Značka: Web 3.0

FTX just imploded, and Jack Dorsey wants to talk about the next stage for crypto?

It’s barely been a decade since the launch of Web3, and some are already talking about the next generation of the web Web5. The concept of Web5 first emerged earlier this year with Jack Dorsey’s announcement about plans to build a decentralized web on Bitcoin’s blockchain through Block subsidiary TBD. According to Dorsey’s TBD white paper, Web5 will be “a trustless, decentralized internet platform where users own their data” as opposed to Web3, which is mostly centered around Ethereum and a select few centralized blockchain networks.It’s easy to see why there is a need for change, but is Web5 the answer? With Web3 barely off the ground, surveys suggest that little more than 10% of people in the world think they know what it means — including more than half of Americans. Maybe it is still too soon to start thinking about Web5 as the next generation of the web, and here are three reasons why. Third-generation internet’s potential is not fully realizedWeb2 is still the dominant force on the internet, with social media, e-commerce, and video streaming platforms growing in popularity. With a combined market capitalization of top Web3 networks amounting to only $2.7 billion, it is clear that there is still a long way to go before Web3 can even begin to rival Web2.Related: Facebook is on a quest to destroy the Metaverse and Web3Behemoths of the Web2 internet such as Facebook, Google and Amazon, not to mention the gaming world, still have a firm grip on the internet, given their combined market cap of more than $14 trillion.While this clearly shows that it would take a lot for Web3 to catch up, it also indicates that Web3 and the metaverse have a huge potential yet to be realized.Shortage of talentOne of the biggest bottlenecks that Web3 is facing is the lack of developer talent. The industry is still in its nascent stages, and the number of experienced developers is still very low.While reports indicate that the number of developers entering the Web3 space is increasing rapidly, with roughly 60% of Web3 developers entering the industry last year, the available talent is still a drop in the ocean compared to more than 31.1 million software engineers globally.This talent shortage is compounded by the fact that Web3 is relatively new and has only been around since 2014. Plus, the number of college courses teaching Web3 and blockchain technology is still very low, with most courses only being introduced in the past year or two.Another peculiar aspect about Web3 developers is that, while Web2 programmers are attracted to companies with big brands and fat paychecks, the same can’t be said for Web3, where most developers would rather work on open-source projects. This is all well and good, but it does make it harder for companies to attract top talent. Reports show that active Web3 developers represent a paltry 1% of the active developers worldwide and that each of these Web3 developers has already generated $12 million in value.We have a lack of crypto educationWe must consider that a lack of education about cryptocurrencies and blockchain-related technologies is still a huge problem concerning a shortage of developer talent.A survey of consumers found that awareness of CBDCs and Web3 among the masses is even lower at 30%. Among the population, there is a lack of understanding of how blockchain and cryptocurrencies work, not to mention limited trust owing to the security concerns that accompany crypto assets.Related: Crypto fans should get behind Elon Musk’s subscription model for TwitterStudies show that over 46,000 people have reported crypto scams, with more than $3 billion lost to these scams or hacks in the first 10 months of 2022 alone. As long as people are uneducated and driven by fear of losing their money to scams, the possibility of Web3 becoming widely adopted anytime soon is very low.Let people catch upOne of the main problems facing Web3 is the lack of developer talent. The next five years will see the market focus more on the development of Web3 and the growth of human capital, with more emphasis on attracting and fostering new talents.Sure, current trends regarding the future of the internet (whether it’s Web3 or Web5) are mostly advanced by the world’s brightest minds such as Jack Dorsey, Vitalik Buterin and Elon Musk, to name a few. However, not everyone is a genius, and we should remember to remain grounded and focus on educating the masses on the current state of the internet. To boost mass adoption and give room for incremental innovation, we should return to the roots and introduce crypto education to the deepest levels. After all, education is important in transitioning the masses from Web3 and later to Web5 when the time comes.Fuad Fatullaev is the CEO and co-founder of WeWay with more than 10 years of experience in launching and developing fintech startups in the United Kingdom and United Arab Emirates. He holds degrees from Harvard Extension School and University College London.The opinions expressed are the author’s alone and do not necessarily reflect the views of Cointelegraph. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice.

