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The First Principles of Web3
Ken Huang, Youwei Yang, Fan Zhang (Yale University), Xi Chen (New York University), Feng Zhu (Harvard University)
Abstract: Chapter 2 leverages first principles thinking to reveal the seismic shift enabled by Web3’s self-sovereign Internet and decentralized economic architecture. Opportunities emerge in infrastructure, access, efficiency, accountability, and empowerment. On-chain data sharing and self-sovereign identity allow efficient bootstrapping in an open ecosystem. Decentralized finance increases financial access, while blockchain ID could facilitate inclusive programs such as universal basic income. By automating manual workflows, smart contracts and traceability boost efficiency. Immutable blockchain ledgers enhance transparency via innovations such as triple-entry accounting. The creator economy shifts power by enabling direct content monetization and ownership through NFT marketplaces, decentralized social platforms, and games. Despite adoption hurdles, Web3 fundamentally reshapes incentives around user control over identity, data, and value creation in a decentralized economy. Capturing the full potential requires reimagining economic systems, not just optimizing current models. This epochal shift promises to unlock tremendous value by aligning technology with empowerment in an open, user-centric Internet.