Much has been said about the next age of internet technology that will improve connectivity and unleash the power of a virtual universe. The so-called Web 3.0 will usher in an era of true connectivity where distance becomes nothing more than a thought. In recent months, several prominent people have weighed in on the discussion about this development.
The latest person to express his opinion about the benefits of Web3 is Kimbal Musk, the brother of the billionaire CEO of Tesla, Elon Musk. Kimbal said that Web3 could unleash a potential $100 billion in philanthropy. Kimbal made this known through a tweet on Saturday. Web3, Kimbal said, could be used to decentralize philanthropy and unlock that massive amount.
Kimbal, an entrepreneur, and chef, also sits on the board of Tesla and SpaceX. He is also an important voice in the technology world. He is a firm believer in the power of decentralization and has spoken in support of cryptocurrencies in the past. Now, Kimbal believes that the exorbitant amount spent on philanthropy bureaucracy in the US can be saved through blockchain use.
Web 3.0 Blockchain-powered Economy?
The strongest promoters of cryptos believe that the entire economy of any nation can be run on blockchain technology. Vocal members of the crypto community have called for governments to adopt cryptocurrencies and deploy blockchains to run government processes. But opposers have pointed out loopholes in that argument.
According to some Twitter users that responded to Kimbal’s tweet, Web3 could be the key to eliminating bureaucracies and corruption from every government and system. One of the key features of Web3 is transparency through shared data. Those tweeters are not far from the truth. In the future, Web3 could bring true freedom by removing corruption.
Some charities engaged in philanthropic activities in 2021 have tested the idea of using blockchain to power their activities. They have received donations in cryptocurrencies and now, most of the biggest charities have crypto payment methods on their pages.
NFT and DeFi solutions that promote charities have also been built and deployed in recent times. For example, APENFT recently held a charity event to support two charities.
Web3 And Regulations
It is expected that governments of countries will study Web3 and decide on regulations to guide it. We have seen it play for Web1 and Web2 over the decades. Regulation is a key factor in keeping stability in the internet world. But the worrisome question is, what would the regulations look like?
Closely linked to Web3 are the virtual world, cryptos, and NFTs. In recent times, these four terms have become associated with one another as they lead the new age of digital economy and interaction beyond borders. But the latter two have faced regulatory issues in different countries across the world.
Some countries have banned cryptos, NFTs, and are refusing to acknowledge the growing virtual world project. Tough regulations might be expected from such countries.