massive metaverse experiment is a good idea. Since Facebook rebranded to Meta in 2021, the social media giant’s focus has increasingly shifted to connecting the digital and physical worlds through augmented reality. However, a shareholder of the company recently issued a letter to the CEO calling the metaverse investment “super-sized and terrifying.”It didn’t take long for those concerns to be justified. Meta published its third-quarter financial results after the bell on Oct. 26 and, perhaps unsurprisingly, its metaverse division underperformed. Meta’s Reality Labs lost a whopping $3.672 billion during the quarter, mirroring a similar decline in Q1. That’s the risk you run when you venture into unchartered territory. For all the hype surrounding the metaverse, these new social worlds remain largely empty. Will Meta fill the void? Only time will tell. This week’s Crypto Biz chronicles Meta’s metaverse experiment, Tesla’s Bitcoin (BTC) holdings and the sudden surge in Reddit’s nonfungible token (NFT) collection. Tesla’s Bitcoin losses rise to $170M in the first 9 months of 2022While Tesla’s foray into Bitcoin was initially praised by the crypto community, the whole ordeal has been a far bigger distraction for the electric vehicle maker. In the second quarter, Elon Musk’s company sold 75% of its remaining Bitcoin holdings, which added roughly $936 million to its balance sheet. By the end of Q3, Tesla’s remaining BTC was sitting at an unrealized loss of $170 million, according to a new disclosure filed with the United States Securities and Exchange Commission. The company’s net loss from BTC isn’t as bad, though, given that Tesla had realized $64 million in profits during its previous sale. Musk proved to have paper hands, after all. CashApp adds support for Bitcoin Lightning NetworkCash App users will soon be able to send BTC to each other through the Lightning Network, the highly touted layer-2 payment protocol that’s supposed to make Bitcoin transactions faster and more scalable. To be clear, Cash App already supports Bitcoin transactions on Lightning in a limited capacity through QR codes. Now, the popular mobile app will give users the ability to send $999 worth of BTC every seven days. The catch is that the service is only available to residents of the United States, excluding New York. While estimates vary, Cash App is said to have roughly 80 million users. Imagine this demographic transacting regularly on Lightning one day. You can now receive #bitcoin instantly via the Lightning Network in @CashApp! ⚡- Open Cash App- Money tab – > Bitcoin- Share QR code or linkWhat do you think?Try it by sharing your link below pic.twitter.com/rg1BbzyLMB— Michael Rihani⚡️ (@MichaelRihani) October 25, 2022Reddit NFT trading volume hits all-time high as wallet holders near 3 millionCrypto winter has been especially hard on NFTs — a once booming market whose trade volumes have plummeted over the past year. But, for social media platform Reddit, NFT interest appears to be surging. Data from Polygon and Dune Analytics revealed this week that the trading volume of Reddit’s NFT avatars eclipsed $1.5 million over a 24-hour period, bringing the collection’s cumulative volumes to $4.1 million. Since Reddit launched its collection in July, more than 2.9 million collectible avatars have been minted. You’re going to love the data breakdown in this story. Zuckerberg’s $100B metaverse gamble is ‘super-sized and terrifying’ — ShareholderSome of Meta’s own shareholders are growing weary of its metaverse gambit — and the colossal price tag behind it. Altimeter Capital CEO Brad Gerstner penned a letter to Mark Zuckerberg, urging that the company slash its annual metaverse investment budget from $10-$15 billion to $5 billion. He called the hyper-fixation on metaverse technology “super-sized and terrifying.” Altimeter Capital owns a 0.11% stake in Meta, so it’s unlikely that Zuckerberg will heed the warning. But, a $10 billion annual investment by Meta translates into $100 billion in 10 years on a concept that Gerstner says is far from proven. Before you go: Why are Bitcoin whales accumulating?Has Bitcoin reached its definitive bottom for this cycle or is there room for one final capitulation? This question has divided the Bitcoin community, which continues to anticipate a major breakout in the coming weeks. For dedicated hodlers, though, timing the bottom won’t matter in the long run. While retail was busy selling sub-$20,000 BTC, the whales have been quietly accumulating. In the latest episode of Market Report, Cointelegraph’s analysts discuss why Bitcoin whales have been stacking sats and what it could mean for the market in the short term. You can watch the full replay below. [embedded content]Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

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Metaverse losses top $3.6B for Meta with spending set to increase

