“We are still early” is one of the mantras of the web3 movement. What is web3? Sometimes called Web 3 or Web 3.0, it is the term to describe the third generation of the internet. Web 1 was the static era of the 1990s and 2000s, defined by email and rigid websites. Web 2, which some believe is coming to an end now in the 2020s, was defined by mobile internet, social media, data, and Big Tech.
The web3 movement calls for a complete disruption of the previous models, aiming to create a decentralized, peer-to-peer internet that is more equitable and profitable for users. Proponents claim they will achieve this through the use of blockchains, cryptocurrency, smart contracts, and dApps (decentralized applications). And they believe the next wave of entrepreneurs and businesses – capable of supplanting Amazon, Apple, Google, et al. – will emerge through the harnessing of this new technology.
So, when web3 enthusiasts say “we are still early”, it is in reference to the fact they believe they are only at the beginning of this journey. In fact, many proponents contrast the adoption of web3 in a timeline with internet adoption, and they put it as somewhere in the mid-to-late 1990s at the moment – a long way off from the world of ubiquitous iPhones, 5G, and Netflix we have today.
Entrepreneurship is about anticipation
However, there is a firm belief that those who are “early” have the opportunity to get ahead of the curve if – and probably, when – web3 eventually supplants Web 2. If you consider what entrepreneurship truly means, you can understand the allure of the sentiment. From Bezos to Jobs to Gates to Musk, their success was defined by anticipating what their industries could be in the future, not where they were at the time.
What, then, does a web3 entrepreneur look like? What do they offer? And can anyone get into this new technology and start building for the future? The answers to those questions are not so simple due to a range of factors, not least because some of the technologies are disparate or – for want of a better term – controversial.
First, we need to go back again and elaborate on what we mean about web3. We used the term “decentralization”, which means there is no central point of control. Google/Alphabet is a centralized business, with C-suite executives, employees, shareholders, etc. But some of its core products – Google Search, Chrome browser – would arguably do just as well if they were decentralized. After all, these products are essentially just lines of code and algorithms.
Already, we are seeing web3 alternatives to Chrome and Search, including the web3 browser Brave. What’s the difference? Well, Google makes money by targeting you with adverts, whereas Brave pays you (in its native BAT cryptocurrency) when you see advertisements using its browser. There are also benefits when it comes to data sharing and privacy. Brave has flaws, sure, and we’d remind you that we are still in the Wild West phase of web3 adoption, but it’s the perfect example of a web3 upstart that could update the status quo.
Indeed, what web3 is perfect for is the supplanting of companies that are effectively networks. Take, for example, Uber. The biggest taxi firm in the world, which famously owns no cars. Or Airbnb, the world’s biggest property rentals site that famously owns no properties. These are companies, and successful ones at that, but they are also, at heart, networks. What if the next Uber was built on a decentralized network, one that was potentially able to offer better conditions for drivers and passengers alike? That’s exactly what web3 entrepreneurs are working on now. Using blockchains, smart contracts, and dApps, the next Uber could be more efficient, safer and cheaper for passengers, and more profitable for drivers and investors. It might sound fanciful, but it is possible.
A decentralized product can still be profitable
Of course, the elephant in the room here is the meeting of profits with the concept of decentralization. The pursuit of the former is always going to be one of the main drivers of entrepreneurship, but profits and decentralization are not mutually exclusive – far from it. Moreover, your new business can use some of the architecture of web3 without being fully decentralized.
As to the last point, harnessing web3 without being fully decentralized, many established and centralized companies are already exploring that option. Consider Starbucks, which has recently decided to rebrand its Rewards program (one of the most successful in corporate history) into Starbucks Odyssey, a web3 platform that uses blockchain and NFTs (Non-Fungible Tokens), and perhaps later, cryptocurrency. If Starbucks sees its future rewards program being built on blockchain, shouldn’t up-and-coming retail chains?
