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We are now witnessing the implementation of the Web 3.0 concept. As it progresses, the Internet is becoming increasingly decentralized. Users, not the host platforms, get to own the copyright to their content. The blockchain is gradually coming into its own, and soon everyone on the Internet will be assigned an e-wallet, in which all files they create will exist as assets. Access to those files will be customizable: free or for a fee.
The full range of Web 3.0 capabilities is already available on blockchains like Ethereum or Solana. Regular tokens and NFTs, smart contracts, DeFi – all these technologies are not only functioning but rapidly developing. There are more and more new blockchain-based social networks, content libraries, messengers, applications, etc., each with its own token. Those can not only be sold but also used to pay for various services in the internal ecosystem or act as a share, giving their owners the right to vote.
In other words, the new Internet will allow the user to own part of the web. They will have sufficient control to carry out their tasks, but not enough to affect the freedom of speech or violate the privacy of other users. Such conditions are made possible primarily through DApps.
According to DappRadar data, there have already been over 8,700 working decentralized applications launched worldwide, a level of progress that would have been untenable without cryptocurrencies. Each coin shows your share of network ownership, so miners and validators get rewarded with cryptocurrency for performing valuable collective work of maintaining the blockchain. It makes for a truly decentralized global network: the development and growing capacities of the Internet allow for the power previously available only to large corporations to come into people’s hands.
Although we obviously shouldn’t expect companies to simply turn control over to regular users. Twitter can already be seen working on its version of a decentralized social network called Bluesky, while Facebook has rebranded itself as Meta and announced plans to create its own metaverse. Those are just two of thousands of such examples that have emerged over the past few months. It clearly demonstrates that Big Tech will try to maintain control over the Internet with Web3-like versions of their existing services.
And it’s not the only potential pitfall: while Web 3.0 is still in its infancy, many pioneers and early adopters tend to idealize the concept. However, we must remember that this entirely new development will undoubtedly have its shortcomings. Having seen the previous two iterations grow from scratch before my own eyes, I remember in both cases the bright hopes being drowned out by bitter disappointment. As they say, rose-colored glasses always shatter inwards.
The desire for equality and freedom for all individuals and businesses on the Internet was a major driving force for the creators of the first two versions of the Web, but they ultimately failed both times. It was not because of someone’s malicious intent but due to the digital universe existing within the modern economy, where economic tools allow you to control what is impossible to manage technologically. Jack Dorsey, the former CEO of Twitter and a well-known crypto enthusiast himself, made an excellent point on this topic. He said that proponents of Web 3.0 are wrong to believe that this part of the Internet belongs to them or is created by them.
In reality, it is owned by the massive investment funds that have been financing startups that are building Web 3.0 infrastructure and services to the tune of tens of billions of dollars over the past couple of years. And every time we read about another blockchain company attracting million-dollar investments, it also means that some large fund has bought a piece of the Web 3.0 being created. So even though the blockchain itself postulates freedom and independence, we will still have to fight for them in this new Internet landscape.
That being said, it is not at all what the newfound critics of Web 3.0 are decrying.
Instead, they might talk about environmental issues. According to their estimates, keeping Web 3.0 technologies running requires an order of magnitude more computing power than is currently being used, which implies consuming more energy, with all the ensuing negative consequences for the environment.
Another complaint is that the high volatility of cryptocurrency prices does not allow you to accurately assess your financial performance – as a content producer or service provider – long-term. Few people will want to sell their labour for a set amount of money only to see its value drop three times the next day due to another BTC drawdown.
However, those criticisms of blockchain technologies are nothing new – we have heard it all before.
To be continued…
