Web 3.0, commonly referred to as Web3, has become quite the catchphrase on the internet. For those of you who don’t know what Web3 is, it’s a proposed iteration of the World Wide Web based on the Blockchain technology. Tech communities across several platforms have been bandwagoning it as if it will be the ultimate form of the Internet that fuels our lives. I don’t feel this way; in fact I have a lot of concerns due to the nature of Blockchain technologies – more on this later.
My main gripe with Web3 is the way it’s marketed: Web2 companies are hives of scum and villainy. To make this worse, proponents of Web3 throw these zero-sum statements at you which is bound to grind your gears
If you don’t blindly support Web3 you don’t get the future
Since you are so priviliged in the Web2 world, you clearly lack the vision to see what the future holds
From my personal experience, there is almost no room for healthy discussions with these people. Not only do they propagate this antagonistic nonsense, they claim Decentralization and Immutability offered by Blockchain technologies will be the saving grace on the Internet.
My concerns for a Web3 world
- In the setting of a decentralized social media app, my posts/content will be accessible by people on the blockchain. Since blockchains by nature are immutable, I cannot change what I have posted.
- If I post anything by accident, it will be shared with the whole network.
- What if someone posts revenge or child pornography? What recourse is left since there is no moderating authority/administration that can take action on such posts?
- If there is indeed a body responsible for moderation then does it not violate the fundamental principles behind decentralization?
- Looking at the current systems in place for Web3 offerings like Cryptocurrencies and NFTs, there is usually an organisation that does the heavy-lifting for its users (e.g. account setup, wallet configuration, etc.).
- If we are to move away from these organisations, it leaves users to fend for themselves when it concerns those heavy-lifting tasks. Users will be expected to know the ins and outs of the technologies involved which leaves everyone with a steep learning curve – which is in contrast to the user-friendly approach used during system design of most platforms.
- Focussing on Immutability and Decentralization, there could be grave consequences for victims of frauds and scams: No central body to approach with an irreversible transaction.
- Speaking of irreversible transactions, exchanges have been observed reversing transactions or not allowing transactions on the pretense of technical difficulties (cough cough… WazirX… cough cough).
- Popular NFT marketplace, OpenSea, is known to delist stolen NFTs, again indicating how the big players in the current Web3 world only claim to want the “benefits” of blockchain while maintaining control like Web2 companies.
These concerns aside, innumerable scams, frauds and ponzi schemes have come to light in the last few years, giving a bad reputation to Web3 which is supposedly in its nascent stage.
Web3 appears to be in shambles right now and I reckon it still has a fair bit of evolving to undergo if people are to welcome this new version of the Internet.