How Is Web 3 Doing?

By: www.ProfitableInvestingTips.com

Web 3 is said to be the next great thing for the internet
as well as for crypto and decentralized finance. How is
Web 3 doing? Are we there yet? What are the promises
of Web 3 and when can we expect delivery? The ideal
of this third iteration of the internet is to put power in
the hands (or smartphones) of individuals instead of
huge corporations.

Meanwhile, the same things are happening in the
background that happened as the internet evolved.
People are giving lip service to the ideals of a
decentralized internet but really looking at how to
make money.

How Did the Internet Come to Be?

The internet was envisioned back in the 1960s and even
before. The military and specifically president and
former general Eisenhower worried about disruption
of telephone communications in case of a nuclear war.
As the internet came to be it was a also used for
communication by scientists. It was only when the
personal computer came to be that there was a way for
normal people to communicate via the internet.

And then people (specifically Bill Gates of Microsoft)
realized that by making internet access free they could
monetize it. Steve Jobs invented the iPhone and was
responsible for all smartphones which further
connected all of us. And Bill, Steve, and a lot of other
people made a lot of money. The issue that web 3 is
supposed to address is the centralization of the
internet that resulted from the successful efforts to
monetize it.

Web 3 is important because, if properly done, it will get
rid of the monopoly that big tech companies have on
our communications and thus on our lives. The first
use of the internet involved static web pages, a read-
only approach. When, as smart phones came along,
there were platforms where individuals could interact.

Here is where companies like Google and Meta
(Facebook) learned how to manipulate how data is
shared, searched for, and either promoted or limited.
Your searches end up finding what they want you to
find and not what you would find if the deck were not
stacked against you. What Web 3 is supposed to do is
get rid of this problem.

According to an opinion piece in Bloomberg, Web 3 will
take years to go mainstream. It is interesting and
instructive that interest in Web 3 was high and then it
faltered. Then it picked up again with the argument
that this was the next new thing for crypto. Use the
blockchain, use crypto to pay for things, merge the
internet and cryptocurrencies and all will be just great!

Like with the move of the internet from static sites to
shared platforms, it may take monetization to create
the necessary incentives to make Web 3 a reality. A
practical issue is that the blockchain is decentralized.
But, to make a system like Web 3 work you will need a
protocol or set of protocols that everyone agrees upon
and work together.

There will be the coding necessary to build such
protocols and the necessary agreements. All of this
could take a decade or more. Then the issue will be
usability, popularity, and that will decide who uses
what.

It Takes Money to Get Code Written

We think there will always be a degree of tension
between the need for decentralization and freedom
and the necessity to pay for the work that needs to be
done. When people get paid for creating products and
services they try to create things that people want, not
necessarily what people need.

Nobody really needs to share photos of their cat with the
world but folks want to. In a competitive market the
idea of tying cryptocurrencies into how Web 3 works
sounds like the old monetization scheme. And it also
sounds like a way in a free market to get Web 3 up and
running sooner rather than later.

For more insights and useful information about
investments and investing, visit
www.ProfitableInvestingTips.com.

How Is Web 3 Doing?

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