Some call it the next phase of the internet. Some say it’s a fast money scam that will break. But what exactly is Web3?
The phrase “Web3” is generally a new era internet recordkeeping technology, a decentralized public accounting system, will run on the blockchain. The current iteration of the Internet, Web2, by comparison, runs on corporate-owned central servers.
WHAT’S THIS?
By enabling users to own their data, Web3 “offers a version of web read/write/ownership where users have financial interests and greater control over the web communities to which they belong”. Harvard Business Review.
Investors hope this version of the internet will pave the way and democratization of data on the web, where transactions and contracts can be double-checked by all users. Again, consumers should be skepticalAccording to venture capitalist Joe Lonsdale, mainstream products have yet to materialize despite heavy cash investments.
WATCH PALANTIR’S FOUNDING PARTNER JOE LONSDALE EXPLAIN WHY HE THINKS WEB3 IS A “PONZI SCHEME”:
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“Most of what people call Web3 was a pyramid scheme and made no sense,” Palantir’s co-founder previously told Fox News. “However, protocols with decentralized ownership are very interesting.”
Decentralization, a key feature of blockchain, distributes the responsibilities of basic internet functions such as server control, transaction confirmation, and timestamping to a network of users, not a network of users. traditional methods in which all operations are carried out by a single company or organization. Where something like Amazon Web Services servers is hosted almost 30% of the internet By 2020, Web3 promises to fundamentally change online interactions and distribute that responsibility among users.
Decentralized digital infrastructure — such as cryptocurrency like Bitcoin and non-fidelity tokens (NFTs) — is designed to be key components of Web3 and will be essential to its function.
Palantir co-founder Joe Lonsdale believes cryptocurrency still has a strong future despite the industry facing a series of corporate collapses.
(Fox News Digital/Jon Michael Raasch)
WHY DOES IT DIFFER?
“In the long run, it makes sense to have more decentralized power and have something like Bitcoin exist,” Lonsdale said in a previous interview. Bitcoin “provides more freedom for the financial system from governments that are really abusive.”
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Meanwhile, Elon Musk has expressed his doubts about Web3.
“I’m not claiming Web3 is real – it seems more like a marketing fad than reality right now,” said the Tesla chief. tweeted last year.
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Twitter Founder Jack Dorsey also questioned the new era internet.
Users “don’t own web3” heh tweeted last DecemberIt gives cold water to the idea that users can monetize their data online.
Working on Dorsey competitor to Web3claims to be an “extra decentralized web platform” on its website.
Click to watch the full interview with Lonsdale on Web3 games.
Bradford Betz contributed to this report.
