I still don't have a clear opinion on Web3, but I am trying to read about the pros and cons of potential use cases.
I think many of the proposed use cases are poor examples. So here I am seeking for opinions.
In Web3/Crypto: Why Bother? the author proposes that "_A blockchain [...] has one dimension along which it is radically different. No single entity or small group of entities controls it _".
That is clear and probably the core concept of Web3.
However, that makes me think of several aspects:
Follow the money
Some business models like UniSwap collect fees as part of their operations. Other models make money when users invest in the platform, like Steemit.
In the case of Steemit, investing in the platform means that their posts can be seen by a larger audience, thus getting more votes, which translate into more money.
I am not sure this can be the standard, but I see the potential. I also see how this could be done with Web2, though.
Governance
People can vote. In principle, this is great!
In practice, we built countries delegating (some) power to others so they can take decisions on our behalf. When is the last time you took the time to read some law before voting on it?
I don't think I would want to make a decision every time a platform wants to change something. Do I even understand the choices and the implications?
Decisions are expensive.
My Conclusions (so far)
Here are my thoughts so far, but I am very open to reflecting on different points of view.
- Some Web3 companies will make it big
- Many more companies will fail. Mostly, because of poor business models. Not bacause of the technology.
- Some businesses might be inherently better with web2.
- Distributed governance works well in small groups. At scale, people and businesses delegate power. Enough delegation creates control power in the hands of the few. This might be good or bad.
As I said, I am looking forward to reading your opinions. I am not married to any of the aforementioned points yet:)
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