Web 3.0 Will “Redistribute Power and Wealth on the Internet”

Ryan Zurrer, the Director at the Web3 Foundation, an organization focused on the ongoing development of protocols that will power the internet of the future, has said that he is working on building core technologies that will operate on a serverless and decentralized web.

Zurrer, the former Principal and venture partner at Polychain Capital, a San Francisco-based firm that manages a “diversified portfolio” of blockchain-based assets, believes platforms should be developed to “allow users to take control of their privacy, their data, their financial accounts, and effectively their freedom online.”

Web 3.0 Core Technologies Will Help “Redistribute Power And Wealth” On The Internet

According to Zurrer’s assessment, Web 2.0, or the internet of today, has failed because it is “dominated by small cartel of companies that own 90% of the compute storage.” These large firms also control “100%” of users’ data and they “commercialize it as they see fit,” Zurrer argued. He added that the end-user does not benefit from this type of web monetization and that the core “stack of Web 3.0 technologies will be a great enabler to redistribute power and wealth on the internet.”

Zurrer pointed out that there are many companies throughout the world that have proposed to “change the world” by building open and free technological systems. However, he claims that the Web3 Foundation is one of the few organizations that will really “move the needle” when it comes to developing a better version of the internet.

Commenting on the motivation behind the Polkadot project, Zurrer noted that the initiative will help develop solutions which will have “a lasting impact for the betterment of mankind.”

Harness The Power Of Blockchain Interoperability

Explaining why the Polkadot platform will form a key component of Web 3.0, Zurrer stated that in order to have “a serverless, decentralized internet, we need to exit the era of siloed blockchains that don’t communicate with one another and allow for arbitrary smart contract messaging across different blockchains.”

He also mentioned that “for the first time, we might have an Ethereum smart contract be able to send a transaction on the Zcash (ZEC) network or a [case] where a governance decision [on a separate network or platform] has an implication on an Ethereum smart contract.”

Zurrer went on to explain that this type of communication and interaction between different blockchains will be facilitated by the Polkadot network. He also argued that Polkadot “brings a really interesting governance and ‘crypto economic’ model” which will eventually become a “tremendous accelerator” for the cryptoasset sector.

Notably, Zurrer thinks that in the future, the Ethereum network and the Polkadot protocol will complement each other. This, as they build the foundations and core infrastructure for the internet of the future.