Difference Between Web2 and Web3

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are several differences between Web2 and Web3.

Web2 centralizes the control of information kept by gatekeepers while Web3 decentralizes control and removes the gatekeeper.

Web2 requires one to give their content and information to another entity, while Web3 lets the user maintain control of their content and information.

Web2 focuses on reading and writing content while Web3 focuses on creating content.

Web2 uses fiat currency such as the US dollar while Web3 uses cryptocurrency such as tokens.

Web2 uses JavaScript and HTML while Web3 uses open source blockchain technology.

Web2 stores data on centralized servers, while Web3 stores data in a distributed manner across the internet.

Web2 gave users access to the system through logins and passwords.

Web3 gives users access to the network through their own online wallets.

Web2 provides basic content while Web3 provides the semantic web using artificial intelligence and machine learning.

Web2 provides basic application to application communication while Web3 provides composability or the ability for one application to call another application.

Web3 continues to grow and evolve and holds the promise of creating a more democratic internet available to all.

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Composability

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Web 3 brings software composability to a new level.

Composability is the ability to select and combine components to meet specific requirements.

An example is the smart contract on the blockchain.

Any smart contract can call any other smart contract to execute it.

Web 3 uses open source components to build systems.

This allows the developer to use the tools and systems of others without having to reinvent them.

Some level of standardization must be applied to ensure the compatibility and reuse of modules and components.

This enables access to multiple applications and systems.

For example, one can cast a vote on a DAO, which triggers a token award and then deposits that token into a yield farming system to earn additional money.

Composability is the next generation of application software as it connects across company boundaries.

As we digitize more things to represent on the internet, the greater the opportunity for composability.

For example, an art object can be captured on the web as an NFT.

This NFT can now be used as part of a composable system.

Composability has been around for a long time and as Web3 brings new physical components online, the ability to combine each component into a new system is endless.

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Benefits of Web3

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The next generation of the web, called Web3 seeks to decentralize the internet and give control back to the users.

This brings several benefits to content creators using the internet.

Here are some examples:

The current web lets anyone copy anything and share it with others.

This provides no compensation for the creators.

Web3 through NFT or non-fungible tokens prevents copying and distributing content and installs a payment mechanism for their work.

Web2 used the advertising model almost exclusively.

Web3 will enable other business models and will allow content creators to capture more of their share of the revenue.

New payment mechanisms will let content creators raise investment funding for their work rather than donations.

This provides a greater revenue opportunity for the content creator.

Tokenization lets every creator earn a share of the revenue unlike current ad models that reward only the most popular.

Finally, Web3 gives the user control of their data and content rather than the platform.

Content creators can move to other platforms and take their data with them.

This gives them the power to negotiate better terms and greater revenues.

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Let’s go startup something today.

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Web3 Innovations

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Web 3 brings new innovations to the internet.

Here are some key innovations:

Web 3 uses blockchain technology which captures permanently all transactions and list of ownership available for all to access.

Web 2 had siloed records based on the platform or the company and only a limited number were able to access it.

This standalone record provides portability.

One's content, data, and identity are always accessible.

Web 3 provides a secondary monetary system called tokens which compensates users of the platform for their contributions.

This provides incentives to those building the system.

Web 3 brings increased interconnectivity of systems.

Web 2 systems had limited data exchange while Web 3 takes data and application exchange to the next level.

Web 3 reimagines the company as a group of people with a common cause rather than just a legal entity.

One can build a community using software to manage and execute the policies of the group.

Web 3 brings new innovations to software, entity formation, and connectivity.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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What Is Web3?

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The current internet is controlled by a few players with concentrated power over the users.

The next generation of the web, called Web3 seeks to decentralize the internet and give control back to the users.

Web3 promises to give creators a larger share of the revenue from their work.

It also promises to give users control back over their own data and content.

Web3 uses blockchain technology which enables decentralized control and removes the gatekeepers.

The current web lacks a layer for handling payment transactions.

Cryptocurrencies provide technical solutions to enable Web3 by providing tokens to incentivize users and compensate those who work on it.

