Keep the web free, say no to Web3 (2021) (yesterweb.org)

Article summary

The article discusses the concept of Web3, a decentralized online ecosystem based on blockchain technology, and argues that it is not a viable or desirable future for the internet. The author criticizes Web3 for its potential to exacerbate information asymmetry, harm the environment, and cater to early adopters and wealthy investors. The article also explores the limitations and drawbacks of blockchain technology, including its energy consumption and scalability issues. The author concludes that Web3 is not a necessary or beneficial development for the internet.

Main themes

• Web3 and blockchain technology
• information asymmetry and inequality
• environmental impact and sustainability
• scalability and adoption
• cryptocurrencies and traditional finance
• regulation and illicit activities
• power dynamics and oligopolies
• climate change and energy consumption

What commenters say

• Web3 is not a real danger to the existing web, but rather a speculative bubble that will eventually collapse.
• The energy consumption and environmental impact of blockchain technology are significant concerns that cannot be ignored.
• Proof of stake is not a viable alternative to proof of work, as it also concentrates power and wealth in the hands of a few.
• The scalability limitations of blockchain technology are a major obstacle to its widespread adoption.
• Cryptocurrencies and Web3 are not a threat to traditional currencies or the existing financial system.
• The potential for cryptocurrencies to be used for illicit activities is a legitimate concern, but it does not necessarily mean that they are useless or should be banned.
• The climate and energy impact of Web3 is a threat to its existence and the existence of other systems.
• The promise of Web3 to disrupt existing oligopolies and bring power back to the people is unlikely to be fulfilled, as it will likely concentrate power and wealth in the hands of a new elite.