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Web3. The Web3 vision is about empowering consumers to control their own data, as opposed to the status quo in which tech giants, credit bureaus, advertisers, healthcare providers, etc. hoard consumer data. As this paradigm shifts, incumbents will lose their primary competitive advantage-- their data monopolies and associated network effects--creating massive opportunities for new value creation.
The Web3 Vision
Whereas the open finance thesis is based on the idea of programmable money, the Web3 thesis is based on the vision of self-sovereign data. The Web3 vision empowers consumers to own their own data. This stands in stark contrast to the status quo, in which tech giants, banks, and credit bureaus control consumers' data. As this paradigm shifts, incumbents will lose their primary competitive advantage—their data monopolies—unlocking a massive wave of innovation and value creation.
When consumers own their own data, data monopolies will crumble. The second and third order effects of this will be profound, enabling the creation of new businesses and services that we can’t yet imagine.