Web3 has the potential to bring radical innovation to every industry. However, the adoption of Web3 is still mostly limited to crypto-related use-cases. The most popular reason for this is that infrastructure is not mature enough. But it doesn’t seem to be true. We think it’s due to one particular reason - not enough people are working on the adoption of Web3.0 beyond crypto use-cases. How to change this? We believe it’s possible to achieve this by looking back and finding what has driven the adoption of Web2.0.
One of the very noticeable drivers for Web2.0 adoption was WordPress - a modular constructor to build web applications. WordPress is extremely powerful even though it doesn't cover all the possible use cases. Imagine if we had something similar to WordPress for Web3.0…
It is obvious that building a modular constructor for Web3.0 is even harder than for Web2.0, because a) there is a variety of use-cases, b) Web3.0 applications are much more complex than Web2.0 ones, c) there are already many Web2.0 applications that partially address the same problems. What if we narrow down our focus to one specific industry? Specifically to creators' economy and intellectual capital-centric applications.
Why the intellectual capital industry? The world is transitioning to an intellectual capital-centric creative economy and in the near future, most resources will become commodities except intellectual and human capital. The ability to capture value from these types of assets becomes critical for any future-proof technology. Tokenization and decentralized governance of intangible assets can be one of the biggest breakthroughs in this century.
The future adoption of the Web3 technology stack depends on four major components:
readiness of layer-1 infrastructure (both on-chain and off-chain);
comprehensive application-specific protocols (layer-2);
tools for building Web3 applications and platforms on top of layer-2;
go-to-market strategies for Web3 protocols, applications, and platforms.
DEIP’s strategy is to focus on the last 3 components and partner with leading companies who focus on the first component. There are already multiple solutions that are mature and flexible enough to be considered as layer-1 infrastructure for the DEIP Network. After thoughtful consideration and multiple implementations, testnets and pilots, we decided to launch the main DEIP Network as a Polkadot Substrate-based Parachain.