Four Fundamental Innovations of Web3 that Will Upend Web2 Incumbents
Tomasz TunguzVenture Capitalist at Redpoint If you were forwarded this newsletter, and you'd like to receive it in the future, subscribe here. Four Fundamental Innovations of Web3 that Will Upend Web2 Incumbents
As I’ve explored web3 I’ve been forming a mental model of the major innovations powering this enormous wave of innovation. At the moment, I see four clusters:
But, wait. There’s one more! The fifth cluster of innovation benefits central banks, not startups. If I were an economist with aspirations of working within a central bank, I would be jubilant for the future. Central Bank Digital Coins (CBDCs) are akin to discovering quantum physics for central banks. I can imagine the quips in the halls at the Fed, “Pshhh. Paper money is so Newtonian.” CBDCs are programmable money: central bank digital coins enable a government to focus stimulus as granularly or as broadly as they like. Imagine a reserve bank stimulating the electric bicycle industry in the Kansas City metropolitan area by providing residents new US digital dollars that are only valid within bike shops in Kansas City. As the number of developers in the ecosystem grows geometrically, as the foundations of this ecosystem are lain, and the applications blossom, I’m confident web3 will enable a tsunami of innovation. And at the core, those products, systems, and infrastructures will take advantage of some of these four core advances. This quartet equips web3 companies with advantages web2 businesses simply can’t counter. |
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