Who Will Eventually Control Big Data in Web3

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Once upon a time, there was a small company that had access to vast amounts of data. They amassed so much data that they became one of the most powerful players in their industry. Their competitors struggled to keep up with the insights and efficiency that this company was able to generate from their data. This company controlled the market and the power that came with this data. But what happens when that power is decentralized?

Take a look at blockchain technology, which is at the heart and soul of Web3. Blockchain technology provides a decentralized, transparent and secure way to store data and transactions. The blockchain removes the need for intermediaries - such as banks or governments - and instead provides a direct, peer-to-peer transaction. This has opened up vast opportunities for new industries to emerge that could not have been possible under the old system, where centralized power controlled everything.

A great example of this is the rise of NFTs, or non-fungible tokens, which have taken the art world by storm. NFTs allow artists to sell their work directly to buyers without having to rely on the traditional gatekeepers of the art world. It also provides a way for artists to receive royalties from future sales, rather than being paid a one-time fee. This has created a new economy for artists, where they are no longer relying on a single purchaser, but can instead generate revenue from multiple sources.

Another example is in the gaming industry, where blockchain technology is being used to create decentralized marketplaces where players can trade in-game items for real cryptocurrencies. This has opened up opportunities for new economies to emerge, where players can generate an income from their gaming experience.

Conclusion

So, who will control big data in Web3? It's hard to say for certain. What we do know is that the power that was once centralized in a few hands is now being decentralized. Blockchain technology has opened up new opportunities for industries that were previously controlled by a few large players, creating a more level playing field. Here are three key takeaways:

As someone who was involved in the early days of the internet, I can see the parallels between the rise of Web3 and the early days of the internet. When I first started creating websites, it was a very different world. It was impossible to imagine the level of connectivity that we have today. Yet, in many ways, the core principles behind Web3 are the same as those that drove the early internet - decentralization, transparency and security.

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Technology/Blockchain

Akash Mittal Tech Article

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