Hi, I am Francesco, and I share daily content about Web3 (mainly on Twitter and YouTube)
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I just don't understand Web3 the more I think about it.
Can someone explain the incentive/reasoning for Web3 (specifically dapps)? What are the actual benefits of making an decentralized app using the block chain versus a large cloud network such as AWS?
Also apps become decentralized, does that mean corporations lose their stake in apps? Do the apps become autonomous/self-sufficient? If so, isn't that the same thing as a public stock exchange (investors become partial owners)?
As far as I am concerned, web3, cryptocurrencies and NFTs are just a pyramid scheme scam, and the crypto-based implementation of blockchains is a convoluted, wasteful solution to a problem no one has. It's all just a grift. So there's really nothing to understand about it. It will crash and fade away into obscurity. And if it doesn't then I truly lose all hope for humanity.
Yep. It's snake oil, except the salesman doesn't even know what problem it solves, he just tells you it's "good", because it comes from magic snakes.
Ironically, it’s a beautiful analogy… I can certainly understand why many people are justifiably (although perhaps a bit self-righteously) repulsed by the straw man they’ve built of web 3.
But because a salesman doesn’t understand his own snake oil doesn’t make it not valuable.“web 3” is a concept, not a specification or initiative. So, why not also explore its merit?
Because there is no merit.
Isn’t there, tho? Seems you accept the notion that “web 3” is conceptual… so, is it that it is without merit - for any use case whatsoever - or that you’re without sufficient imagination? 🤷♂️
The only merit web 3 has as a concept is of purely academic nature. It's an interesting concept to think about, but at the end of the day, the downsides make it mostly useless for any real world applications, and the few cases where the unique properties of a public append-only ledger would outweigh its deficits are way too few to reasonably justify migrating the entire web to interact with and support this niche technology.
migrating the web? perhaps i’m missing the point, but tbh i’m not really seeing one…
what i’m reading - “web 3 = doo doo bc deficits.” what merits characterize its “purely academic” nature? which deficits iyo outweigh these merits?
you haven’t presented any specific deficiencies - could you? imho, it’s too notional a concept to discard solely based on nameless straw men “deficiencies.”
shouldn’t we also discount web 2 because it required a “complete migration” to new technologies? or are we cool with all that, since it’s proven useful in its application.
like web 2.0 and web 1 before that, web 3 is an idea, not a specification. 🤷♂️ i’m not saying you’re wrong, by any means… but parroting back vague reddit garbo isn’t very productive.
I think my point is quite clear:
So in conclusion: Web 3 is overhyped garbage snake oil that won't solve anything
it is just buzzwords
You don't make a decentralized app if your use-case works with an AWS server. The only valid reason to make a decentralized app is because you couldn't implement that use-case without a blockchain.
Yes, this limits the use-cases for web3 considerably.
web3 is just about creating services that are not controlled by central authorities because centralization is most of the time bad, thats it. blockchain is one way of achieving that decentralization and it is really helpful in the case of private chains with big companies not wanting to pay huge amount of money to a middleman, when it comes to public chains we got cryptocurencies and thats where it is unstable and its filled with a lot of subjective premises.
It all boils down to the principle of Robustness of systems. Have a single point of failure (if all your cloud services are on AWS, if it ever goes down, your business goes with it).
So how do we improve our systems beyond that point?
We can divide among several cloud services, using Oracle Cloud, Azure, Google cloud, so that if one service goes down, you can still recover and offer your products).
Then there's the next level of paranoia on top of it. What if every service goes down? Or all of them become a mafia and just raise prices beyond what's profitable to my business?
That's where DApps have an edge, it runs on the internet and on each computer where the app is installed, the only way for the service to completely be shut down is if the internet itself gets shutdown (or energy, whenever there's a civil war and all that).
Tell me one App which would make sense on a blockchain.
Uhm, not a big fan of web3 but I think some sort of donation tracker for charities, ngos, political parties, etc could make sense. Maybe not 😄
Just don't, waste your time with something usefull and with a future. This is just a waste of time, for you and for the world. I'm sure the article is useful and well thought out though. I just don't see a future for web3 if I'm honest.
Great list, Francesco!
I'd like to add few pretty solid resources.
If you don't know too much about blockchain and crypto, start with Binance Academy.
Finematics is a good YT channel for learning about DeFi and Web3 protocols and how they work.
Podcasts like Bankless and Unchained are good for conceptualizing Web3 and where it's headed. Podcasts like Blockchain Software Engineering Daily, Hashing it Out, and Zero Knowledge Podcast help understand more of the engineering side of things.
For a while I was interested in "Decentralized Social Media" but then I finally decided "Federated" was acceptable. Here's a little app I wrote that works on the Fediverse....
Quanta - Welcome to the Fediverse
What is the purpose of Web3 and why it matters ?
جلب الحبيب عن طريق اسم امه
What is the value of putting all the responsibility on a system instead of people? What is the value of transparency on the processes that occurs behind?
What means to you get out of society of the spectacle and start building organizational structures that requires people involvement?
Putting the focus on systems instead of people, that's what blockchain brings to the table.
(I don't like web3 cause is an incorrect nomenclature.)
Thanks, Francesco to breaking down such a complex domain into simpler form⚡
you are welcome Suraj! Trying my best to help as many people as possible.
"This idealized version didn’t quite pan out due to technological limitations..."0
cope. y'all come & get your sisyphean boulder
Great blog, @francescoxx 🔥
Thank you Pradumna for this!
Hey Francesco, great article and resources list !!
I would like to add The soroban stellar platorm as a place to learning more about blockchain and smart contracts.
it's plenty of resources. thanks for sharing
Thanks this is a really good resource.
Thank you Andrew!
I'll think I'll pass this version.
👌
This is really a great read! Thanks for sharing Francesco
Thank you Meet!
I love this article! Thank you so much, it helps me a lot!
thank you so much!
Thank you for sharing this!
you are welcome!
Nice recap! This is a must have in the bookmarks 😍
thank you Joel!
This is a great guide, Francesco! Thank you for putting this together!
you are welcome Sumudu!
Great Post.
Thanks for sharing, Francesco.
Thank you Idris!
When 5G and 6G becomes the daily basis people will understand the importance of blockchain and decentralised methodologies, if someone wants to enter the field this is the right moment. Now its time to learn and practice, future will be interesting and even more with the rise of China as the first economy of the world.
Learn and deploy blockchain and decentralised technologies doesn't mean that every single part of the infrastructure are going to be part of it, it only means that we are going to have organizational structures that does not require the devs and users trust.
The difference between Blockchain and other technologies like SOLID is that responsibility lies with the system and not with individuals or organizations.
Thank you Steven!
Thanks Allot
you are welcome!
Thank you Francesco, really helpfull!
Cannot say the same about all you FUD-spreading guys/gals -what are you even doing here?!?...
DYOR with an open mind and you will see the vallue...till then a couple of hints:
Owning your data means something to any of you?
Getting paid -for a change- for using a dApp perhaps?
Freedom of speech maybe? (e.g. not getting your content banned by corporates to their liking?, see YouTube)...
The Future will be Decentralized bb (yes of course its wishfull thinking, but its also definetelly true to an extent, and above all its a "call to arms" to that exact end...).
But ok, lets try something more "objective" perhaps: The future will be written on the Blockchain, for better and for worse! This -alongside others like AI, 5G+, and IoT- is the technology that has the potential -and ultimately will (as its already happening)- enable and host the greatest Dystopia and Eutopia -at the same time!- of all times...
...Stay tuned and enjoy your brand new Holy War. peace