Web3: Today or Tomorrow

Abstract

The first conversations about the potential of blockchain technology began with the rise of cryptocurrencies. The first attempts at applying blockchain were focused on storing and transferring value, with cryptocurrencies being used exclusively as a means of payment. Recently the use of blockchain entered a new stage of development – the generation of Web3. The logic behind distributed ledger technologies opened up opportunities for various sectors, from financial services and DeFi to new formats of digital value – tokenization of physical assets and decentralized autonomous organizations. Web3 is a term that describes new models for building digital businesses, applications, and economic relationships between different participants based on distributed ledger technology. Where do the boundaries of Web3 lie? What role does Web3 play in the world, and what place does Russia has in it? Sber's Blockchain Laboratory, in collaboration with the SKOLKOVO School of Management, prepared an analytical report. This research aims to shed light on the basic aspects and risks of the Web3 market and predict changes that will impact existing traditional market business models.