Last year, Alphabet, Amazon, Meta (Facebook), Apple and Microsoft combined to end the year with a value of US $ 11 trillion – a figure that corresponds to 12% of global GDP. The numbers are superficial. But even more impressive is the rate of growth seven times in a decade. If you did not attend this party, you are a fool, because that is what happened to your data. Someone once said that “if the service is free, you are a product”.
Millions of personal data is the raw material. From a search history in the browser to a simple purchase or a search on a social network – any step is enough to generate, for example, targeted advertising, and therefore more efficient for the advertiser according to the user’s profile. In addition to getting bogged down in ethical issues, the practice has already spawned countless legal controversies, including the long-discussed topic: privacy.
From an economic point of view, big technology uses our data to concentrate wealth and profits, but we do not get back even a fraction of the profits. And history shows that people, late or late, rebel against the situation when the equation becomes too balanced.
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The way the guillotine symbolizes the end of French tyranny and the fight against the Russian monarchy with a hammer and sickle at the beginning of the last century, is now becoming a more subtle but equally powerful movement through technology. A silent revolution, which sheds light on the discontent of new generations as the world is unfolding today and how much power is in the hands of big technology.
Web 3.0 shows the movement of decentralized power from large companies to manufacturers and developers, with users having more autonomy and privacy. Today the information is on the servers of Amazon, Google or Microsoft. In Web 3.0, information is found based on content and can be stored in multiple locations at once – coping with huge databases of large technology.
With direct interaction between users, there is no longer a need for intermediaries to monitor, control and filter your data in the interaction. Thus, applications run through blockchain, peer-to-peer networks (data sharing when no central server is required) and DAPS, or decentralized, open-source applications that operate autonomously and independently.
It is clear that this new dynamics of Web 3.0 will pose challenges, especially in relation to legal, regulatory and investigative issues. This is even more evident with the rise in cybercrime in Brazil and around the world – more than 4 million fraud attempts were made in the country last year alone, 16.8% more than in 2020, according to figures from Serrasa Experian. It is pertinent to note that earlier this year, data protection was declared a fundamental right in the country.
Despite this, Web 3.0 in its current form seems to have definitely come to sweep the Internet. Last year saw a dramatic increase in the total locked value (TVL) of decentralized exchanges (DEXs) of digital cryptocurrency transactions. At Curve, TVL has grown from US $ 1.4 billion to US $ 16.2 billion between January and December last year.
It is clear that this innovative, collaborative and decentralized mindset that drives Web 3.0 can meet the pervasive interests and challenges. However, the phenomenon of global scale is a non-return, in which people are capable of resisting centralized power. History is cyclical, and like many institutions and dictators of the past, if they do not want to collapse, those in power must learn to share. Will be more aware, autonomous, independent and decentralized for the future.
*Thomas Srogi He is the founder and executive chairman of dr.consulta’s board. He holds a bachelor’s degree in public policy from the University of Chicago Harris School of Public Policy, an MBA from the University of Chicago Booth School of Business, a GMP from Harvard Business School, and a Kaufman Fellow.