Again, we go back to anticipation. Today, subjects like cryptocurrency and NFTs are not without controversy, and thus, it might seem like a risk for Starbucks and many others, including Meta (NFTs on Facebook and Instagram) and Nike (the .Swoosh web3 platform) to embrace them. But that controversy is down to their reputation of being speculative assets. Starbucks is not thinking about the price of tokens; it’s thinking about utility. Understanding the difference should be a key driver of web3 entrepreneurship.
We can also point to some clear, tangible benefits for entrepreneurs considering the pivot to web3. Today, the Apple App Store remains the prime destination for many products. But to access that platform, you’ll need to give Apple its infamous 30% cut, which often includes in-app purchases. Businesses, big and small, loathe this payment, with many believing Apple is abusing its position as one of the web’s main gatekeepers. In a future decentralized app (dApp) store, no such fees will exist. There might be a small fee (probably in cryptocurrency) that goes toward maintaining the network, but the payments to a for-profit centralized entity behind the dApp store will be a thing of the past.
Big names have flooded into web3 in 2022
Earlier, we spoke of web3 supplanting Web 2, thus giving opportunities to entrepreneurs to anticipate future markets in the same way that Jeff Bezos, Steve Jobs, and many others did in the 1990s and 2000s. But a supplantation does not necessarily mean the demise of traditional companies. We have already mentioned the likes of Meta, Starbucks, and Nike investing in web3, but we can add to that Adobe, Disney, NFL, NBA, Stripe, DraftKings, Twitter, and many, many more. And the biggest investor in blockchain technologies? Google’s parent company, Alphabet Inc.
For entrepreneurs, the point is that web3 seems to be inevitable. It might not necessarily mean changing every aspect of your company, but it could mean making some changes to ride the wave of what’s company. The companies that flourished in the Web 1 and Web 2 eras were those that anticipated the need for websites, having social media accounts, apps, mobile-friendly websites, and so on. The same kind of foresight is required for the entrepreneurs of today. It might be a bumpy ride, but so too was the building of the modern web (lest we forget the Dot-Com bubble). The rewards are there for those who anticipate.
Although no one likes a know-it-all, they dominate the Internet.
The Internet began as a vast repository of information. It quickly became a breeding ground for self-proclaimed experts seeking what most people desire: recognition and money.
Today, anyone with an Internet connection and some typing skills can position themselves, regardless of their education or experience, as a subject matter expert (SME). From relationship advice, career coaching, and health and nutrition tips to citizen journalists practicing pseudo-journalism, the Internet is awash with individuals—Internet talking heads—sharing their “insights,” which are, in large part, essentially educated guesses without the education or experience.
The Internet has become a 24/7/365 sitcom where armchair experts think they’re the star.
Not long ago, years, sometimes decades, of dedicated work and acquiring education in one’s field was once required to be recognized as an expert. The knowledge and opinions of doctors, scientists, historians, et al. were respected due to their education and experience. Today, a social media account and a knack for hyperbole are all it takes to present oneself as an “expert” to achieve Internet fame that can be monetized.
On the Internet, nearly every piece of content is self-serving in some way.
The line between actual expertise and self-professed knowledge has become blurry as an out-of-focus selfie. Inadvertently, social media platforms have created an informal degree program where likes and shares are equivalent to degrees. After reading selective articles, they’ve found via and watching some TikTok videos, a person can post a video claiming they’re an herbal medicine expert. Their new “knowledge,” which their followers will absorb, claims that Panda dung tea—one of the most expensive teas in the world and isn’t what its name implies—cures everything from hypertension to existential crisis. Meanwhile, registered dietitians are shaking their heads, wondering how to compete against all the misinformation their clients are exposed to.
More disturbing are individuals obsessed with evangelizing their beliefs or conspiracy theories. These people write in-depth blog posts, such as Elvis Is Alive and the Moon Landings Were Staged, with links to obscure YouTube videos, websites, social media accounts, and blogs. Regardless of your beliefs, someone or a group on the Internet shares them, thus confirming your beliefs.
Misinformation is the Internet’s currency used to get likes, shares, and engagement; thus, it often spreads like a cosmic joke. Consider the prevalence of clickbait headlines:
You Won’t Believe What Taylor Swift Says About Climate Change!
