- What is Web 3.0 and how will it help the event industry?
What is Web 3.0 and how will it help the event industry?
You might have heard about Web 3.0 and are wondering, is it real or just a buzzword? How can it help you and your business? What does it mean for the event industry? In this post, we will explain concisely so you can understand and benefit from it!
History of the Web
Web 3.0 is known to be the upcoming generation of the internet, but what is it exactly? The best way to fully understand Web 3.0, is to learn the evolution of the web.
Web 1.0 is the first episode of the World Wide Web's evolution that lasted roughly from 1989 to 2005. It is also called the "Static Web" and was seen as a way to democratise access to information (aka making digital information accessible to average non-technical people). The concept was promising, but in practice, there was no easy way for non-technical people to be involved in Web 1.0. The era was pretty disorganised and overwhelming but necessary to pave the way for the Web 2.0 era.
Web 2.0 helps the internet to go mainstream; Many successful startups, such as YouTube, Facebook, Google and Instagram, enable users to upload and distribute their contents between various platforms, applications and to the world without writing a single line of code.
The easy access and smooth adoption of the internet seem like the perfect utopia, but these startups turn into giants and the internet world becomes more centralised. The centralisation of the internet issue, together with the advancement of technology (IoT), AI and machine learning paved the way to the next generation of the internet, the Web 3.0.
Web 3.0 is built largely on three new layers of technological innovation:
- Edge computing
Servers are deployed closer to you, hence faster, safer, more reliable and efficient for you.
- Decentralised data networks
It enables you to sell or barter your data without losing ownership control, giving up privacy or reliance on third-party middlemen. In short, you are in control of your data.
- Artificial intelligence (AI)
Ever wonder how to double your revenue the best way possible? or to save costs efficiently? With enough data, AI & machine learning algorithms can answer this with a clear explanation of why and how to get there.
Web 3.0 is a leap forward to open, trustless and permissionless networks:
- Open: they are built from open-source software built by an open and accessible community of developers and executed in public repositories. In short, you can see every line of code that is committed by the developers - see something fishy? Do you think you can implement a better solution? You can jump in and create a pull request to contribute!
- Trustless: the network itself allows participants to interact publicly or privately without the need of a trusted third party.
- Permissionless: anyone, both consumers and suppliers, can participate without authorisation from a governing body.
This new web generation promises a more intelligent, efficient, accurate, and connected online experience for everyone.
How can Web 3.0 help the event industry?
In this section, I will share my thoughts on how Web 3.0 will help you and your business, specifically with the alignment of Venopi future plan.
Total control of your data
When you upload your content on most platforms, you don't "own" the data - technically, the platform does. Well ok, it's not black and white, but we all can agree that when you upload your pictures on Facebook, you don't exactly know where the "cloud" is and it's not like you can grab your data and completely remove them on Facebook singlehandedly without their permission or help.
This doesn't always mean bad though. The company stores your data, keep them safe and organise them for you, for free. But, as we all know, nothing is for free right? someone gotta pay the bills; therefore they use your data to cover their bills.
How's Venopi different from other platforms?
First, we want to inform you transparently regarding how we are gonna build our application architecture and store our data and build our product. We will do so using concise words, with a reading age of 11.
Secondly, we will give freedom to our vendor partners to choose which plan suits them the best. Whichever way you'll choose, we will make sure to keep your data safe and decentralise so you can claim your data and take them away with you should you want to leave Venopi. We will only make a copy for backup if you allow us to do so.
Smart contract to validate each transaction
Dealing with new vendors can be tricky, on top of that, "whom to pay when and how much?" is also a complicated, yet mundane and common question that can be solved using a smart contract.
A smart contract is a transaction protocol that is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement. How does this work in the real world?
Say you are a musician and you set some rules for your customers:
- 50% non-refundable advance payment, six months before the event & must be paid within a week of the invoice date
- 50% payment within 48 hours after the event day
- 5% weekly fine if the customers miss the deadline
Currently, you need to keep track of every booking, send reminders, and invoices yourselves. Using a smart contract, you can set these rules once and you can trust that they will be automatically executed when relevant events or actions apply. Say Jamie has booked you on 01 Jan 2022 for a private event on 01 January 2023
- If today is six months before the event date (01 June 2022), send an invoice to Jamie
- If today is six months + 5 days before the event date (06 June 2022) and Jamie hasn't paid, send a reminder else secure booking
- If today is six months + 7 days before the event date (08 June 2022) and Jamie hasn't paid, cancel the booking and set the date to be open
- If today is the event date + 24H (02 January 2023), send an invoice to Jamie for the rest of the payment (incl extra charges, if any) and request a review
- If today is the event date + 48H (03 January 2023), and Jamie hasn't paid, send a reminder with the deadline of 10 January 2023 - else complete booking
- If today is 10 January 2023, and Jamie hasn't paid, send an invoice + 5% fine with a deadline of 17 January 2023 - else complete booking
- If today is 17 January 2023, and Jamie hasn't paid, send an invoice + 10% fine with a deadline of 24 January 2023 with a final warning to proceed to legal team Venopi - else complete booking
- If today is 24 January 2023, and Jamie hasn't paid, submit to legal team Venopi - else complete booking
Sound great right? Now you don't need to worry about what, how, when, who for each booking, Venopi will take care of them using smart contract technology for you, so you can focus on the most important thing: doing the things that you love the most, performing.
Diverse income channels
The pandemic makes it hard for everyone in the social business to survive and Venopi wants to help our event vendors to thrive during the hard times using whichever methods we, as a community, see fit. Although it seems impossible, we believe that humans are social beings. Sure there are some of us who are loners, introverts, hermits, homebodies, but we all can agree that we learn, grow and improve our knowledge and world by working and connecting with others. This is also why we believe that Venopi can and will always be able to help and persevere because we're about human connections.
One method we believe that can and will help our partner vendors is to enable them to create, buy, collect and sell NFT on Venopi.
What is NFT again? NFTs work as proof of ownership that is attached to an object - can be an artwork, a video, a tweet, or even a domain - and authenticated by blockchain. Read this post if you want to know more about NFT (non-fungible token) - https://venopi.com/blog/what-is-nft-and-how-can-it-benefit-creative-vendors/.
We hope that after reading this post, you now understand more about Web 1.0, Web 2.0 and Web 3.0.
The bottom line is that Venopi believes in the future of Web 3.0; We want to educate our community so we are all can benefit and progress to a better future where you can take control of your data, asset and be free to do what you love the most.
Venopi wants to contribute to the "future of work" segment, where we believe that people can finally be free and independent by earning based on doing what they enjoy, want to do and love the most.
The Future Of Event With Web 3.0
Blockchain, NFT & Cryptocurrency on Venopi
At Venopi, we always think ahead and are eager to offer solutions that will benefit our customers and partners in the long term. We are heading towards Web 3.0; Blockchain, NFT & Cryptocurrency, not because they are hip, but because they make sense and will help our community to a better and sustainable future.
We aim to inform our community and prepare them for the future we believe in and building towards. You should join us!