Advanced technologies that can contribute to the development of the Internet outside the blockchain are virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and machine learning (ML). But, Tesla and SpaceX CEO, Elon Musk, and Twitter co-founder, Jack Dorsey, are opposed to the new technology.
In a recent interview with Babylon Bee, Musk admitted he was probably “too old” to understand these new technologies, and asked, “Am I one of those people who rejected the Internet as a trend? Should it never compare to anything?” He noted that he was one of the individuals who understood the potential of the Internet in 1995.
Musk focused his critique of the metaverse on the compelling lack of use cases and a frustrating user experience. “Sure, you can put the TV on your nose. I’m not sure you’re in the meta-space. I haven’t seen anyone put a dirty screen on their face all day and not wanting to leave. As such – impossible. I don’t see a convincing metaverse situation right now,” Musk said, adding that he thought we were far from “missing” in the metaverse. What do you think about new technologies?
Web3.0, as a concept, is not new. It is built on the concept of edge computing and uses platforms based on blockchain, cryptocurrency, NFT (non fungible tokens), and other technologies. Edge computing allows companies to bring computing as close as possible to a user’s device or another endpoint.
It also provides us with resources such as self-driving cars which make decisions on the road in the fraction of a second.
What Does Web 3.0 Actually Mean?
Conceptually, it includes “decentralisation” at its core, and in many ways contrasts web 2.0, which centralised data and content through servers and data centers collectively called the cloud.
A small group of companies called the “big tech” (Google, Facebook, Twitter, Microsoft etc.) monopolised the Internet and various related industries.
The term “web 3.0” was coined in 2014 by Gavin Wood, the co-founder of Etherea, although John Markoff of “The New York Times” is also credited with saying the term in 2006.
Web 1.0 covers the period between about 1991 and 2004 when Internet users were mostly consumers and not content creators. The second phase—web 2.0—began in 2004, when users began creating and uploading content online and began to see the web as a “platform” for their content.
We are still in web 2.0 and web 3.0 is just at a conceptual stage now. This concept revolves around decentralisation with the inclusion of blockchain technologies in the process, such as cryptocurrencies and NFTs.
There are concepts such as DAO (decentralised autonomous organisations) and DeFi (decentralised finance), which are also part of the broader idea of web 3.0.
It gives control to algorithms, instead of meeting rooms and business forces, to make important decisions about how the Internet works. Is web 3.0 okay?
Is Web 3.0 A Good Idea Or A Bad One?
In the concept, web 3.0 seems like a good idea, but it is not without its problems. Many call web 3.0 a solution to big tech domination because it improves privacy, data security, and simplifies scalability.
The emphasis on decentralisation makes it difficult to monopolise web 3.0, at least on paper. While large technology companies, including Google, Facebook, and others, have been able to gain control of the Internet through their deep integration with the data ecosystem, the philosophy of web 3.0 is that neither party should own the data.
Because, the required computing power comes from the margins, the theory is that the data will be controlled by people, not companies.
This data is also stored in a decentralised manner, in a way that platforms like Filecoin already do. This gives us great hope that incidents like the one involving Cambridge Analytica and the massive electoral destruction it caused along with Facebook, won’t happen again easily.
What Are Some Of The Potential Problems?
A report in The New York Times says investors have already invested $27 billion in web 3.0 to become the “future of the Internet”. Because, most things in web 3.0 are on blockchains, it’s certainly safer.
All exchanges are in cryptocurrencies, making the process more tamper-resistant and transparent, at least in part. NFTs play a role in holding users in this universe, where everyone is expected to operate in the metaverse.
Other companies such as Reddit and Discord are exploring how to integrate web 3.0 into their platforms. The move was rescinded after receiving strong criticism from users.
One of the main criticisms of web 3.0 is that decentralisation makes it difficult to control the Internet. This, in turn, will make it more difficult to fight cybercrime, hate speech, online harassment, the dissemination of child porn, and everything else that plagues the cyberspace today.
On the other hand, the idea of a decentralised web represents the “cyber-libertarian” views and hopes of the past that the Internet could strengthen the position of ordinary people, by destroying existing power structures.
Same Exploitation, Different Label?
Critics also called web 3.0 part of the cryptocurrency bubble, an extension of blockchain-based trends that are “exaggerated” and “harmful”. Some have expressed concern about the environmental impact of cryptocurrencies and NFTs.
We have to wait and watch what finally happens when we cross over to the other side. But web 3.0 is approaching, that’s for sure! The transformation of Facebook into Meta and the emphasis of Microsoft on the metaverse are big signs of that.
This brings us back to what Dorsey tweeted: “You don’t own ‘Web 3.0’. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralised entity with a different label. Know what you’re getting into…”
The ownership of web 3.0 seems to lie with venture capitalists and large technology companies like Dorsey, or no one else. This what web 3.0 proponents would like to believe.
If owning a concept that has not yet been completed is especially useless, what are the chances that it can provide free, decentralised internet as promised, and solve all the problems of today’s internet? Or is it just an idea that could explode in our faces?