Does web3 exist?

Web3 does not exist with American HODL %26 Junseth, 2 days ago It is also true that today there are only pieces of web3. Building and then scaling the technologies needed to fulfill Web3's vision would require a lot of time, money and cooperation. Web2 refers to the version of the Internet that most of us know today. An Internet dominated by companies that provide services in exchange for your personal data.

Web3, in the context of Ethereum, refers to decentralized applications running on the blockchain. These are applications that allow anyone to participate without monetizing their personal data. Most mentions of web3 treat it as a general term, a vision of the future of the Internet where ownership and power are more widely distributed. I'm not suggesting that web3 is real, it seems more like a buzzword in marketing than in reality right now, I'm just wondering what the future will look like in 10, 20 or 30 years from now.

But people, companies, and organizations that are successful on Web3 will succeed because they abstract complexity. Some writers who refer to the decentralized concept generally known as Web3 have used the term Web 3.0, which causes some confusion between the two concepts. Essentially, the decentralized nature of Web3 will (theoretically) allow users to own and retain control of their own data, which will keep it out of reach of tech giants. Some Web 2.0 companies, including Reddit and Discord, have explored incorporating Web3 technologies into their platforms.

But so far, web3 has been more like a buzzword designed more to confuse than to enlighten, and is causing something like an identity crisis for the tech industry with implications for the rest of us. This is not to say that Web3 is not an equally important movement, but that it will transform all industries and reshape obsolete power structures. Experts say that, at best for Web3 enthusiasts, the technology will work alongside Web 2.0, not completely supplant it. Part of that may be political work, meaning that users, developers, technology companies, special interest groups, and others would need to participate in a variety of standards bodies and work out agreements on how Web3 protocols would work.

The mission behind Web3 is to create a decentralized web that allows sites and services to exist on each and every computer network. In other words, Web2 reinvented the things people interact with, while Web3 reinvents the plumbing behind the scenes. Google searches for “Web3” have increased sixfold since the end of July and the number continues to rise. Web3 will be a portfolio of decentralized applications running on blockchains, Ethereum reports, and will grant anyone permission to use the network's services.

Tim Ludecke
Tim Ludecke

Subtly charming webaholic. Lifelong music maven. Total twitter expert. Professional beer maven. Certified bacon geek. Total internet lover.

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