This Bedtime Drink Melts Belly Fat While You Sleep!
In One Week, I Turned $10 Into $1 Million!
Titles that make outrageous claims are how the content creator gets reads and views, which generates revenue via affiliate marketing, product placement, and pay-per-click (PPC) ads. Clickbait headlines are how you end up watching a TikTok video by a purported nutrition expert adamantly asserting you can lose belly fat while you sleep by drinking, for 14 consecutive days, a concoction of raw eggs, cinnamon, and apple cider vinegar 15 minutes before going to bed.
Our constant search for answers that’ll explain our convoluted world and our desire for shortcuts to success is how Internet talking heads achieve influencer status. Because we tend to seek low-hanging fruits, we listen to those with little experience or knowledge of the topics they discuss yet are astute enough to know what most people want to hear.
There’s a trend, more disturbing than spreading misinformation, that needs to be called out: individuals who’ve never achieved significant wealth or traded stocks giving how-to-make-easy-money advice, the appeal of which is undeniable. Several people I know have lost substantial money by following the “advice” of Internet talking heads.
Anyone on social media claiming to have a foolproof money-making strategy is lying. They wouldn’t be peddling their money-making strategy if they could make easy money.
Successful people tend to be secretive.
Social media companies design their respective algorithms to serve their advertisers—their source of revenue—interest; hence, content from Internet talking heads appears most prominent in your feeds. When a video of a self-professed expert goes viral, likely because it pressed an emotional button, the more people see it, the more engagement it receives, such as likes, shares and comments, creating a cycle akin to a tornado.
Imagine scrolling through your TikTok feed and stumbling upon a “scientist” who claims they can predict the weather using only aluminum foil, copper wire, sea salt and baking soda. You chuckle, but you notice his video got over 7,000 likes, has been shared over 600 times and received over 400 comments. You think to yourself, “Maybe this guy is onto something.” What started as a quest to achieve Internet fame evolved into an Internet-wide belief that weather forecasting can be as easy as DIY crafts.
Since anyone can call themselves “an expert,” you must cultivate critical thinking skills to distinguish genuine expertise from self-professed experts’ self-promoting nonsense. While the absurdity of the Internet can be entertaining, misinformation has serious consequences. The next time you read a headline that sounds too good to be true, it’s probably an Internet talking head making an educated guess; without the education seeking Internet fame, they can monetize.
TORONTO – A new survey says a majority of software engineers and developers feel tight project deadlines can put safety at risk.
Seventy-five per cent of the 1,000 global workers who responded to the survey released Tuesday say pressure to deliver projects on time and on budget could be compromising critical aspects like safety.
The concern is even higher among engineers and developers in North America, with 77 per cent of those surveyed on the continent reporting the urgency of projects could be straining safety.
The study was conducted between July and September by research agency Coleman Parkes and commissioned by BlackBerry Ltd.’s QNX division, which builds connected-car technology.
The results reflect a timeless tug of war engineers and developers grapple with as they balance the need to meet project deadlines with regulations and safety checks that can slow down the process.
Finding that balance is an issue that developers of even the simplest appliances face because of advancements in technology, said John Wall, a senior vice-president at BlackBerry and head of QNX.
“The software is getting more complicated and there is more software whether it’s in a vehicle, robotics, a toaster, you name it… so being able to patch vulnerabilities, to prevent bad actors from doing malicious acts is becoming more and more important,” he said.
The medical, industrial and automotive industries have standardized safety measures and anything they produce undergoes rigorous testing, but that work doesn’t happen overnight. It has to be carried out from the start and then at every step of the development process.
“What makes safety and security difficult is it’s an ongoing thing,” Wall said. “It’s not something where you’ve done it, and you are finished.”
The Waterloo, Ont.-based business found 90 per cent of its survey respondents reported that organizations are prioritizing safety.
However, when asked about why safety may not be a priority for their organization, 46 per cent of those surveyed answered cost pressures and 35 per cent said a lack of resources.
That doesn’t surprise Wall. Delays have become rampant in the development of tech, and in some cases, stand to push back the launch of vehicle lines by two years, he said.
