About Web 3

Advantages

  • 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.

Risks

  • 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.

Bull says

  • 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.

Bear says

  • 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.

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