Web3 and the Global Renaissance
Jul 29, 2023
In today’s rapidly evolving technological landscape, we find ourselves at the cusp of a new era — one that has the potential to usher in a Global Renaissance.
As Web3 leader Anand Venkateswaran told me in a conversation for FOUND3R, “We are on the precipice of the Renaissance of our time — a convergence of tech and finance propelled forward by culture.”
Powerful Technology is Globally Accessible
The convergence of Artificial Intelligence (AI), Web3, and Extended Reality (XR/VR) technologies presents us with unprecedented opportunities to foster a worldwide cultural and intellectual rebirth. These powerful tools are not just reserved for the elite; they hold the promise of broad global accessibility, empowering people from all walks of life to contribute and participate in this transformative movement.
And importantly, just like the Renaissance from our past, it is individuals driving it forward. Global Renaissance actors today come from various backgrounds, hold a range of intents and talents to imagine, create, own, build and use these technologies.
Web3: Empowering Ownership and Collaboration
Web3, the next stage of the internet built on blockchain technology and a decentralized web, holds the key to fostering an innovative global society. Web3 offers new possibilities for digital ownership and collaboration.
NFTs (Non-Fungible Tokens) enable artists, writers, and creators to monetize their work directly, bypassing traditional gatekeepers.
Smart contracts ensure transparent and fair collaborations across borders, breaking down barriers and fostering a sense of global unity.
Web3’s decentralized nature ensures that these opportunities are accessible to anyone with an internet connection, fostering an environment of creativity and cooperation that fuels the Global Renaissance.
Understanding Web3 for All Stakeholders
The crux of this potential Global Renaissance lies in the broad understanding of these transformative technologies, and here in America, there’s a widening gap between those that understand Web3 and those that don’t.
One entrepreneur described this widening gap as the “divide between the have’s and the have nots.” A lack of understanding of Web3 has created uncertainty and concern with Web3 leaders and threatens America’s competitiveness.
We heard in our interviews with more than three dozen Web3 leaders that the general lack of knowledge and understanding of how technology works and where it’s all going — and confusion of all these technologies emerging at the same time — stifle America’s role in the advancement of this moment.
To Web3 leaders, regulatory enforcement can feel reactionary and “shooting from the hip” and draft legislation authored by narrow viewpoints are being hurried through the comittees of Congress without context of how it all works and a potential for unintended consequences.
FOUND3R community members described a crucial “need for knowing the rules and regulations” here in America to stabilize the market globally. Web3 technology is decentralized, which means it can exist anywhere, and many hope America will emerge as a hub for Web3 technology.
Together, we can roll up our sleeves and do better; and we must to ensure America remains a leading force in this wave of global change. And at the same time, we must also ensure that America's pioneers and startups remain active participants in the story by ensuring the regulations and policies are not overly burdensome and complicated.