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Web3 and the Amazing Computable Economy

Jason Potts (RMIT University, Australia)

Defining Web3: A Guide to the New Cultural Economy

ISBN: 978-1-83549-601-5, eISBN: 978-1-83549-600-8

Publication date: 1 July 2024

Abstract

This paper introduces the concept of a “computable economy” and discusses how it relates to the emergence of Web3 or the new type of economy that has arisen from the integration of digital technologies such as blockchain, smart contracts, and digital identity. A “computable economy” is one where those computational rule systems are integrated into a connected graph, allowing for decentralized cooperation and distributed coordination. This paper traces the trajectory of innovation in the economy from the development of industrial production technologies to the rise of information and communication technology (ICT) and the digital economy. It argues that the shift to a “computable economy” is a consequence of the transformation of analog economic institutions into natively digital institutions. This results in a “full stack” digital economy where all economic actions can be digitally constructed and implemented. This paper concludes by discussing the potential of Web3 to create a new type of economy, that is, “techno-utopian” and characterized by human flourishing, as the incursion of machines and computation leads to a new era of economic growth and transformation.

Keywords

Citation

Potts, J. (2024), "Web3 and the Amazing Computable Economy", DuPont, Q., Kavanagh, D. and Dylan-Ennis, P. (Ed.) Defining Web3: A Guide to the New Cultural Economy (Research in the Sociology of Organizations, Vol. 89), Emerald Publishing Limited, Leeds, pp. 163-175. https://doi.org/10.1108/S0733-558X20240000089015

Publisher

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Emerald Publishing Limited

Copyright © 2024 Jason Potts