My opinion on Web 3.0, and why I think it could be a bluff

Recently “Web 3.0” has came into the spotlight, and its still in development. I did thorough research on this specific topic, and its definition states that Web 3.0 is a concept of apparently “immersing yourself” with traditional web along with newer concepts like control on personal data, cryptocurrency, and decentralized records. The main difference is, Web 2.0 (which we currently are using) is based on actual money that is circulated by the governments and can be named as currencies across different countries, on the other Web 3.0 will be based on a DeFi model, or decentralized finance model, where the money is completely decentralized (not owned by a government or organization).

Now certainly, this is a topic of interest and excitement, for me as-well. The idea of money being controlled by nobody and saying truthful to everybody obviously gives a sense of relief to add such layer of privacy and security. There’s a load of ‘benefits’ attached to decentralization and web 3.0 in general. First and the most obvious, it’s secure and enhances privacy, giving users more control over what goes online and what does not. It is also censorship resistant, where government cannot interfere with the data (as it is decentralized). Then, it also enforces data ownership, interoperability, reduced monopoly of the big corps, accessibility and most importantly, minimizing the data silos or database center usages.

Now here I could go on and on about all the benefits of web 3 and topics that surround it, I mean, it is honestly an idea that definitely belongs to some form of dystopian society where everyone is secure and anonymous… But, there’s a small problem. This isn’t a dystopian society and if you think deeper about it, this seems like a bluff. As if, its too good to be true. And with that it also poses some amount of confusion. So is it really worth it?

Now it is very controversial for me to give a very fixated opinion on Web 3.0, some think its the future of the internet but for me it just sounds like some form of cash-grab-scheme-esque thing.

Lack of clarity

One of the primary reasons behind the skepticism is the lack of clarity regarding what exactly Web 3.0 is. Unlike the clear transitions from Web 1.0 to Web 2.0, the definition of Web 3.0 remains vague. Some describe it as a decentralized web, while others view it as an evolution of blockchain technology. This lack of consensus creates confusion and raises questions about its authenticity.

Compatibility with blockchain, and its interaction with real world issues

Web 3.0 is often associated with blockchain technology, promising decentralized and secure applications. However, the current blockchain infrastructure faces scalability and energy consumption issues. These challenges must be addressed before Web 3.0 can become a practical reality.

User Adoption.

For any new technological paradigm to succeed, user adoption is crucial. Web 2.0 platforms are deeply ingrained in our lives, making it challenging for Web 3.0 to gain traction. Convincing millions of users to switch to decentralized alternatives will be a formidable task. Along with this, - Decentralized applications (dApps) often have complex user interfaces, making them less accessible to the average internet user. User experience and user-friendly design need improvement and proper documenting to cater to the ’non tech savvy’ society. Decentralized platforms often lack customer support, making it challenging for users to resolve issues or recover lost assets.

Economic Incentives?

This will certainly sound weird and skeptical, but Web 2.0 relies heavily on advertising revenue. Web 3.0’s decentralized nature threatens the existing business models, which could lead to resistance from powerful tech giants. The economic incentives to maintain the status quo may slow down the transition to Web 3.0.

Some more obvious issues include scalability issues, and most importantly energy consumption. Another issue is interference with legality, governments worldwide are still formulating regulations for blockchain and decentralized technologies. This uncertainty can create legal challenges for users and businesses. Money exchanged on the blockchain is also irreversible. The immutability of blockchain basically makes it prone to frauds and scams.

Another flaw that I think could be in the blockchain, which I have also seen discussed often is pure centralization around the PoW or proof of work systems itself. some consensus mechanisms used in decentralized networks, most importantly Proof of Work (PoW), are resource-intensive and can lead to centralization around those with the most computing power, which kind of breaks the concept.

Conclusion

Now again, Web 3.0 is still a fairly new concept and is still in development. In this case I can’t really put my finger on what’s wrong and what’s right (and I believe nobody can either). But I would suggest being careful into making the line between concept and implementations very bold, because sometimes the wrong decisions make it into the system and break everything. Again, I encourage users to stay cautious and might even check out Web 3.0, while it may seem a bit unreal it’s still on a steady growth and its definitely worth checking it out.