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Crypto executives discuss the emergence of Web3 tech hubs around the world

Where are the top destinations for a career in crypto? For some, it’s traditional innovation hubs such as Miami or Silicon Valley. For others, it’s Singapore or Seoul. In addition, some would even argue that simply having a stable internet connection, irrespective of location, is sufficient for one to carve their own path in the realm of Web3.To answer this question, Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, asked a panel of experts at the annual Web Summit conference in Lisbon. Speakers at the event included Zach Coelius, managing partner at Coelius Capital; Laura González-Estéfani, founder and CEO of TheVentureCity; and Oscar Ramos, general partner of Orbit Startups.The four experts at “The Next Silicon Valley” panel at Web Summit. Source: CointelegraphAccording to González-Estéfani, who was born in Spain but spent most of her time in the San Francisco Bay Area and Miami, the next tech hub will be a place where people can “get the support they need from the different partners, investors and ecosystem builders.” And for González-Estéfani, that place is more likely to be in the United States than in Europe.“The Bay Area is very approachable. Anyone is willing to help you. People see you, and they fall in love with you with your vision. If you’re looking for funding, there are a lot of entrepreneurs willing to help you. If you go to Miami, it’s a huge mix of people from all over the world, entrepreneurs of all ages. But if you look at Europe, it’s a lot more conservative.”González-Estéfani’s take, however, was not echoed by Coelius, who was originally born in Minnesota and moved to the Bay Area in 2005. He saw the matter very differently: “When I first arrived, I saw billions upon billions of dollars flowing into the tech industry,” said Coelius. “But that energy, which was all centered in the Bay Area, has now scattered all over the world. So, whether it’s Miami or Lisbon or Kosovo, there’s just amazing innovation happening all over the world.”Coelius further added that groupthink in the Bay Area is a major factor in why he believes the next tech hubs will instead be in locations scattered around the world:“A lot of people think the same way. They go to the same parties, they play the same games, they think the same things. And it makes things really boring. And so, I’m personally very excited about all the new ideas that are showing up for people worldwide.”As for Ramos, who also came from Madrid but has lived in Asia for the last 15 years, he believes the future of tech development will be concentrated in the East. “In China, I’ve seen the revolution of a technical system,” he said. “When I first arrived, you couldn’t pay for anything online. You need to have somebody to come to you, and you pay back to that person. And now, there is a market we’re currently seeing as the most advanced fintech ecosystem in the world.”At this point, Lucrezia-Cornèr also joined in on the matter. While Cointelegraph is based in over 30 countries, Lucrezia-Cornèr manages her everyday corporate affairs in a very small Italian village with less than 7,000 inhabitants. “If we were to bring all the people in one place, we actually would lose all our value,” she said, “because our value is not biased to the place where we are based, but whether or not we are able to look for the likes of others.”Coelius seemed to agree, adding that his advice for entrepreneurs and workers alike is to “go where your network is, where your support system is, where your infrastructure has been built. And then, you can recruit talent from all over the world.”“The Next Silicon Valley” panel in Web Summit. Source: Cointelegraph

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Report: India ranks third in the world in terms of Web 3.0 workforce size

According to a new study published by the National Association of Software and Services Companies (NASSCOM), a non-profit organization in India with over 3,000 members, the country currently possesses 11% of the world’s Web 3.0 talent. The figure makes India the world’s third largest regarding its Web 3.0 workforce, employing nearly 75,000 blockchain professionals today. Furthermore, the industry group expects the talent pool to grow by over 120% within the next two years.India is also home to 450 Web 3.0 startups, four of which are unicorn companies. Through April 2022, the Indian Web 3.0 ecosystem has raised $1.3 billion in funding. Moreover, over 60% of Indian Web 3.0 startups have expanded their footprints outside of the country.The vast majority of firms listed in the study are building applications in decentralized finance, gaming nonfungible tokens marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms, and so on.Within the next few years, the NASSCOM remains optimistic about Web 3.0’s growth outlook in the country, stating that it expects the number of Indian internet users to increase by 150 million and 5G users in India to increase to 500 million. Debjani Ghosh, president of the NASSCOM, commented:”India’s rapid adoption of new-age technologies, its growing startup ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape. It is heartening to see that industry and government stakeholders in India are taking a very pragmatic approach towards blockchain tech, with use cases being explored in areas ranging from health & safety, finance, enterprise tech, and land registry to education.”

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