Web 3.0, hype or reality?

[theguy22]

Just wanted to gather what this forum's general thoughts are on web 3.0?

From my understanding, to put it broadly, web 3.0 is basically the decentralisation of the internet and internet-related apps and services. It aims to take out the middle-man and promotes a more peer-to-peer way of transacting using blockchain. (read more here: https://www.thefastlaneforum.com/co...vely-over-simplified-30-second-primer.102144/ )

Many say that it is the next iteration of the internet, and how right now to web 3.0 is what the 90s / early-2000s was to web 2 (think Facebook, Google, Amazon, Microsoft, etc).

I've been investing a lot of time learning about blockchain and web 3.0 in general as I've bought into the idea that it will create the next wave of multi-millionaires/billionaires. But is this true or is it all hype? Right now web 3.0 is said to be in the early adopters phase so I'm trying to utilise this and make the most of it.

What do we think?

 

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[MJ DeMarco]

Here's a link for more background on Web 3.0...

IDEA - What is Web 3.0? Here’s a massively over simplified, 30-second primer

Web 1.0 The first iteration of the world wide web was mostly static content… Websites were like online versions of magazines, newspapers, or encyclopedias. Information flowed one way. You could go to a website and read, listen to, or watch content, but not interact with it more than that...

www.thefastlaneforum.com

 

[tienti]

Was looking at engineering jobs around the northwest and there were TONS of jobs from Meta. Zuckerburg is going hard and putting money into it. Looks like the shift could be for real.

 

[TinyTim]

Web3 definitely has a big future and I'm bullish on it overall. However, it is very early and lots need to be ironed out.

In fact, I wonder how many realize that they are interacting with a blockchain via a centralized server. Most dApps use Alcehmy or Infura when they need to interact with the blockchain. These companies simply sell API access to the ethereum nodes.

With NFTs, the URL is pointing to VPS running Apache, which can be changed by anyone with access to the machine or who owns the domain name. You can have a different picture shown on multiple platforms as the same NFT. Of course, most of the community doesn't care because it's currently NFT mania.

So to be TRULY be decentralized, individuals will have to run their own server, which takes us back to Web1 again. I expect these problems to be solved but seems there is some way to go.

 

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[johnlepore]

Web3 definitely has a big future and I'm bullish on it overall. However, it is very early and lots need to be ironed out.

In fact, I wonder how many realize that they are interacting with a blockchain via a centralized server. Most dApps use Alcehmy or Infura when they need to interact with the blockchain. These companies simply sell API access to the ethereum nodes.

With NFTs, the URL is pointing to VPS running Apache, which can be changed by anyone with access to the machine or who owns the domain name. You can have a different picture shown on multiple platforms as the same NFT. Of course, most of the community doesn't care because it's currently NFT mania.

So to be TRULY be decentralized, individuals will have to run their own server, which takes us back to Web1 again. I expect these problems to be solved but seems there is some way to go.

Just wanted to gather what this forum's general thoughts are on web 3.0?

From my understanding, to put it broadly, web 3.0 is basically the decentralisation of the internet and internet-related apps and services. It aims to take out the middle-man and promotes a more peer-to-peer way of transacting using blockchain. (read more here: https://www.thefastlaneforum.com/co...vely-over-simplified-30-second-primer.102144/ )

Many say that it is the next iteration of the internet, and how right now to web 3.0 is what the 90s / early-2000s was to web 2 (think Facebook, Google, Amazon, Microsoft, etc).

I've been investing a lot of time learning about blockchain and web 3.0 in general as I've bought into the idea that it will create the next wave of multi-millionaires/billionaires. But is this true or is it all hype? Right now web 3.0 is said to be in the early adopters phase so I'm trying to utilise this and make the most of it.

What do we think?

Don't know alot about nft and web 3.0 but it was and maybe still overhyped for profit. This video helped me understand some of it.

View: https://youtu.be/ORdWE_ffirg

 

[fearo]

Hi,

It’s not hype but it is misunderstood for the most part I think. As you say “cut out the middle man” is key. It is redesigning our understanding of trust so for me it’s not if but more a matter of when. Governments looking at CDBCs is a definite challenge to independence but even if dApps rely on these payment methods to transact it will still drive significant innovation & therefore opportunities.

Hang in there & keep up to date.

Fearo

 

[CryptoCurt]

Just wanted to gather what this forum's general thoughts are on web 3.0?

From my understanding, to put it broadly, web 3.0 is basically the decentralisation of the internet and internet-related apps and services. It aims to take out the middle-man and promotes a more peer-to-peer way of transacting using blockchain. (read more here: https://www.thefastlaneforum.com/co...vely-over-simplified-30-second-primer.102144/ )

Many say that it is the next iteration of the internet, and how right now to web 3.0 is what the 90s / early-2000s was to web 2 (think Facebook, Google, Amazon, Microsoft, etc).

I've been investing a lot of time learning about blockchain and web 3.0 in general as I've bought into the idea that it will create the next wave of multi-millionaires/billionaires. But is this true or is it all hype? Right now web 3.0 is said to be in the early adopters phase so I'm trying to utilise this and make the most of it.

