With Web 3.0, women, men, machines & businesses will be able to trade value, information & work with global counterparties they don’t know or yet explicitly trust, without an intermediary. The most important evolution enabled by Web3.0 is the minimisation of the trust required for coordination on a global scale. This marks a move towards trusting all constituents of a network implicitly rather than needing to trust each individual explicitly and/or seeking to achieve trust extrinsically.
Web 3.0 will fundamentally expand the scale & scope of both human and machine interactions far beyond what we can imagine today. These interactions, ranging from seamless payments to richer information flows, to trusted data transfers, will become possible with a vastly increased range of potential counterparties. Web 3.0 will enable us to interact with any individual or machine in the world, without having to pass through fee-charging middlemen. This shift will enable a whole new wave of previously unimaginable businesses and business models: from global co-operatives to decentralised autonomous organisations and self-sovereign data marketplaces.
The forthcoming wave of Web 3.0 goes far beyond the initial use case of cryptocurrencies. Through the richness of interactions now possible and the global scope of counterparties available, Web 3.0 will cryptographically connect data from individuals, corporations and machines, with efficient machine learning algorithms, leading to the rise of fundamentally new markets and associated business models. The result is akin to a “return to the global village” — daily immersion in the human-centric & highly personalised interactions from which we used to benefit, yet now delivered at the global scale of the internet and supporting an ever-increasing myriad of human and machine skills specialisations.
https://medium.com/fabric-ventures/what-is-web-3-0-why-it-matters-934eb07f3d2b