The Internet Is Dead: Long Live the Internet

Abstract

Social exclusion, data exploitation, surveillance, and economic inequality on the web are mainly technological problems. The current web of centralized social media clouds delivers by design a winner-takes-all digital economy that stifles innovation and exacerbates power asymmetries between citizens, governments, and technology oligopolies. To fix the digital economy, we need a new, decentralized web where citizens are empowered to own their data, participate in disintermediated peer-to-peer marketplaces, and influence policy-making decisions by means of innovative applications of participatory and deliberative democracy. By reimagining “web 3.0" as a cloud commonwealth of networked virtual machines leveraging blockchains and sharing code, it is possible to design new digital business models where all stakeholders and participants, including users, can share the bounty of the Fourth Industrial Revolution fairly.