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Freakonomics Radio

510. What Problems Does Crypto Solve, Anyway?

Freakonomics Radio

Freakonomics Radio + Stitcher

Documentary, Society & Culture

4.632K Ratings

🗓️ 7 July 2022

⏱️ 52 minutes

🧾️ Download transcript

Summary

Boosters say blockchain technology will usher in a brave new era of decentralization. Are they right — and would it be a dream or a nightmare? (Part 3 of "What Can Blockchain Do for You?")

Transcript

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0:00.0

I do want to talk about one thing.

0:06.5

There's this concept of Web 3.0.

0:09.3

Chris John Carlo, also known as Crypto Dad, is a former chairman of the Commodity Futures

0:14.7

Trading Commission or CFTC.

0:17.3

We have been hearing from John Carlo throughout this series on blockchain technology and

0:22.4

cryptocurrencies.

0:23.8

So what exactly is Web 3.0?

0:26.2

It's a whole new architecture of things of value of banking, finance, and money itself.

0:33.2

To appreciate this new architecture, we need to backtrack a few decades.

0:37.6

Let's start with Web 1.0.

0:39.9

Web 1.0 was a pretty static online experience.

0:43.2

Think about using AOL, dial-up service, and net scape navigator to look at websites.

0:49.6

Years later, came companies like Facebook building interactive platforms that encouraged

0:54.8

a less static online experience.

0:57.4

This is sometimes called Web 2.0.

1:00.4

But people are concerned that Web 2.0 got hijacked by a number of big tech companies that

1:05.8

not only sensor what you see, they actually condition how you react to what you see,

1:10.5

and they've turned us the surfers into the product themselves.

1:13.8

It took years for some of us to appreciate what John Carlo is saying here, but now we know.

1:19.7

If you are not paying for a product, the product is you.

1:24.4

This brings us to Web 3.0.

1:26.9

The promise is we can take back control.

...

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