Why Some See Web 3.0 as the Future of the Internet | WSJ

Some see Web 3.0 as the next generation of the internet, a decentralized version of the web based on the blockchain. Here are the key principles behind it, and why skeptics are unconvinced it could scale globally. Illustration: Amber Bragdon

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#Web3 #Internet #WSJ

[JoshuaJMorley]

It's important to note that "Web3.0" as originally described is not a decentralised internet based on Blockchain, it's the Semantic web(1999), a web where data is machine parsable and interpretable data with intelligent agents interacting with users (2004)
The definition of "web3" definition used in this video is the decentralized internet where data is democratized using Blockchain technologies didn't appear until 2014 by Gavin
Many people get it mixed up because media doesn't use the correct and consistent stylisation
If you want to learn more, I'm a guest/special lecturer at universities around Australia and I gave a lecture on the topic to students of La Trobe university and the recording is on my channel

Edited thanks Max

[bismarknyarko]

Great presentation. In as much as critics and skeptics have a point on the bandwidth, storage and the power to support #Web3 and #Metaverse right now as they expect doesn't mean it's not possible.On the market right now exploring this new Tech in the fitness, virtual concerts, socialization and gaming are projects like #StepApp, #Sandbox, #Decentraland, etc. Since it's early days yet, let's wait and see how it will turn out.

[sjwimmel]

I now have more questions than at the beginning of the video:
- What's the purpose of making tokens for everything?
- What if there's a bug in the software? Who will fix it and how can you avoid people refusing to update and exploiting the bug?

[CountShasha]

I think web 3/decentralised internet will definitely be a real thing. But just not the way everyone is thinking about it right now. There are way too many caveats to it, and all your transactions being available publicly is literally diametrically opposite to the idea of taking back privacy from big companies. The amount of kinks to be ironed out is unreal.

[ThePhilosoft]

> Anyone can participate

yeah. full archive node in etherium network requires only about 6TB of SSD and at least 25Mbit/s internet speed (always on). Node is evergrowing so you will need to pitch in for new SSD once in a while. also backups and time...

[eklim]

every new technology is overestimated in the short term and underestimated in the longterm

[terezip]

"Yeah it runs on centralised physical infrastructure but trust me bro it's decentralised. Yes everything you do is completely public but trust me bro it's private"

[ev.c]

As a computer scientist, my opinion on Blockchain is quite simple: it won’t work to replace current finance. Totally infeasible. But I do think it is a concept that all spawn into great ideas in the future.

[Anonymous_Lee]

Correct me if I am wrong:
1) The users need to own cryptocurrencies to use Web 3.0, as compared to Web 2.0 which is generally free to use (as the tech companies are able to monetise their user base). In this case, will Web 3.0 really be able to replace Web 2.0? This is assuming everyone is willing to pay for access to an uncensored Web.
2) Those with the most tokens are likely to have most influence over Web 3.0. I have the feeling it will not be us (typical citizens and developers), rather it will be the government and venture capitalists.
4:55 "a centralised entity with a different label." - Jack Dorsey

[stCxnturyFox]

I'm not a techie, but the question remains, how will the service providing company earn if it doesn't have access to data...
If the company doesn't earn, then the users will have to pay a monetary fees to access services.

What would a normal human consumer prefer?
pay money to do even a simple google search..
or sacrifice ur data to access this giant internet pool free of monetary cost..

As per my common sense, most people will choose the 2nd option

This very thing raises a huge question mark on the future of web 3.0

[gcmoney]

So an encrypted web that tracks each instance you use it or for each user?

[asishreddy]

There’s no real problem that web3 is solving. Why should the entire world give up their comfort and familiar web 2 for this ? The average user of web 2 is pretty happy with the data driven business model right now. It’s only privacy freaks who are angry that big tech is benefiting from them that’s making noise. Blockchain technology is also super expensive on the energy grid and costly for the environment. Is it really worth it?

[samilaine]

I love the idea of having my pornographic purchases sitting in a public ledger forever.

[maiksonstrife]

I love how they insist its an Incorruptible system, right now the blockchain market seems to be made of stolen art and original artists trying to take the art down claiming to be the original creator, that one artist creates and places it on the blockchain "this is the original and this is mine, I have the token" followed by 1.000.000 thieves saying "this is the original and this is mine, I have the token", as it's basically anonymous data it leads to anywhere, in practice it seems to benefit more thieves than real ownership, how would they track down crimes such as illegal content sharing?

[frankulfberht]

Calling Blockchain Web 3.0 is too early. Also, what separates web 1.0 and web 2.0 isn't whether the data is centralized, but the technology built around UX.

[ejemoxmox]

Most people are probably satisfied with Web 2.0. Web 3.0 won't gain traction until it creates a large tangible benefit to end-users.

[KijasFX]

0:30 That’s cute, the master of buzzword fake marketing is calling Web 3.0 just a marketing ploy.

[archiebishopprofessionalno]

Elon musk calling bs on anything is the most absurd and ironic thing I've heard in years.

Where's self driving? The cybertruck? The hyperloop? Solar city? The dancing robot?

[fatimafalima]

Learned a lot watching your videos so far, thanks for explaining all those topics. Also I really enjoy the style of your videos!

[xavierperez]

I think the real question is what really is the reason for a genesis of Web 3.0; as far as I can tell we are still very much in Web 2. The most I've seen people use Web 3 as an argument to invest in NFTs. I would consider the Internet as a whole still in Web 2.