The Future of the Internet

Web3 Won’t Save the Internet

Here’s why everyone should be wary of the much-hyped promises of a decentralized web

Photo by Avi Richards on Unsplash

It’s a good thing that Web3 won’t save the Internet. If it did, the whole damn thing would be in trouble.

Just think about all the broken promises and half-baked schemes that have cropped up in the last year.

• Terra USD — Do Kwon’s faulty algorithmic stablecoin cost crypto investors millions in cold hard cash.
• Squid Game — the dev behind the play-to-earn token, inspired by the hit Netflix series, siphoned millions from early investors.
• OpenSea’s insider trading problem — how one company executive used his insider knowledge to turn a profit on the NFT marketplace.

And the list goes on and on.

So, if we’re going to put our faith in something, it had better be well-tested and reliable. Thankfully, Web3 is neither of those things.

What is Web3?

It’s championed as the future of the Internet. But what is it?

You could call Web3 the “decentralized Internet” — a platform fueled by blockchain technology, an endless sea of source code, and transactions that live…