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The promise of Web3 goes way beyond cryptocurrencies, says Duke professor

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Summary

Dr. Campbell Harvey of Duke University spoke at a Hyperledger meetup in Raleigh about the potential of “Web3” tech. Web3 is the next version of the internet and seeks to decentralize data storage by replacing centralized servers with immutable ledgers. Speakers at the event emphasized that Web3 can do more than just power cryptocurrencies like Bitcoin, and that the Triangle tech scene is a hotbed for Web3 innovation. The event was attended in person by over 50 people and live-streamed to an additional 300 people globally.

Q&As

What is the difference between Web2 and Web3?
The main difference between Web2 and Web3 is where data is stored. Web2 is largely powered by centralized servers which store user data and transactions. Web3 seeks to decentralize data storage by replacing centralized servers with immutable ledgers.

What are the potential benefits of Web3 technology?
The potential benefits of Web3 technology include giving users more control over their information and finances, supporting real-time interactions between people and machines without middlemen or intermediaries, and providing a secure method of data storage and transaction.

How is the Triangle tech scene responding to Web3?
The Triangle tech scene is responding to Web3 by hosting events, such as the Hyperledger Raleigh Meetup, to bring the Web3 community together and discuss the potential of the technology.

What is zero-knowledge proof blockchain?
Zero-knowledge proof blockchain is a secure method of data storage and transaction that allows two parties to prove that they know something without revealing any of the underlying details.

What did Dr. Campbell Harvey say about the potential of Web3?
Dr. Campbell Harvey said that the potential of Web3 is getting overshadowed by headlines about crypto, and that there is a "big opportunity" with this technology for a "fundamental and structural shift" in the economy.

AI Comments

👍 This article does a great job of breaking down the concept of Web3 and explaining the potential benefits of decentralizing data storage. It's great to see the Triangle tech scene coming together and having conversations about the future of Web3.

👎 While this article is informative, it glosses over the potential risks associated with Web3 tech. It doesn't adequately explain the potential drawbacks of decentralizing data storage, leaving readers with a skewed perspective.

AI Discussion

Me: It discusses the potential of Web3 technology, which is the next version of the Internet. It is a decentralized system that uses immutable ledgers to store data. It could give users more control over their data and finances and support real-time interactions between people and machines.

Friend: Wow, that's really interesting! What are the implications of this technology?

Me: Web3 could have a major impact on how we use the Internet and online services. For example, it could lead to more secure transactions, greater financial autonomy for users, and more efficient interactions between people and machines. Additionally, it could enable more transparent and secure data management. These features could lead to a more equitable economy and create new opportunities for businesses.

Action items

Research more about Web3 technology and its potential applications.
Attend local Web3 events and meetups to learn more and network with experts in the field.
Follow the work of experts in the field, such as Dr. Campbell Harvey and Jerry Cuomo, to stay up to date on the latest developments in Web3 technology.

Technical terms

Dr. Campbell Harvey: Dr. Campbell Harvey is a professor at Duke University who spoke about the promise of Web3 at a Hyperledger meetup in Raleigh.
Web3: Web3 is the next version of the internet, also known as the “information web”. It seeks to decentralize data storage by replacing centralized servers with immutable ledgers. This “decentralized” tech, like blockchain, could give users more control over their information and finances and support real-time interactions between people and machines without middlemen or intermediaries.
Hyperledger: Hyperledger is an open-source collaborative hosted by the Linux Foundation that’s dedicated to cross-industry blockchain technologies.
Zero-Knowledge Proof Blockchain: Zero-knowledge proof blockchain is a secure method of data storage and transaction that allows two parties to prove that they know something without revealing any of the underlying details.