Some call this the next stage of the Internet. Some say it’s a quick money scam to fall apart. But what exactly is Web3?
The phrase “Web3” is new age internet It runs on the blockchain of record keeping technology, a decentralized public accounting system. By comparison, the current iteration of the Internet, Web2, runs on centralized, company-owned servers.
what is that?
By allowing users to own their own data, Web3 offers a read/write/own version of the web that gives them “financial stake and greater control over the web community they belong to” ‘ said. harvard business review.
Investors believe that this version of the Internet will Democratizing data Transactions and contracts can be reviewed by all users on the web. However, consumers should be skeptical, as a mainstream product has yet to materialize despite the hefty cash investment, according to venture capitalist Joe Lonsdale.
PALANTIR co-founder Joe Lonsdale explains why he feels WEB3 is a “Ponzi scheme”.
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“A lot of what people were calling Web3 was a Ponzi scheme that made absolutely no sense,” the Palantir co-founder previously told Fox News. “That said, protocols for decentralizing ownership are very interesting.”
A key feature of blockchain, decentralization distributes responsibility for key internet functions such as server control, transaction confirmation, and timestamping to a network of users. Traditional method where all operations are handled by one company or organization.Where things like Amazon Web Services servers are mostly hosted 30% of the Internet In 2020, Web3 promises to distribute that responsibility among its users, fundamentally changing how we interact online.
Decentralized digital infrastructures such as cryptocurrencies like Bitcoin and non-fungible tokens (NFTs) are designed as key components of Web3 and are required for its functioning.
Palantir co-founder Joe Lonsdale believes cryptocurrencies still have a strong future, even as the industry faces a string of company bankruptcies.
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why it matters
Lonsdale said in a previous interview, “In the long run, with more decentralized power, it makes sense that something like Bitcoin exists. It gives the financial system more freedom.”
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Elon Musk, on the other hand, is skeptical of Web3.
“I’m not suggesting web3 is real, it’s more like a marketing buzzword than reality right now,” says Tesla chief tweeted last year.
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Twitter founder Jack Dorsey is also questioning the new age of the internet.
Users “do not own ‘web3’,” he says. Tweeted last Decemberis throwing cold water on the idea that users will be able to monetize their data online.
Dorsey Web3 rivalwhich claims on its website to be an “extra decentralized web platform”.
To watch the full interview with Lonsdale on Web3, click here.
Bradford Betz contributed to this report.
