Web 2.0 text styles3/30/2023 ![]() This is increasingly the case, even in the instance of Ethereum. It is not uncommon for the front end of these services to be running on cloud servers, meaning that access to them is still dependent on legacy infrastructure, and the blockchain is only occasionally tapped to send or receive data.Įven blockchain networks themselves, designed to be decentralized, lose that distinction if the majority of them run on Amazon Web Services or similar centralized corporate clouds. For one, many self-described decentralized apps are far from being genuinely decentralized. The shortcomings of current platforms that are holding back Web3ĭespite the overwhelming array of possible use cases, there are still some major issues holding back this vision of Web3. The possibilities for this new internet to completely change how users, developers, and brands all interact are significant, but there’s still work to be done. This means startups can now compete on a level playing field with incumbent services, attracting a user base via incentivization and driving network effects to extend reach. This comes in the form of decentralized autonomous organizations (DAOs) that distribute control to a collective of users, allowing them to have a say in the direction of the platform, incentivizing usage through tangible ownership and governance rewards. Moreover, beyond offering trustless transactions and disintermediating central entities, decentralized tech provides an entirely new business model to replace the internet’s prevailing archetype. Following a play-to-earn model, gamers will be rewarded for their time spent engaging by earning assets of real value that they will truly own. In-game economies will be powered by cryptocurrency assets and non-fungible tokens (NFTs). There’s also the blossoming world of GameFi, deeply tied into visions of the coming metaverse. With that layer, however, users can transact trustlessly - eliminating costly middlemen and delivering more efficient payments. Without blockchain, the options for sending money through a social app are more cumbersome, less secure, and would require an independent third party to instill trust in lieu of an automated and immutable payment layer. This new world opens up possibilities for things like SocialFi - a portmanteau of social media and finance that aims to deliver exactly what you’d expect. It isn’t just about individual money management, either. This is bringing the cryptocurrency philosophy of banking the unbanked to reality. An “internet of money” is emerging, along with distributed data hosting and user-controlled platforms.ĭecentralized finance, or DeFi, already offers millions of people worldwide the means to exchange assets, earn passive income, take out loans, and much more, all without an intermediary taking a cut. Regardless of its trajectory thus far, the internet is evolving and decentralized applications (dapps) powered by blockchain promise to once again wrestle control away from a handful of centralized gatekeepers. This is, unfortunately, the foundational landscape of Web2. Before long, collecting user data became standard practice - often veiled behind ostensibly “free” services. Additionally, the emergence of such platforms corralled users into centralized hubs, ultimately controlled by big tech firms such as Facebook and Google. ![]() ![]() ![]() ![]() Nobody could copy and modify these models without anticipating serious legal ramifications. And the once open-source code and platforms that defined Web1 turned proprietary. However, these new platforms emerged from businesses and corporations. ![]()
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