…an idea for a new iteration of the World Wide Web based on the blockchain, which incorporates concepts including decentralization and token-based economics.
Cryptocurrencies, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized finance (DeFi) are all considered to be under the umbrella term of Web3.
Personally, I see a ton of potential in Web3 to unlock new business models, applications, and systems of organization. I see many of the current applications as highly speculative, but the underlying technology is novel and has massive promise.
This is not to say there are no valid criticisms, however. Moxie Marlinspike
, the creator of the privacy-focused chat app Signal
, wrote this piece that presents a bear case (at least in the current state) for Web3. Moxie comes at things from a first-principles perspective, including the very practical assertion that “people don’t want to run their own servers, and never will.”
If you’re interested or skeptical of the space, I encourage a read.