web3 is not “the next version of the web.” It’s not even a clearly defined vision of the next version of the web. It’s a marketing term coined by blockchain enthusiasts to make it sound like their vision of the future is inevitable. It is not. web3 right now is not a thing, and it will never be the next version of the web, because the web doesn’t have versions.
Adopting the marketing language of an idea lends legitimacy to the idea and makes it sound real even when it’s not. It creates a feeling of inevitability, makes people think “oh, if this is going to be the future, I better get on it now!” while in reality it is nothing of the sort.
We need to find a better term for this thing blockchain enthusiasts call “web3” so people don’t confuse it with the web. “Blockchain All The Way Down” perhaps? Or “tokenomics?” Or more honestly “Blockchain-Based Utopianism?”
Before my web3 followers get all stressed by this, here’s the thing: For the “next version of the web” described (vaguely and without any meaningful detail) by the term “web3” to happen, the entire infrastructure of the web and the internet needs to be rewired and re-engineered. It’s not feasible, even if we all decided that this was the way to go. Which is not going to happen, because the infrastructure of the web and the internet is mission critical for everything from your friend’s hobby project to the power plant feeding your house electricity. Making the web dependent on the blockchain simply will not work. Ever. Under even utopian circumstances.
For the thing they call “web3” to work, the entire web needs to be centralized on the Ethereum blockchain. “What do you mean centralized on the blockchain! The blockchain is DEcentralized!” Sure. But: We would need to trade the current distributed DNS system with some form of blockchain-based ENS meaning every domain query would go to the blockchain. If there are multiple web3 blockchains serving their own versions of ENS, where a domain points will depend on what blockchain you’re querying. A single blockchain is required for stability.
Also, for this vision of the web to work, all current data on the web would need to be transferred to decentralized hosting. The size of the internet would need to increase at least 2x to ensure every piece of content exists at least in two locations. Again, unfeasible even in under utopian circumstances.
We have to stop echoing the claim that web3 will somehow solve the problems of web 2.0. The very premise here is wrong. Most of the critiques levelled against web 2.0 by web3 enthusiasts (centralization, data hoarding, corporate monetization, censorship) are actually critiques of Surveillance Capitalism, not web 2.0.
Web 2.0 doesn’t require Surveillance Capitalism. Surveillance Capitalism is a layer built on top of our web technologies that exploits the user patterns and data traffic on web 2.0 to build models of our behaviour. Having a public ledger where every transaction is public and can be used to build models is not solving for the problem. In a very real way, the proposed web3 is built for Surveillance Capitalism, as if it is an inevitability and should therefore become the standard: It not only makes modelling behaviour based on all transactions infinitely easier because all the data is public, it makes it possible to track everyone based on every single thing they do.
“Oh, but now each user can choose who they want to share their data with!” There are two problems with this argument: 1. It is horribly inequitable – rich people get to keep their data, while poor people must sell it to live. 2. It’s naiive. The data is public. It’ll be used. Why do you think the Surveillance Capitalists who became billionaires off web 2.0 are pouring billions into web3? I’ll give you a hint: It’s not because web3 will take power away from them and give it to “the people.”
“But pseudonymity!” Yeah. It’s PSEUDOnumous. If all our transactions are on the public ledger, it would be incredibly straight-forward for ML and AI to figure out exactly who owns every single wallet, and only the most crafty among us would be able to hide our identities.
This whole idea is built on naiive and utopian assumptions about how the internet works and how humans interact with it. It has nothing to do with the web and everything to do with money. Calling it “web3” lends the legitimacy of the web to an idea that will never be the web.
Also posted on LinkedIn.