Big Five technology player Meta is still burning cash through its Metaverse research and development arm Reality Labs with a $3.67 billion loss posted for the third quarter of 2022, stating those losses will further deepen next year.The company’s Q3 2022 earnings released on Oct. 26 show the biggest-ever quarterly losses for Reality Labs from earnings dating back to the fourth quarter of 2020, the business also made $285 million in revenue for the third quarter, its lowest on record within that time.With its Reality Labs business marking its third straight quarterly loss totaling $9.44 billion so far in 2022, Meta is shaping up to beat its 2021 losses on its metaverse play which saw just over $10 billion in losses last year.Those year-on-year losses are set to deepen as Meta CFO Dave Whener stated in the earnings:“We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year. Beyond 2023, we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run.”On Meta’s earnings call, CEO Mark Zuckerberg continued to be unfazed by the company’s big investment in what he called the “next computing platform.” He said it was the firm’s top priority and told investors that building a Metaverse and its related hardware is “a massive undertaking.”“It’s often going to take a few versions of each product before they become mainstream,” he added. “I think that our work here is going to be of historical importance and create the foundation for an entirely new way that we will interact with each other and blend technology into our lives as well as the foundation for the long term of our business.”Overall the company slightly exceeded its revenue expectations from Wall Street analysts, bringing in $27.71 billion in revenue for the quarter but bought in $1.64 earnings per share, missing its estimate of $1.88 per share.Meta’s stock price has fallen over 19.5% in after-hours trading at the time of writing according to Yahoo Finance with the company’s shares down over 61.5% since the start of 2022.Related: Meta’s Web3 hopes face challenge of decentralization and market headwindsMeta’s big bet on its virtual world has some investors urging the firm to scale back its investment, with Brad Gerstner, founder of technology investment firm Altimeter Capital and Meta shareholder penning an open letter to Zuckerberg and the board of directors.Gerstner said its “investment in an unknown future is super-sized and terrifying” and that it could take a decade for its Metaverse to start making a profit, he said the firm should focus on an artificial intelligence offering as it has the potential to better the company’s results.Some are not optimistic about the future of the Metaverse in the hands of Zuckerberg, Meta whistleblower Frances Haugen in April said its virtual world will repeat “all the harms of Facebook” if the company doesn’t commit to transparency.

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Facebook is on a quest to destroy Web3

The future of how we socialize online is being defined as we speak, and it’s far too important to leave things to the likes of Meta and other mega social companies. Just a surface-level look at Meta’s history is enough to understand its tendency to severely miss the mark. Some companies like to use Web3 principles to right the wrongs of Web2. And as a poster child for large, centralized organizations, Meta offers us some of the most useful examples of those wrongs.Let’s touch on three times that Meta fell short of building the future of online social experiences.It limited Open GraphIn 2010, Meta — still operating as Facebook at the time — released its “Open Graph” protocol, providing developers with a network of links between friends in order to encourage other people to take up its apps. It was a way for users to carry their Facebook identities from app to app, making it easy for developers to give those users a personalized experience. However, a few years later, the company shifted gears to become ruthless in cutting off friends, its newsfeed and other data access for developers.The primary reason for this was to limit competition, as Facebook was worried about people reverse-engineering its social graphs and creating their own versions of Facebook. So, it ended up killing a product that many in the community nowadays call essential. It was ahead of its time — until it stopped making business sense.Facebook felt that it was arming its competitors by giving them this data, and with its centralized power, Facebook had the unilateral ability to dramatically cut off this access.It took the @Metaverse Instagram handle from the user who registered itOnline social identities are of great importance to users — they represent who you are and bear the weight of your effort and time spent online. So, when Facebook rebranded itself as Meta, getting a new logo and image, a situation with social media handles presented an unanticipated problem.Related: Facebook and Twitter will soon be obsolete thanks to blockchain technologyAn active Instagram user who had already registered @metaverse as her username was already regularly sharing photos from that handle. Then, without warning, Meta blocked her account. When that story came to light, it resulted in some predictably negative press for the social media giant.Transparency and ownership are core values of the emergent decentralized paradigm. Social platforms of the future will be designed in such a way that abuse of power is either operationally impossible or super easy to identify. What’s yours will be yours, and no software or administrator will be able to change it manually.Cambridge AnalyticaIn case you needed a reminder, Facebook