Middle East

Jack Dorsey is right: Web3 is fake

Web3’s goal of a decentralized democratic Internet is noble, but it can be a daunting task as governments around the world deploy curbs on the Internet.

Former Twitter CEO Jack Dorsey recently criticized the latest version of the Internet, Web3. “You don’t own web3. VCs and their LPs do.” Tweet 45 years old. “It never escapes their incentives. Ultimately, it becomes a centralized entity with different labels.” Tesla Elon Musk, CEO, another voice critic of Web3 Chime in: “Have you seen web3? I can’t find it.” Are Dorsey and Mask’s suspicions justified, or are the two guys just trolling the masses? Are they right or wrong?

Not here yet, but Web3 come up.. On the surface, this “new” version of the Internet is very different from Web 2. Unlike the current iterations of the net, Web3 is essentially decentralized, freeing you from the icy vise-like grip. Centralized power supply..

If Web3 was a song, it would be John Lennon’s song. “Power to people”. Will happen Empower the massesTake control from powerful conglomerates such as Amazon, Facebook, Google, and powerful countries such as: China When Russia.. In other words, Web3 will make the Internet more democratic.

Or is it?

In 2020, a pandemic caused the world to stop badly. Millions of people have lost jobs, homes, and even lives. For the average citizen from New Delhi to New York, the pandemic has brought unimaginable misery.

for Big techHowever, the pandemic brought unimaginable amounts of profit.This year, Amazon First quarterly report, The profits of multinational tech companies surged 48.4%.On the other hand, Apple’s revenue is 54% to $ 89.6 billion..

In the second quarter of 2021, formerly Facebook Inc. The company known as was profitable. $ 29 billion growth.. Remember that this wealth accumulation happened before Mark Zuckerberg announced his decision to enter the Metaverse. Meta’s revenue is expected to continue to grow exponentially.

This year, Google Overall revenue increased 34.2 percent. Oh, and Microsoft, Market value of $ 2.15 trillion, Not too bad. Why are you discussing the interests of these companies? Because when it comes to our online activities, Big 5 primarily controls what we buy, what we see, and how we see it. The tyranny of the powerful elite is real and it doesn’t seem to disappear.

To complicate matters, dictatorship also happens to be on the rise. In fact, in contrast to democracy, dictatorship is now the norm. 2020 report Published by the Varieties of Democracy Institute (V-DEM). Ten years ago, there were 45 liberal democracy in the world. Today, that number is 37.

Next Generation Web Monetization

A dictatorship is literally a highly centralized power structure.Not surprisingly, they tend to be very important Internet control..Quite often they Support from big tech companies.. As you can see, the convergence of big tech and big government is not a hopeful picture. Web3 is designed to promote democracy, more freedom, and the elimination of a centralized power structure. But in reality, the power structure is stronger and more centralized.

With Dr. Vasileios Karagiannopoulos, a reader of cybercrime Cyber ​​Security and Director Cybercrime Recognition Clinic at the University of Portsmouth, UK TRT World Web3-related technologies such as blockchain, cryptocurrencies, and IoT “will be attractive and valuable to very strong organizations and stakeholders,” he said.

He argues that “the pure hope of adopting the free non-corporate Internet” seems to be “unrealistic.” “Big tech companies and other consortia are definitely trying to ride the wave of Web3 to drive their profits as expected.”

Dr. Karagiannopoulos warned that unless “a revolutionary socio-economic change on a global scale” occurs, we will not understand how Web3 will “become a purely user-controlled version of the Internet.”

Finding a way for ultra-rich tech conglomerates to find a way to colonize the Web3 space and provide users with more engaging and user-friendly applications to monetize this next-generation Web. Is quite difficult.

Constanin Escher, User experience experts seem to agree.He said TRT World He states that he sees the ongoing conversations surrounding the Internet purely “from the customer’s perspective, which brings convenience and credibility.”

why? “Both always win. Simple wins over complex,” he added.

He is rightWe are comfortable creatures, even if the expected comfort is the source Serious discomfort.. We get used to what we are familiar with, but what is more familiar than the Jaguar notebook in Silicon Valley?human Disliked changes..

“Reliable services will always beat services that disappoint you on a regular basis,” Escher added. His comments raised an interesting question: why do large companies offer a higher level of convenience and reliability than usual? Social and decision-making psychologists had the answer. “It’s their business interest to provide services that people enjoy using, because they have the money, human resources, and knowledge to do so. They have a stable backend. And spending a tremendous amount of cash on the server architecture, the service is unlikely to break down. ”

“fact Facebook downtime With the literal world news a few weeks ago, such services rarely go offline. ”

Escher says that using Web3 has clear benefits for large companies. “Because they know the needs of their users and can respond accordingly. They have a brand image and an important customer group behind it. They can pay higher salaries, so they Will attract the best talent. They will probably build more fun, faster, more convenient, more reliable and good looking products. I think people are always more convenient and reliable. I insist that I would prefer an option, if that option is offered by a large company. ”

The Web3 utopia, sold by many evangelicals within the crypto / blockchain community, deserves sound skepticism. After all, even if a new player decides to build a distributed architecture, it will be built on a platform controlled by Big Tech (that is, a centralized infrastructure).

Web3 is sold as a whole new Internet, but it’s really just an evolution of its current format. The server that hosts Web 2.0 is Select someOne-third of the internet Basically controlled by AWS, A subsidiary of Amazon. Microsoft owns 18 percent. Google owns 9 percent. Web3 is not the new internet. This is just a variation of the same highly centralized theme. It’s best to see Web3 as an extension rather than as a new home of some sort.

If you do, a stylish new greenhouse. The key to this house seems to remain in the hands of powerful newcomers. Web3’s goal of a decentralized democratic Internet is noble. But bridging the gap between theory and reality can be a daunting task, if not impossible.

As technology advances, we find ourselves sitting on the shoulders of giants. Those giants live in Silicon Valley and they can shatter everything that threatens their dominance.

Source: TRT World

https://www.trtworld.com/perspectives/jack-dorsey-is-right-web3-is-a-sham-52976?utm_source=other&utm_medium=rss Jack Dorsey is right: Web3 is fake

Show More
Back to top button