Building For Web3.0 By Santosh Panda At Digital Success Summit V3.0
The CEO at Foundership, Santosh Panda, touched upon development for Web 3.0 at a powerful session as part of the Digital Success Summit V3.0.
He is now a pioneer in the development of a Web3.0 launcher/incubator, while having been the driving force behind Explara earlier.
With the advent of Web3.0, there will be numerous protocols launching periodically according to him, along with a total replication of the internet ecosystem as it exists today.
He talked of how Web3.0 has three fundamental aspects that will drive the next-gen versions of everything, i.e. blockchain/distributed approach, decentralization, and token-based economies. He outlined the main changes that are being ushered in by Web3.0-
- New Principles
- New Paradigms
- New Revenue Models
These are crucial for all businesses, agencies, and entrepreneurs alike.
Changing Principles Of Web3.0
- Web3.0 does not have data restrictions while blockchain data is in the public domain without any payment required.
- Web3.0 is a trusted framework, right from nodes to NFTs since it is an open-network as compared to closed networks in the Web2.0 space.
- Freedom of development using open-source and available code without any issues.
- Taking things and building on top of the same is possible.
- Another change brought in by Web3.0 is that protocols will be paid and making money, without depending upon advertisements, grants, or data.
- Web2.0 has a centralized model of governance, while Web3.0 will not have any company and is more of a community-based market. The latter will enable globalization in the truest sense, creating things and getting payments from anywhere.
- Web3.0 has a smaller cost for businesses, for the blockchain. Communities are started in this framework instead of customer acquisition and so on. This is then used as the right platform for ideas.
Changing Paradigms of Web3.0
- NFTs for holding assets and membership systems.
- DeFI or decentralized finance for bank-less operations and trading.
- Tokens for generating value and rewards. These are decentralized and more secure from manipulation.
- Protocols emerging as money-making propositions.
- New businesses coming up on the community-based model with distributed returns.
- Metaverse-based ideas and businesses.
- Mining and Gatsby-based ideas.
- Decentralized exchanges like Uniswap.
Changing Revenue Models
- Members contributing as part of a community and then deploying the money in businesses and distributing revenues across the entire community again. Decentralized ways of doing business as a community-owned company.
- Raising money as tokens or NFTs, generating revenues for projects.
- Continuous funding mechanism for businesses, with support from community members, offering NFTs/tokens in exchange as an example.
- With continual business growth, one can jump to another community for scaling things up.
Santosh Panda also talked about how Web3.0 will bring about a massive transformation with a new generational trust-based model.
Users are seeking a world where independent use is possible, without any limitations or restrictions on newer ideas. Web3.0 will generate businesses and startups to cater to newer segments as a result.
He also talked of how the core motto still remains the same, i.e. create something that fits the needs of the user, but the paradigms, principles, and models will naturally evolve and get a facelift, courtesy of the incoming Web3.0 revolution.
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