“Web3” is the latest in a line of phrases that media pundits and technology evangelists alike have deemed a Holy Grail of tech development. Promises of “a new internet” and killer applications have resulted in much excitement and enthusiasm.
This, in turn, has set the stage for dramatic disappointment. This year has seen high-profile collapses of tokens, a sharp drop in interest in non-fungible token (NFT) markets, and the hotly contested metaverse territory continuing to figure out what exactly it will offer. On the heels of this turbulence, commentators have been quick to proclaim the early death of Web3. Jack Dorsey even announced “Web5,” which he touted as “extra decentralized.”
But it would be a mistake to move on so soon when the solutions represented by Web3 are only getting started.
With the term being used so freely, it’s worth taking a moment to re-clarify what Web3 really means. While Web2 can be characterized by central platforms controlled by tech giants, Web3 refers to a variety of technologies and services that enable a new means of exchanging data and value between parties with built-in security, privacy, and efficiency. In practice, this means networks of businesses, individuals and devices, each with their own data silos, security and policies, can exchange data in an entirely new way.
At its core, Web3 is about decentralization. The technologies that enable it are primarily related to blockchain and cryptography, but these are the tools rather than the principle itself – a world where data from different businesses, individuals and physical devices can be seamlessly shared and verified in a privacy-preserving, low-cost way. It’s designed for a future that will become increasingly distributed, and for this reason remains foundational to how some sectors will eventually operate.
Continue reading: https://www.coindesk.com/layer2/2022/10/18/web-3-isnt-dead-despite-what-critics-might-say/
This, in turn, has set the stage for dramatic disappointment. This year has seen high-profile collapses of tokens, a sharp drop in interest in non-fungible token (NFT) markets, and the hotly contested metaverse territory continuing to figure out what exactly it will offer. On the heels of this turbulence, commentators have been quick to proclaim the early death of Web3. Jack Dorsey even announced “Web5,” which he touted as “extra decentralized.”
But it would be a mistake to move on so soon when the solutions represented by Web3 are only getting started.
With the term being used so freely, it’s worth taking a moment to re-clarify what Web3 really means. While Web2 can be characterized by central platforms controlled by tech giants, Web3 refers to a variety of technologies and services that enable a new means of exchanging data and value between parties with built-in security, privacy, and efficiency. In practice, this means networks of businesses, individuals and devices, each with their own data silos, security and policies, can exchange data in an entirely new way.
At its core, Web3 is about decentralization. The technologies that enable it are primarily related to blockchain and cryptography, but these are the tools rather than the principle itself – a world where data from different businesses, individuals and physical devices can be seamlessly shared and verified in a privacy-preserving, low-cost way. It’s designed for a future that will become increasingly distributed, and for this reason remains foundational to how some sectors will eventually operate.
Continue reading: https://www.coindesk.com/layer2/2022/10/18/web-3-isnt-dead-despite-what-critics-might-say/
