Is Web3 the new “free and decentralized” Internet?
Web3 is based on blockchain technology, these decentralized and secure virtual exchange platforms.
Can Web3 enable the general public to reclaim the Internet? What exactly is it? “It’s more like a marketing buzzword than the reality right now,” said Elon Musk, CEO of Tesla and SpaceX about Web3 on his Twitter account, the social networking platform he’s worn. purchaser before putting a stop to this takeover project. However technophile and fervent defender of cryptocurrencies, the billionaire does not seem convinced by the promise of Internet of Web3
. The promise can be read on the website “Our vocation is to offer Web 3.0, a decentralized and equitable Internet where users control their data, their identity and their destiny”, details the site of the foundation. To do this, it promises “to develop state-of-the-art applications for decentralized web software protocols.” Clearly, Web3 is the possibility of no longer letting anyone decide for everyone what the Internet should look like.
Web3 Foundation is committed to answering this crucial question that everyone has been asking since the end of the Trump era: “Who owns the Internet?”. Why would Facebook, Twitter or another have such a strong right of censorship, without possible recourse?
How does the Web3 Internet meet this requirement? An evolutionary version of the web
To better understand what Web3 would be, let’s go back to the first two versions of the Internet justifying the name of Web3, short version of Web 3.0. Web 1.0, the web in the early days of the Internet and Yahoo, was a simple, rather disorganized information portal where you could navigate between static pages. You couldn’t easily create content yourself. The era of Web 2.0 began in the mid-2000s. Sometimes nicknamed “participatory web”, everyone can very easily share their opinion with the world or create content. It has seen the emergence of the platforms and social networks that we use on a daily basis, such as Facebook, Google or Amazon (GAFAM) or services like Uber or Wikipedia, but most of the exchanges are centralized by the major platforms.
It is from this observation that Gavin Wood coined the term Web3 in 2014. He now heads the Web3 Foundation, responsible for supporting decentralized technology projects.
What does a decentralized technology project mean?
Web3 advocates argue that online platforms today are too centralized and controlled by a handful of large corporations, such as Amazon, Apple, Alphabet (parent company of Google) or Meta (parent company of Facebook). These companies have amassed large amounts of personal data and content without users having any real control over it. As a reminder, Meta is in turmoil after whistleblower Frances Haugen’s accusations last December. She notably accuses the social network of promoting hateful content, through its algorithm policy.
The idea would therefore be to give power back to Internet users by creating a “decentralized” web where they can “transport” their data from one service to another. Web3 thus aims to eliminate the intermediaries that are the big tech companies, partly explaining the reluctance of billionaire Elon Musk.
How do we decentralize the Internet?
To better understand, let’s take the example of a social network. On Web2, a Meta company manages the Facebook platform. Users have the freedom to post content or search for information. But it’s Meta that reaps the benefits. Web2 makes the decisions on how the algorithm is programmed but also if it wants to delete an account or ban an account. Web2 also has privileged access to all user data. We can clearly see here that the system is centralized. On Web3, the platform would be managed by its users, through a blockchain system.
In June 2021, the venture capital fund a16z announced the creation of a new investment structure. Called Crypto Fund III and endowed with 2.2 billion dollars, it is entirely dedicated to Web3.
Jack Dorsey, co-founder of Twitter and former leader of the platform expressed doubts about the potential of Web3 to restore power to users. He believes that venture capital funds will eventually regain control. “You don’t own Web3. The Investment Funds and their sponsors own it. It will never escape their motives. It is ultimately a centralized entity with a different label,” he argues.
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