The hard truths about Web3

The hard truths about Web3

The entirety of Web3 rests on the fundamental belief that decentralization will provide freedom and equality for all. When in fact, so far, Web3 is spurring the greatest consolidation of power in recent times.

What is Web3? It’s an all-encompassing term to describe a blockchain-powered internet, where platforms and apps can be built and owned by users. The underlying principle — it’s a crusade to transfer power back to the internet community.

In contrast, Web2 is dominated by a few large players, such as Google, Apple and Facebook. These centralized companies often retain billions in profits for simply being the middleman.

I think you’ll agree, it’s easy to buy into the “down with big tech” narrative. They have created trillions in wealth, largely for things that can now be automated by code in the form of smart contracts. I mean, who wouldn’t want to cut out the middleman in our everyday lives? This could effectively increase speed, increase security and decrease costs.

But the question remains, is it too good to be true?

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