The promise of a decentralized internet: What is Web3 and how can firms prepare?

【Author】 Murray, Alex; Kim, Dennie; Combs, Jordan

【Source】BUSINESS HORIZONS

【影响因子】10.562

【Abstract】What is Web3, and what does it mean for established companies? Web3 describes a broad range of emerging internet applications for blockchain technol-ogy (i.e., a decentralized, public database that allows information to be securely recorded on a network of computers rather than verified and controlled by central-ized entities). Central to this evolution of the internet are four distinct blockchain-enabled applications: fungible tokens (cryptocurrencies), nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), and metaverses. In this article, we define each of these applications and discuss their capacity to increase peer-to-peer interactions, decrease large companies' control of information and services, and facilitate access to user networks at a much lower cost than currently possible. These distinctions make Web3 both a natural evolution of Web 2.0 and a broader paradigm shift that may fundamentally alter the online interface, organi-zational structure, and business practices. We conclude by addressing how estab-lished companies can prepare for a more decentralized internet. (c) 2023 Kelley School of Business, Indiana University. Published by Elsevier Inc. All rights reserved.

【Keywords】Web3; Blockchain; Cryptocurrency; Decentralization; tokens (NFTs); decentralized autonomous organi; Metaverse

【发表时间】2023 MAR-APR

【收录时间】2023-06-14

【文献类型】综述

【主题类别】

区块链应用-虚拟经济-Web3