web3 is the next evolutionary step of the Internet and will fundamentally change the way we experience and interact on the Internet.
In 2008, Satoshi Nakamoto published the Bitcoin whitepaper. The whitepaper was also a reaction to the 2008 financial crisis, the failure of the centralized banking industry, and the inflationary monetary policies of international central banks.
Bitcoin (BTC) has evolved over the past 15 years from a proof of concept for digital money to an asset class in its own right, representing a digital equivalent to gold. This is based on the technically limited number of BTC tokens and the freedom from influence or censorship by individual nation states.
The underlying blockchain technology enables true digital ownership of money-like tokens for the first time. With the launch of Ethereum in 2015, blockchain technology has become programmable and smart contracts enable arbitrary applications.
In addition to Fungible Tokens such as BTC or Ether (ETH), the first groundbreaking collection of Non-Fungible Tokens (NFTs) emerged on the Ethereum Blockchain in 2017 with CryptoPunks. These are unique, non-exchangeable tokens – the proof-of-concept for true digital ownership of any digital token. True digital ownership represents the foundation of web3, simplified as:
web1 = read (for example, a digital phone book)
web2 = write (for example, social media)
web3 = own (for example, ownership of digital assets such as BTC).
In the Metaverse, digital ownership meets immersive visualization technologies such as virtual reality (VR), augmented reality (AR), and mixed reality (MR). Simply put, the metaverse is the web with persistent digital objects and enhanced graphics.
web3 and the Metaverse will lead to disruption across industries, from Finance to Consumer Goods and Retail to Manufacturing. The time to develop strategies and build capabilities is now to be ready for the next adoption cycle.
32% of the global adult population has no bank account. The distribution is disproportionately higher in developing countries. Crypto enables participation in the global market economy, paying for goods and services, receiving payments, and accessing financial products such as credit.
59% of consumers are excited about transitioning their everyday activities to the metaverse.
The Metaverse may be worth up to $5 trillion by 2030.
Prior to joining DevelopX in 2021, Chris had already gained entrepreneurial experience as founder of a start-up in the mobile fitness space and worked as Commercial Lead at an established software engineering boutique. There, he oversaw the implementation and evolution of complex digital products. Prior to that, Chris spent most of his career in management consulting, supporting clients in large-scale transformation and restructuring programs.
Chris studied technical physics at the Technical University of Munich. As a partner at DevelopX, he implements large-scale software development projects across industries and consults as an expert on the use of new technologies such as web3 or AI. Chris has a passion for decentralization and digital art.