LATEST NEWS Web3 and changes in the attention economy

Web3 and changes in the attention economy

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There has been a fundamental shift in the source of value within our economy.

On earlier models, the source was labor. In today’s understanding of economies, it is attention and the ability to act. This new model is why Web2 companies value personal data so much: with knowledge comes understanding, then comes prediction, then action. By understanding the consumer, companies can advertise and get customers to take action.

And make no mistake, customers are in a state of constant targeted marketing if they use Web2.

Social media, apps, and even browsers constantly collect data to influence decisions. Every web search, every social media post, every email is mined to collect data points. Since so much of our lives have moved to the digital world, there are now endless possibilities for data collection. Algorithms can map likes, dislikes, values, and more to create complete virtual profiles, which are then sold to third-party data brokers. These companies often operate in a regulatory gray area and make it difficult to opt out.

Data, identity and the ‘why’ of consumer behavior

The implications of this are enormous. This virtual identity, or profile, is not made up of the old standard data points. It goes beyond who you are as a consumer: it defines who you are as a person. not only define what you do, is able to quantify Why do you do what you do.

And at the same time? A large part of so-called free will can be purchased by the highest bidder. Advertisers can pay directly for the behavioral effect they seek because they can now measure results. Tim O’Reilly was right about the fact that we’ve solved the Wanamaker problem: the old adage that helped market it is waste; you just don’t know what helped. But we haven’t addressed the natural corollary: the better marketing gets, the less autonomy everyone seems to have.

It paints a very dystopian picture. In a previous article, I discussed how whoever owns your data owns your decisions, and here’s why. In a digital world, your data is youris your domain online. Web2 actively limits our choices by strategically limiting our options; cambridge analytics was not the first and will not be the last company to exploit these new data powers.

It’s a complex problem that goes back to the incentive structure of Web2. We have built a digital world around “you as a product”. All the free, cheap and convenient apps we depend on are the perfect example of this in action. These apps have permeated every aspect of our lives, from work to socializing, and the companies behind them know it. They have no incentive to change existing systems.

Greater identity control

Solving these problems, and others, is the driving force behind Web3. in a Web3 user property, you own your data. You can control who sees it and what is done with it, but more importantly, the potential is there for you. to start having better control over algorithms and better ensure that your private data is truly privateaccessible only to you, be it emails, direct messages or stored files.

It starts with decentralized identities or autonomous identities (SSI). In current web models, our digital identities are owned by our devices and/or third-party applications. This makes it difficult to manage our data because it is being used and mined by many different sources. With decentralized identities, our digital identity lives in our wallet, a single source, and users control who sees what.

For example, when we sign up for anything on the web, we have to create an account. This is true for everything, whether you sign up for a mailing list or make a purchase. Every time you sign up for a new account, you must provide personal data to confirm identity. In the US, the average email address is associated with 130 accounts. There is no way to track your data when it is distributed in this way. With decentralized identities, you can control the output of information. By using decentralized identities in wallets, users can ensure that only relevant information is shared and used for authentication purposes only.

Beneath these decentralized identities (and they can have any name and do not need to be linked to the physical your unless needed) we can build a world of decentralized content and data that runs as the foundational layer of Web3. Whether it’s a messaging app, a project management tool, the next Instagram, or the next Yelp, content may be owned by users, and algorithms may have a better chance of working for users than advertisers. You can get started with a free “human” domain at https://hmn.domains and start building your digital kingdom.

Eventually apps and advertisers will have to work for you.

Leonard Kish is co-founder of bark application.

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