- The United States has long been a leader in the development of Internet-based technologies. But in recent years, our global standing has been surpassed by other nations – particularly in the area of Web 2.0, the early days of the Internet.
- That’s changing, however, as the United States continues to develop and popularize the next generation of Internet-based technologies. These include Web 3.0, which is still in its infancy, and Web 4.0, which will be built on the ideas and innovations of Web 3.0.
The US is lagging because they are afraid for incumbents to lose control
• The inherent nature of web 3.0 means that there are fewer points of influence for governments to control. If a government doesn’t like the message or data that is being spread on the internet, they can do little to stop it.
• The internet is decentralized and is not owned by any one entity, so it is much harder to control. This is why the US is currently lagging in web 3.0, since they are afraid for incumbents to lose control. Web 3.0 is a great opportunity for decentralization, and the US should take full advantage of it.
Countries with clear, open systems foster innovation and attract global talent
- Unlike most industries, where people put up with years of red tape and millions in lobbying costs, many DeFi builders are voting with their feet, moving to jurisdictions that are more welcoming to innovation. The result is a growing number of clear, open systems that foster collaboration and innovation, and attract global talent.
- In the US, regulators have launched an innovation agenda to promote competition, reduce red tape, and encourage new entrants.
- In Sweden, policymakers have focused on removing barriers to entry, such as high costs and long application processes, to encourage competition and new entrants.
- In Germany, policymakers have created an “Open Platform for Innovation” to promote competition and reduce red tape.
How does the US get back on track?
- Well, the US is a big country and has a lot of people. It’s difficult to know who understands and appreciates the potential of web 3.0, but many large companies understand the potential and are ready to move fast.
- They need to put more focus on building a better education system. They need to put more focus on creating a better economy. They need to put more focus on improving the health care system.
- In the end, most of the innovations that came from the internet happened because people started doing things in groups. They formed their own companies and started to work together to do something that no one else could do alone. They started to see the rise of peer-to-peer networks because we realized that these networks of individual people were more efficient than the networks of institutions, which often used the power of the law to dominate smaller groups of people.