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FULL VIDEO: • Web 3 Can Set You Free
An easy to understand explanation of Web 3 (also known as Web 3.0) which is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as "Big Tech". The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.
Some commentators argue that Web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies. They also raise concerns about the decentralized web component of Web3, citing the potential for low moderation and the proliferation of harmful content. Some have expressed concerns over the centralization of wealth to a small group of investors and individuals,[8] or a loss of privacy due to more expansive data collection. Others, such as Elon Musk and Jack Dorsey, have argued that Web3 only serves as a buzzword or marketing term.
Technologists and journalists have described Web3 as a possible solution to concerns about the over-centralization of the web in a few "Big Tech" companies. Some have expressed the notion that Web3 could improve data security, scalability, and privacy beyond what is currently possible with Web 2.0 platforms. Bloomberg states that skeptics say the idea "is a long way from proving its use beyond niche applications, many of them tools aimed at crypto traders". The New York Times reported that several investors are betting $27 billion that Web3 "is the future of the internet".
Some Web 2.0 companies, including Reddit and Discord, have explored incorporating Web3 technologies into their platforms. On November 8, 2021, CEO Jason Citron tweeted a screenshot suggesting Discord might be exploring integrating cryptocurrency wallets into their platform. Two days later, and after heavy user backlash, Discord announced they had no plans to integrate such technologies and that it was an internal-only concept that had been developed in a company-wide hackathon.
Some legal scholars quoted by The Conversation have expressed concerns over the difficulty of regulating a decentralized web, which they reported might make it more difficult to prevent cybercrime, online harassment, hate speech, and the dissemination of child abuse images. But, the news website also states that, "[decentralized web] represents the cyber-libertarian views and hopes of the past that the internet can empower ordinary people by breaking down existing power structures". Some other critics of Web3 see the concept as a part of a cryptocurrency bubble, or as an extension of blockchain-based trends that they see as overhyped or harmful, particularly NFTs. Some critics have raised concerns about the environmental impact of cryptocurrencies and NFTs. Cryptocurrencies vary in efficiency, with proof of stake having been designed to be less energy intensive than the more widely used proof of work, although there is disagreement about how secure and decentralized this is in practice. Others have expressed beliefs that Web3 and the associated technologies are a pyramid scheme.
Jack Dorsey, co-founder and former CEO of Twitter, dismissed Web3 as a "venture capitalists' plaything". Dorsey opined that Web3 will not democratize the internet, but it will shift power from players like Facebook to venture capital funds like Andreessen Horowitz.
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