What do we think

definetely next generation stuff.
Web1: Netscape (many will be too young to know. This was "read only" web.
Web2: now still dominant; think Amazon, Ebay, Twitter, Facebook "read/write" but still centralised.
Web3: additional level "trustless"; de-centralized; allows true ownership of lets say domains, art etc..; additional: connection of physical and digital "phygical", where you can buy an NFT lets say a collectors rare bottle of xyz which also grants you the right to the physical item.
For me it (web3) will weave into the web2 plus players like amazon will make it much easier to use. Currently its a nightmare to deal with. Amazon already announced that they want to include an NFT Marketplace into Amazon, seamlessly, no hassel with FIAT/Crypto change back and forth. Its just one, as easy and userfriendly as Amazon is. This is just the beginning. Yes i know that amazon is not the best example because its centralised but just wanted to show the better usecase of web3 slowly coming onto the stage.

 

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[Kevin88660]

Just wanted to gather what this forum's general thoughts are on web 3.0?

From my understanding, to put it broadly, web 3.0 is basically the decentralisation of the internet and internet-related apps and services. It aims to take out the middle-man and promotes a more peer-to-peer way of transacting using blockchain. (read more here: https://www.thefastlaneforum.com/co...vely-over-simplified-30-second-primer.102144/ )

Many say that it is the next iteration of the internet, and how right now to web 3.0 is what the 90s / early-2000s was to web 2 (think Facebook, Google, Amazon, Microsoft, etc).

I've been investing a lot of time learning about blockchain and web 3.0 in general as I've bought into the idea that it will create the next wave of multi-millionaires/billionaires. But is this true or is it all hype? Right now web 3.0 is said to be in the early adopters phase so I'm trying to utilise this and make the most of it.

What do we think?

A lot of VC become bag holders from the crypto crash. But they still have ample cash to burn.

They are hiring people, coding, pushing ecosystems to throw mud on to the wall and see what sticks.

 

[heavy_industry]

I really want to know what was the thought process when they came up with the idea that the current web is in any way too centralized and needs web 3.0 to save the day.

The internet and the world wide web, in their current state, are the most decentralized, democratic, and capitalistic technologies in the history of mankind.

The fact that 80% of the internet traffic goes to 5 websites is not due to centralized design and systemic oppression. But rather consumer choice in a free and open market.

 

[Kevin88660]

I really want to know what was the thought process when they came up with the idea that the current web is in any way too centralized and needs web 3.0 to save the day.

The internet and the world wide web, in their current state, are the most decentralized, democratic, and capitalistic technologies in the history of mankind.

The fact that 80% of the internet traffic goes to 5 websites is not due to centralized design and systemic oppression. But rather consumer choice in a free and open market.

I really want to know what was the thought process when they came up with the idea that the current web is in any way too centralized and needs web 3.0 to save the day.

The internet and the world wide web, in their current state, are the most decentralized, democratic, and capitalistic technologies in the history of mankind.

The fact that 80% of the internet traffic goes to 5 websites is not due to centralized design and systemic oppression. But rather consumer choice in a free and open market.

Human technological progress isn’t linear, there are many possible paths.

If everyone innovates in different directions all will fail. If everyone innovates in the same direction eventually the new industry will emerge (many companies still fail).

For new generation of entrepreneurs it isn’t that centralization is good/bad for consumers that really matters for them. It is about the absence of new business space for the new generations of entrepreneurs to break into because the old guards have built moats and economics of scale.

But into to beat the old monopolies (facebook, google, amazon) the new generations of entrepreneurs need to research in the same directions to build the entire ecosystem. Hence you need these narratives to work as “call to arm”.

It is the same reason why Tesla as the leader gave out patents for free to allow competitors to grow. Only when the industry grows as a whole, the industry could survive as a whole.

 

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[heavy_industry]

It is about the absence of new business space for the new generations of entrepreneurs to break into because the old guards have built moats and economics of scale.

I don't understand what you mean by "absence of new business space" when you're referring to the web, where anyone can start anything at any time and become wildly successful.

But let's assume for the sake of argument that the current internet is somehow too full to hold more entrepreneurs, and you create a new playground called web 3.0 or whatever you want to call it.

Guess what is going to happen?
20 years from now you will have 5 giant companies that have near monopoly over this new market.

This is how the human civilization works.

No amount of technological progress or stupid innovations are going to break the Matthew principle, which is one of the most consistent findings in economics - to the point where some people believe it's a natural law that applies to the entire universe, not just human endeavors.

As for the web 3.-1, all I see are confusing technical terms and bullshit buzzwords that don't mean anything, but they "sound cool" to the people that don't know any better.

Real progress is driven by need and market demand, not by high tech buzzwords and futuristic word salad.

 

[Kevin88660]

I don't understand what you mean by "absence of new business space" when you're referring to the web, where anyone can start anything at any time and become wildly successful.

But let's assume for the sake of argument that the current internet is somehow too full to hold more entrepreneurs, and you create a new playground called web 3.0 or whatever you want to call it.

Guess what is going to happen?
20 years from now you will have 5 giant companies that have near monopoly over this new market.

This is how the human civilization works.

No amount of technological progress or stupid innovations are going to break the Matthew principle, which is one of the most consistent findings in economics - to the point where some people believe it's a natural law that applies to the entire universe, not just human endeavors.

As for the web 3.-1, all I see are confusing technical terms and bullshit buzzwords that don't mean anything, but they "sound cool" to the people that don't know any better.

Real progress is driven by need and market demand, not by high tech buzzwords and futuristic word salad.

For small guys it is easy. There is space everywhere.

I was referring to why the tech moguls and VC are pushing the narrative for decentralized web space. The next place to built companies worth hundred of billions dollars.

The agenda was not to “ease the competition to get rid of the monopolies”. That is the narrative sold to the public. We kind of agree here.

It is the new money vs old money rivalry.