The AAAI 2023 Inaugural Summer Symposium served as a dynamic platform for industry experts to converge and explore the horizon of technological transformation. Against this backdrop, Anndy Lian’s thought-provoking perspective resonated, shedding light on the intricate challenges and promising potential that Web3 brings to the forefront. Lian’s incisive quote, “Revenue is one of the factors that is really stopping Web2 companies from fully embracing Web3. The other factor is governance,” sparked profound discussions that unveiled the transformative journey ahead.
Revenue Challenge: Web2’s Dilemma in Embracing Web3
Web2 companies have long thrived on advertising and traditional revenue models. Lian’s observations poignantly highlight the clash between these models and the decentralized nature of Web3. The uncertainty surrounding revenue generation in a decentralized ecosystem poses a significant obstacle for companies looking to transition. But rather than dwelling on the hurdles, it would be more productive for Web2 companies to consider the solutions. By incorporating blockchain-based systems, tokenization, and NFTs, companies can not only find reliable sources of revenue, but also ensure that profits are tied to the overall growth and success of the community.
Governance: Web2’s Centralization vs. Web3’s Decentralization
Governance, a cornerstone of the Web3 narrative, surfaces as another pivotal aspect. Lian’s acknowledgment of the evolution from Web2’s centralized decision-making to the decentralized ethos of Web3 resonates strongly. He strikes a chord by noting the current discrepancies between ideals and implementation. Yet, Lian offers a visionary outlook by introducing the concept of Web4, a realm guided by a fusion of blockchain consensus and AI. This harmonious blend could bridge the gap and accelerate the transition towards true decentralized governance.
In conclusion, while the journey from Web2 to Web3 may present challenges, the potential rewards are immense. The decentralized ethos of Web3 empowers users, fosters innovation, and creates an environment where creativity and collaboration flourish. The revenue and governance challenges that Web2 companies face are not insurmountable roadblocks, but rather opportunities to redefine how businesses interact with their users and communities. As we collectively work toward a Web3 future, we must recognize that the current challenges are stepping stones to a more decentralized, inclusive, and prosperous digital world.
Source: https://blog.bybit.com/en-US/post/bybit-talks-anndy-lian-s-vision-for-web3-bltb37b72da181991f5/
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.