What is Web3, and is it the future of the internet?

Some crypto enthusiasts want a new kind of internet that yanks power away from Big Tech and hands it to people. Can they succeed?
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Remember AOL chatrooms and downloading songs through Napster? The internet has come a long way.

Today, it’s dominated by Meta, Google and a handful of other tech giants whose services have made it easier for billions of people to communicate and share content online.

But at what cost? “If something is free, you are the product,” so the saying goes — the only reason platforms like Facebook and YouTube can offer their services for free is because they use our personal data to target us with ads.

“Right now, you have big organizations who are controlling your data and providing you services that use your data,” says Bertrand Perez, chief operating officer of the Web3 Foundation.

Web3 is a hypothetical, future version of the net based on blockchain technology. Crypto enthusiasts say their vision for the web would decentralize it, pushing it closer to its roots. But big-name detractors — from Jack Dorsey to Elon Musk — aren’t convinced.

Watch the video to learn more about Web3 — what it is, and what its future may be.

#CNBC #Web3 #Blockchain
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[Anonymous_Lee]

I have my doubts, perhaps someone in the comment section can enlighten me?
1) Are Web3 and cryptocurrencies as decentralised as marketed? 
- As mentioned in the video, how about the venture capitalists and liquidity providers behind the projects?
- Terra Luna is the most recent example proving that certain cryptocurrencies are actually controlled by a few people, perhaps even more centrally controlled than major companies like Alphabet and Meta.
2) Is decentralisation really better?
- Right now, we know which companies to blame if something goes wrong.
- Does giving all kinds of developers access to Web3 guarantee a better product? "Too many cooks spoil the soup", isn't it?
- I find it especially funny when people say that Web3 and cryptocurrencies should not be regulated. However, when something goes wrong (e.g. Terra Luna), their first reaction is to cry and run to the regulatory agencies.
3) Many claimed that having data stored in the blockchain is more secure, but cryptocurrency scams seem to be so common and sometimes irreversible.

[shangweiliu]

human are too greedy to do such ideally novel creation. as long as the idea of money exists, there always comes the difference in power

[Barweezy]

Web 2.0: You are the VC’s product.
Web 3.0: You are the VC’s exit liquidity.

[sag]

Dear CNBC Intl.
I am a regular viewer of this channel.
If u had just made this video 2 days earlier I could have had better chance of clearing my UPSC exam because a MCQ was asked on web 3.0 and I got it wrong 😂. Still might clear the exam though..🤞

[stachowi]

scammers going to scam... Web 1.0 was supposed to be decentralized... but it's natural for tech and money to centralize... same thing will happen with web 3.0 (already has, most of the tech is on centralized platforms).

[witness]

We have enough issues with centralized databases, so distributed databases are better ? Loool. None of what's discussed requires a Blockchain, nor take any advantage from a Blockchain that cannot be duplicated in the cloud.

[rationalnation]

decentralization sounds like a gun act in usa, just imagine give control to people oh yeah they are just gonna messed it up

[martinmiz]

Web3 about to be killed by Web5 even before it matures.

[boredinloop]

It's the exit plan in times of chaos that's the key. More crowd focus should be on that.

[geolykos]

Maybe this can work for a few things but most actions require authentication or authorization. So if everything is decentralized who is responsible for identifying/verifying you? It doesn't sound this is possible with Web3?

[steeneugenpoulsen]

I don't know if you realize it, but they lied to you when they told you web2 was centralized, use some program to record the number of host sites involved when connecting to a site and you will find there is tons of sites all over the net being contacted, there is nothing even remotely "centralized" about it in the way we normally use the word.

[shinparvati]

6:31 "Yes we are here to invest, and we want the project to grow. We want to participate in the governance but there's room for others to participate into it." I would say that's a good way to see VC investments in the web 3 world --> About this, are there any ways in practice to restrict VC's participation in the token governance?

[yasirshahzad]

The best thing that he never takes credit of his hard work ❤️respect for creators 🙏

[FlexsterBR]

There are always less people who try to make changes and adopt first by taking risk. Majority follow later and make the previous risk takers profitable. Remember magic internet money?

[af]

#1 Reason is Separatism "Virtual Reality"
(we want to be in a world of relatability)

[sebastianpayancristancho]

The way the redhair brother explain this it is smooth...

[Jc-pokb]

All things go centralised. Don’t get confused.

[dapure]

Web3 would need to have a rule as if everyone start with a certain amount of bitcoin for deciding to participate 🤔

[Tech_Udy]

Reef chain features next-gen blockchain technology, utilizing Nominated Proof of Stake consensus, EVM extensions, on-chain upgradability, libp2p networking and state of the art cryptography.

[ral]

Why do people act like centralization is evil?