Web3 brings a new approach to software that takes it to the next level.

It brings composability which lets one build new capabilities on existing software modules.

This speeds up the software development and increases the capabilities of the system as well.

Web3 also defines the interface between systems to enhance the exchange of data and interconnections among companies.

Web3 is the next generation of software.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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On this episode of Investor Connect, Hall welcomes Matt Duomo, CEO and AI Strategy Expert at Fifth Advantage. Located in Austin, Texas, Fifth Advantage helps businesses become future-ready by leveraging AI and digital technologies to drive growth and efficiency. This innovative company is renowned for its "anti-consulting" approach, which focuses on delivering fast, actionable results that empower clients to thrive autonomously. With a team of experts known as the "Avengers of AI," Fifth Advantage emphasizes the collaboration and adaptation necessary for companies to navigate the rapidly evolving technological landscape and successfully implement AI strategies.

Matt Duomo has a rich background in technology, having worked with industry giants like Microsoft and Amazon. As a founding general manager of Amazon Web Services’ database division, he played a crucial role in developing products like Microsoft Dynamics and the speech infrastructure that became Cortana. Matt has a wealth of experience in leading projects to successful exits, including companies that achieved a combined $1.6 billion in exits. At Fifth Advantage, he is driven by a desire to provide guidance and support to businesses embracing AI during the dawn of the Fourth Industrial Revolution, aiming to empower organizations for autonomous growth and success.

In this episode, Matt shares his insights on the importance of understanding AI demands within businesses and how to deliver growth in a matter of weeks. He discusses the evolving landscape for family offices to invest in AI and the need for practical, value-based investments. Matt emphasizes a collaborative approach to working with clients, ensuring that they can navigate challenges and embrace opportunities in AI.

Matt delves into how both Jeff Bezos and Bill Gates have influenced his views on innovation and AI. He explains the necessity of working backward from the customer needs and setting realistic goals to ensure AI projects succeed. The conversation also covers how family offices are uniquely positioned to invest in AI, especially during a time when traditional venture capital models are changing. He underscores the importance of creating value, enhancing employee experiences, and leveraging AI as a tool for efficiency and innovation in business.

Visit Fifth Advantage at www.fifthvantage.com, LinkedIn, and on Twitter.
Reach out to Matt at matt.duomo@fifthvantage.com, LinkedIn, and on Twitter.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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How To Write a DAO Constitution

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In setting up a DAO it’s important to write a constitution defining the governance and establishing the rules.

Here are some key steps in writing a constitution for your DAO:

Start with the vision of the DAO by stating its mission and values.

Describe the governance structure including roles and responsibilities.

Define the guidelines for the members including rewards for adding value and penalties for causing harm with mechanisms for enforcement.

Include rules for protecting the members, the treasury, and other key assets and stakeholders.

Invite input from the members to review and comment on the draft.

Add new rules as the need arises.

Set up a process for updating the rules.

There are many other DAO constitutions available.

Review and consider what can be drawn from them.

All of this must work within the software framework for running the DAO.

Consider these steps in setting up your DAO.

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Delegated Voting in DAOs

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

DAOs bring many benefits to online communities such as member control over the direction of the DAO.

One of the challenges with current DAOs is member voting.

Just as voters in political elections are susceptible to apathy and lack of engagement so members of DAOs suffer the same challenges.

Voter participation is a problem.

One solution is the delegated voter in which the members give their proxy to another to vote on their behalf.

Delegated voters can solve the time problem in that not every member has the time to follow each issue.

The political system uses delegated voters in which the citizens elect someone to vote on their behalf for each issue.

There are challenges with delegated voters.

Once someone becomes a delegated voter it’s difficult to remove them.

Potential solutions are term limits. Each delegate can serve only for a limited time period.

Another is limiting the number of votes a delegate can control.

This reduces the chance of concentration of power in too few hands.

Finally, there’s bribery in which members give their tokens to delegates in return for support for the member’s initiatives.

Consider these issues in setting up delegated voters.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org

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