spent much of the 2010s collecting the personal data of millions of its users on behalf of British consulting firm Cambridge Analytica. That data was predominantly used for political advertising with user consent, and it was a defining scandal within the company’s history.And despite being major news at the time, it doesn’t appear to have changed anything about how the company operates or how users could be protected. When NPR followed up on the story in 2021, it found that Facebook didn’t take responsibility for its behavior, nor did consumers see any reform as a result.Related: Cryptocurrency is picking up as an instrument of tyrannyIf anything, the company’s reckless actions only proved the need for an internet layer of self-sovereign identity and access controls. More and more people are waking up to the importance of identity on the internet, and that’s something blockchain is perfectly tailored to address. Meta’s history also provides a textbook example of surveillance capitalism, which should offend any internet user right to their core.We’ve now surfaced three well-documented incidents demonstrating that older generations of mega social platforms and the data business model they represent can’t be trusted to bring about a mature ecosystem for the internet-using public.Those mega platforms cast a long, dark shadow over social media overall, but the future of the space is bright. The crypto explosion over the past 10 years makes it clear that large, centralized entities don’t hold the same influence they used to.What can we do about it?The solution to Meta rests with all of us. The future of the internet is a collaborative effort of many different projects, developers and sovereignty-minded users.The stage is set for small, nimble next-generation companies to radically redefine how people express their identity and interact with connections online. The smaller, committed teams will be focused on making an impact and building upon each other, as opposed to bolstering existing revenue.These new companies have the opportunity to build the primitives for a decentralized society to emerge from the bottom up. They can create a standard and infrastructure for people to accrue and own their status and social capital, both within and across diverse social networks. They can build trust into the fabric of their social networks and enable truly meaningful connections and better discoverability. In doing so, they can create a more decentralized, open, resilient internet for everyone.The events of older-generation firms also underline the importance of having a protocol for the internet that is owned by no one and can’t be centrally controlled. A protocol is needed to help coordinate these efforts, set standards for social data interoperability, provide a universal data storage solution that is both decentralized and economically scalable, and enable application builders to quickly tap into existing resources.Such a protocol would be a powerful tool to fight back against the surveillance capitalism of companies like Meta. It would give users full control over their data and identity, and make it much harder for bad actors to abuse personal data.Related: Nodes are going to dethrone tech giants — from Apple to GoogleBut this is no small feat. The next web is a huge undertaking that will require the commitment of many different people and organizations. It will be an unprecedented manifestation of human “scenius,” a concentrated and voluntarily orchestrated collective brilliance.The good news is that the general ethos of the web may have fundamentally changed. Composability and interoperability are more than technical designs — they are also intrinsic value propositions we genuinely hold up to and share with others to work together. This is a demand that we must meet if we want to build a better future for the internet.The consequences of inactionInaction is also a form of action. The consequences of not doing anything about the problems posed by Meta are clear. Your digital identity will never truly be yours and will always be at risk of being moderated, altered or even obliterated. Given that we are increasingly integrating our physical life with the digital, blurring the lines between the two and posting more personal and collective value in the digital, this danger looms darker and bigger.In a larger picture, we’ll be sliding into a society of total surveillance capitalism, where not only will everyone lose control of their data and identity, but their data will be further commercialized to turn users into products who gradually lose sight of the problem and the will of action. A total system driven by profit diminishes the room for any discussions or endeavors regarding human agency and the meaningful social connections of human collectives.We need to take action now to build a better future for the internet and human society at large. The next web provides us with an opportunity to do things differently, and we, together, must seize it.Wilson Wei is the co-founder and CEO of CyberConnect, a decentralized social graph protocol that helps DApps bootstrap network effects and build personalized social experiences.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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