About Web 3
What is web 3? Why people are bullish about Web 3?
“Web 3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, in the form distributed ledger such as blockchain technologies, and token-based economics.” — Wiki
- Decentralized. Data and ownership are decentralized. No single entity controls the data. No one has to rely on big corporate anymore.
- Efficient. Improve efficiency by making trustless transactions without a middle man (i.e. no more bank between money transactions).
- Reliable. No single point of failure
- Confidential. blockchain naturally encrypts everything.
- Secure. Data is more secure since data modification is always recorded on the blockchain
- Collaborative. The concept of DAO (decentralized autonomous organization) encourages more flat collaboration.
- Easy content monetization.
- No more censorship.
- Each individual might not have the expertise to prevent the attack on endpoints
- Not well regulated with tons of misinformation. There are many low-quality web 3 applications.
- Inconvenient compared to centralized applications.
- Volatile. Currently, the crypto market is crashing, which means many projects associated with web 3 do not have value anymore.
- Web 3 companies will be able to continue receiving top funding from VCs or investors.
- Web 3 could improve the overall economic efficiency.
- Metaverse trends could lead the booming of web 3 applications.
- Fully decentralized might not be a solution for everything since a famous quote says “majority does not mean right”.
- Web 3 will grow but it will coexist with Web 2 since web 2 technologies still have comparative advantages in some cases.