Is Web 3 the Future of the Internet Or a Ponzi Scheme?
Currently, the internet is a highly centralized system. It is owned by banks and companies like Google, Facebook and Twitter. These organizations have systems in place to protect users, but it's not uncommon for information to be accessed by someone not affiliated with the original source.
Web3 has a lot of hype surrounding it. It's not just about what it is, though. It's a technology based on the blockchain. This decentralized database is one of the key features of the next-generation internet, also known as web 3. 0 or the internet of the future. The most prominent benefit of this technology is that users will have more control over the internet.
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There are a number of notable technologies that make up the next-generation internet. For starters, the semantic web is a great example. It helps websites understand data better, and provides applications with a more personalized experience.
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Another technology, the e-Chat, is another example. It's the fastest-growing social network, and users can send and receive cryptocurrency without fear of retribution. In the same way, the semantic web understands the context of data and allows you to sell or trade your own data for real money.
But despite its hype, there are doubts as to whether or not Web3 is worthy of the hype. It's a technological exercise, but not one that would solve all the world's ills.
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While the web may be a wonderful medium to share and discover ideas, it's also a medium that is susceptible to abuse. It's easy to see why some VCs are skeptical about Web3, but others see the potential for making a buck.
The Web3 craze is largely fueled by reactionary libertarian thinking. While the crowd makes the claim that the web is apolitical, it's hard to deny that Web3 is built around a set of assumptions about human nature and technology. While it's possible to create a truly decentralized version of the internet, it's more likely that it will be a centralized database of sorts.
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Moreover, it's unclear if it will be an economic boon for the tech industry or a financial disaster. It's not difficult to envision a time when the centralized databases of the past will be replaced by the immutable code of the next. While it's true that some of the early crypto-assets are a promising investments, it's also true that the real value will be in the services that will be offered.
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The most significant advantage of Web3 is that the backend and front are run by decentralized smart contracts. This technology makes it possible to have multiple tokens and gives users enforceable ownership of their data. This is important, because Web3 will be permissionless, and you won't need a bank or a corporate entity to access it. In other words, the real benefits of Web3 will be enjoyed by its users, not the technologists who have to maintain its infrastructure.
The next generation of the web is likely to be more of a social experiment than an economic boon. However, it's not a bad idea to try to learn about it.
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