Recently, former Twitter CEO Jack Dorsey sparked a discussion centered around the much-discussed Web 3.0 these days. While the bitcoin enthusiast arguedthat Web 3.0 merely represents “a centralized entity with a different label”, other figures from the ranks of crypto celebrities resisted his skepticism.
So sent, for example CoinbaseCEO Brian Armstrong, Gemini founder Tyler Winklevoss and VC giant Marc Andreessen to defend the decentralized internet mission.
But it is no coincidence that the discussion about the next, decentralized level of the Internet is coming up now. If you take a look at search queries for the terms “Metaverse” and “Web3”, you will notice that the Metaverse hype must have fueled interest in the supposed next level of the internet.
What is Web 3.0?
After many mainstream companies like Adidas, Samsung or Nike penetrated into the virtual parallel world, interest in the “Metaverse” increased steadily. Especially blockchain games like Decentraland or The Sandbox have been benefiting from the hype surrounding the supposed virtual new discoveries ever since.
A Brief History of the Web
Web 3.0 is seen as the next stage in web evolution. The terms Metaverse and Web 3.0 – often also Web3 in the English-speaking world – are regularly wrongly treated as synonyms. After all, the metaverse, or the various metaverses, is just a symptom of Web 3.0, while Web 3.0 means the entirety of the decentralized Internet.
However, Dorsey is not criticizing the basic idea of Web 3.0 here. On the contrary, Dorsey arguably ranks pretty high on the list of people known to be working to shape our world in a decentralized manner. For the block CEO, however, it’s up to the implementation of this decentralized vision.
According to the 45-year-old, however, the sponsors of the digital future are not fueled by altruism, but by greed. Because where billionaire tech giants and venture capital companies pull the strings, the masses no longer have much to say. In this train grabs Dorsey also offers DeFi top dog Ethereum. Ultimately, that is the network that enables a large part of Web 3.0 developments.
Web 3.0 as a Trojan horse?
So it remains to be seen whether Web 3.0 will really become a paradise for crypto enthusiasts and other digital natives. While the vision of a decentralized internet is gaining traction, some problems are emerging with the implementation of the new Mecca. Because the usual suspects stain the landscape in Web 3.0 with their reputation, which we know from today’s Internet. Meta and Co. make an effort to wear the idea of decentralization on their foreheads. Still, they’re working on the Metas Universe instead of the Metaverse. The assumption that the same Silicon Valley VCs who built the power structures of Web 2.0 are paving the way for us to a decentralized Internet without a platform economy can probably be called naïve.
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Web 3.0: Marketing lie or decentralized paradise?