Breaking down the Cloud
As we understand, the Everything App can be described as the ultimate goal of consumer-focused web technologies. However, whether this is built in Web2 or Web3 does matter. The anti-thesis of the Attention Economy is the Ownership Economy, where we not just use services so others get the data generated by us for free, but we actually own the data we’re generating.
This is akin to Facebook providing a revenue share to its users based on their monetization of it. The digital footprint of a single person costs around $0.0005, but is capable of generating $2 in revenues. On average, your data is sold around 500 times per day. If the capital concentration wasn’t so centralized in the hands of a few rent-seeking shareholders, we could see the 5 billion internet users globally achieve unprecedented prosperity.
However, Web2 is currently a million times more efficient than Web3. Web3 accounts for around 1B transactions per year (including not just financial but also computer data transactions), while Web2 is responsible for around 760T transactions.
However Web3 technologies are growing exponentially, becoming faster and cheaper, closing in on near zero transaction costs in the foreseeable future. When this happens, the Corporate Cloud that powers Web2 can be dismantled and the Ownership Economy can prevail. This is when and how we can truly enter the Metaverse: owned and operated by its users.
Every other alternative seems catastrophic.