A very good review of what Web3 might or might not mean to us mere mortals.
The Term Web3, as you may or may not have noticed, emerged from obscurity last year, buoyed by rising cryptocurrency prices and some canny marketing by venture capitalists. Its meaning is hard to pin down. In the media and on Twitter, Web3 has become a catchall for anything having to do with blockchains and cryptocurrency: People paying tens of thousands of dollars for digital collectibles known as non-fungible tokens, or NFTs, with neither practical nor aesthetic value, then flipping them for even ungodlier sums. “Play-to-earn” video games that lure gamers into flimsy virtual worlds with the promise of riches. Celebrities shilling crypto exchanges during the Super Bowl. A ceaseless parade of scams, hacks, and frauds.
But to a core of true believers, Web3 stands apart from the garish excesses and brazen misbehavior of the flashing-neon crypto casino. If cryptocurrency was originally about decentralizing money, Web3 is about decentralizing … everything. Its mission is almost achingly idealistic: to free humanity not only from Big Tech domination but also from exploitative capitalism itself—and to do it purely through code.
The new movement wants to free us from Big Tech and exploitative capitalism—using only the blockchain, game theory, and code. What could possibly go wrong?
Well…quite a lot, actually……