Web3’s Power to Authenticate

Another important point is about the internet of value. We all assume that the internet is the source of truth, the information that we find when Googling something are taken for granted. When in reality, we don’t know. We just don’t know. I think the real power of Web3 will be to really authenticate and verify informations and records that will be transferred over the net. To understand that, we really have to go back to the 1960s, when the Department of Defense created ARPA Net. ARPA Net was a vehicle for the Army to communicate during wartime when the telephone lines were down. So, there was no real need to question the validity and the authenticity of what was said from an Army member to another Army member. But as the ARPA Net transitions into the internet, and the global world became the actor and the audience of these informations, we really don’t know who’s on the other side of that line. We don’t have visibility on the authenticity of the records and the information that is being transferred. So that’s why I’m very excited about the use of non-fungible records—Web3 in general, has a way to really verify and authenticate these informations over the net, and create a much more cohesive relationship between individuals over the internet. And that will create, also, much more fluid interactions between companies, between governments, and individuals in how they’re going to be using and transferring this information.

It’ll also change the nature of middlemen, who currently are in the mix because of this lack of trust. You think about insurance companies or an auditor or trust companies—that won’t be necessary in the future with Web3 taking care of the lack of trust. 

The lack of trust also is something else we have to talk about. The nature of trust as a concept will change, especially in the age of mistrust. I think that will have profound impact on the individual themself if we think about things like dating. I was reading a statistic the other month that about 60% of the dating happens through dating apps. And we also don’t know who is on the other side, if what they’re saying is legit. So, something so basic, I think, will have profound changes in the way that we interact with the applications and with each other in the back.