What is Web3? What is Web 3.0?

What is Web 3.0?

There is much talk now about how the next version of the web will go. Up until now the web has been a very centralized structure. The idea of Web 3.0 is to decentralize it. It could go a number of ways. One that is now being discussed is it being a blockchain (like cryptocurrency which makes sense when you consider Gavin Wood coined the term). Other ideas are similar to Bit torrent peer to peer rather than some giant server. Individual PCs and devices now are getting more and more powerful. In many cases more powerful than the sever farms that deliver their content. So if they cut out the middle man? This would not eradicate large centralized data centers. Especially when you see what Mark Zuckerberg is planning with Meta. But even that content maybe delivered peer to peer rather than all from his company servers.

In recent articles Jack Dorsey, co-founder of Twitter, dismissed Web3 as a “venture capitalists’ plaything”. Dorsey had opined that Web3 will not democratize the internet, but it will shift power from players like Facebook to venture capital funds like Andreessen Horowitz, which has invested more than USD 3 billion in Web3 developments. On 21 December 2021, Dorsey tweeted that “You don’t own “web3. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.” In 2021, SpaceX and Tesla CEO, Elon Musk, expressed skepticism in a tweet, saying that Web3 “seems more marketing buzzword than reality right now”. In early 2022, Moxie Marlinspike, creator of Signal, articulated how Web3 is not as decentralized as it appears to be, and how the new web resembles the old web.”

Of course the main concern is a decentralized web may allow crime and abuse to flourish. But some say the old web was better in that regard before tech giants ‘owned it’. It went from being a frontier town (nobody really had a hold of at that point) in the wild west where anything goes to a locked down lawyer managed corporate entity feeding you data managed news and advice and of course advertising. Which do you prefer? A seat of your pants exciting internet (old Napster etc) or a clean and tidy ‘safe’ centralized one?

Have fun!