“We have to make sure that people don’t compromise on safety and security to be able to get products out quicker,” he said.
“What we don’t want to see is people cutting corners and creating unsafe situations.”
The survey also took a peek at security breaches, which have hit major companies like London Drugs, Indigo Books & Music, Giant Tiger and Ticketmaster in recent years.
About 40 per cent of the survey’s respondents said they have encountered a security breach in their employer’s operating system. Those breaches resulted in major impacts for 27 per cent of respondents, moderate impacts for 42 per cent and minor impacts for 27 per cent.
“There are vulnerabilities all the time and this is what makes the job very difficult because when you ship the software, presumably the software has no security vulnerabilities, but things get discovered after the fact,” Wall said.
Security issues, he added, have really come to the forefront of the problems developers face, so “really without security, you have no safety.”
This report by The Canadian Press was first published Oct. 8, 2024.
As online shoppers hunt for bargains offered by Amazon during its annual fall sale this week, cybersecurity researchers are warning Canadians to beware of an influx of scammers posing as the tech giant.
In the 30 days leading up to Amazon’s Prime Big Deal Days, taking place Tuesday and Wednesday, there were more than 1,000 newly registered Amazon-related web domains, according to Check Point Software Technologies, a company that offers cybersecurity solutions.
The company said it deemed 88 per cent of those domains malicious or suspicious, suggesting they could have been set up by scammers to prey on vulnerable consumers. One in every 54 newly created Amazon-related domain included the phrase “Amazon Prime.”
“They’re almost indiscernible from the real Amazon domain,” said Robert Falzon, head of engineering at Check Point in Canada.
“With all these domains registered that look so similar, it’s tricking a lot of people. And that’s the whole intent here.”
Falzon said Check Point Research sees an uptick in attempted scams around big online shopping days throughout the year, including Prime Days.
Scams often come in the form of phishing emails, which are deceptive messages that appear to be from a reputable source in attempt to steal sensitive information.
In this case, he said scammers posing as Amazon commonly offer “outrageous” deals that appear to be associated with Prime Days, in order to trick recipients into clicking on a malicious link.
The cybersecurity firm said it has identified and blocked 100 unique Amazon Prime-themed scam emails targeting organizations and consumers over the past two weeks.
Scammers also target Prime members with unsolicited calls, claiming urgent account issues and requesting payment information.
“It’s like Christmas for them,” said Falzon.
“People expect there to be significant savings on Prime Day, so they’re not shocked that they see something of significant value. Usually, the old adage applies: If it seems too good to be true, it probably is.”
Amazon’s website lists a number of red flags that it recommends customers watch for to identify a potential impersonation scam.
Those include false urgency, requests for personal information, or indications that the sender prefers to complete the purchase outside of the Amazon website or mobile app.
Scammers may also request that customers exclusively pay with gift cards, a claim code or PIN. Any notifications about an order or delivery for an unexpected item should also raise alarm bells, the company says.
“During busy shopping moments, we tend to see a rise in impersonation scams reported by customers,” said Amazon spokeswoman Octavia Roufogalis in a statement.
“We will continue to invest in protecting consumers and educating the public on scam avoidance. We encourage consumers to report suspected scams to us so that we can protect their accounts and refer bad actors to law enforcement to help keep consumers safe.”
Falzon added that these scams are more successful than people might think.
As of June 30, the Canadian Anti-Fraud Centre said there had been $284 million lost to fraud so far this year, affecting 15,941 victims.
But Falzon said many incidents go unreported, as some Canadians who are targeted do not know how or where to flag a scam, or may choose not to out of embarrassment.
Check Point recommends Amazon customers take precautions while shopping on Prime Days, including by checking URLs carefully, creating strong passwords on their accounts, and avoiding personal information being shared such as their birthday or social security number.
The cybersecurity company said consumers should also look for “https” at the beginning of a website URL, which indicates a secure connection, and use credit cards rather than debit cards for online shopping, which offer better protection and less liability if stolen.
This report by The Canadian Press was first published Oct. 8, 2024.
