#McKinsey is jumping into the world of #web3 with a recently published "web3 beyond the hype" report.
I was excited by the title but disappointed by the content. The article proclaimed to be a primer on the fundamentals of Web3 including "what it is" but nowhere is web3 truly defined. Instead we get:
"The core distinctive feature of Web3 is the decentralization of business models."
" ... it marks a third phase of the internet (hence “Web3”) ..."
"The disruptive premise of Web3 is built on three fundamentals: the blockchain that stores all data on asset ownership and the history of conducted transactions; “smart” contracts that represent application logic and can execute specific tasks independently; and digital assets that can represent anything of value and engage with smart contracts to become “programmable.”
They mention the "disruptive premise" and the "potential" but you can't isolate a concise definition for Web3 anywhere in the report.
The "fundamentals" they list are just a combination of technologies: blockchain, "smart" contracts, and digital assets.
McKinsey, as big-brained as they are, fall into the trap of conflating the means with the ends --- that is, conflating technology with web3 goals that are energizing people to deploy technology (or other means) to achieve these goals.
So, for anyone still struggling to better understand this emerging space, we offer a clear definition for web3:
“Web3 is an equitable version of the web built on the pursuit of three core principles including: direct rewards for participants, democratic governance, and shared ownership in an initiative or enterprise.” *
* blockchain, smart contracts, and digital assets are all optional.
McKinsey's report: https://www.mckinsey.com/industries/financial-services/our-insights/web3-beyond-the-hype
Brainsy's "Web3 Defined" report: https://docsend.com/view/uqtyswyf9qtht4rp
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