Some people call it the next stage of the Internet. Some people say this is a quick money scam that will fall apart. But what exactly is Web3?
The term "Web3" is widely used to refer to the new era Internet that will run on the record-keeping technology blockchain, a public accounting system with decentralized . In contrast, the current iteration of the Internet, Web2, runs on a company-owned centralized server.
What is it?
According to " Harvard Business Review ", Web3 "provides a read/write/owned network version where users can have financial interests and have more control over the network community to which they belong."
Investors hope this version of the Internet will lead to the democratization of network data, and all users can double-check transactions and contracts on the Internet. However, venture capitalist Joe Lonsdale believes consumers should be skeptical because despite a large amount of cash investments, mainstream products have not yet been released.
"What many people say about Web3 is Ponzi scheme , which makes no sense," the co-founder of Palantir previously told Fox News. “That is, protocols with decentralized ownership are very interesting.”
decentralization is a key feature of blockchain, which allocates the responsibility for key Internet functions such as server control, transaction confirmation and timestamps to the user network, rather than the traditional method of handling all operations by a company or organization. In 2020, servers like Amazon Web Services host nearly 30% of the internet, and Web3 promises to allocate this responsibility among users, fundamentally changing online interactions.
Decentralized digital infrastructure—such as cryptocurrencies like Bitcoin and irreplaceable tokens (NFTs)—is designed as key components of Web3 and required for its functionality. Joe Lonsdale, co-founder of
Palantir, believes that crypto technology has a bright future despite the industry facing a series of corporate bankruptcies.
Why does this matter?
"In the long run, it does make sense to have more decentralized power and the existence of bitcoin and other things," Lonsdale said in a previous interview. Bitcoin “allows misbehaving governments to provide more freedom to the financial system.”
Meanwhile, Elon Musk expresses doubts about Web3.
"I'm not saying web3 is real - it seems to be more marketing buzzwords than reality right now," Tesla CEO tweeted last year.
Twitter founder Jack Dorsey also questioned the Internet in the new era.
user “does not own ‘web3’,” he tweeted in December last year, pouring cold water on the idea that users will be able to profit from online data.
Dorsey has been developing a competitor to Web3, which claims on its website as "a more decentralized web platform."
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