What Web3 Services Actually Deliver Utility for Users?
When you strip away the speculation, what utility does Web3 actually offer? Shiv Malik, a veteran of the crypto space, has been pondering this question. He uses various Web2 products like Uber, Google Docs, and Spotify without any expectation of getting rich. But what about Web3? While he appreciates products like Uniswap and Metamask, he mainly uses them to trade tokens and increase his wealth. Malik is looking for Web3 products that people would use for utility, not just for making money.
Key Points:
- Web3 products are primarily used for trading tokens and making money, rather than for utility.
- Speculation has overshadowed the search for practical use cases in the crypto space.
- Stablecoins for international payments are a standout utility in Web3.
- Web3’s strengths lie in self-custody of assets, peer-to-peer connections, and new business models.
- Self-custody of personal data and assets is a promising area for Web3.
- Creating common protocols for exchanging personal data is crucial for self-custody to be worthwhile.
- P2P connections in Web3 offer advantages in convenience and disintermediation.
- Web3 has the potential to replace Web2’s SSO systems for better user experiences.
Hot Take:
Web3 still has a long way to go in terms of delivering utility for users beyond speculation and trading. While stablecoins for international payments are a significant use case, there needs to be more focus on self-custody of assets, peer-to-peer connections, and new business models. Web3 has the potential to empower individuals by allowing them to own and control their personal data, and by providing convenient and secure P2P connections. The challenge lies in creating common protocols and infrastructure to make these use cases widely adopted. If Web3 can overcome these hurdles, it has the opportunity to truly revolutionize the digital world.
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