Future of the internet or a ‘Ponzi scheme’ — what exactly is Web3?

Some call it another part of the Internet. Some say it’s a quick money scam that will fail. But what is Web3?

The phrase “Web3” is used broadly to refer to the new Internet that will work with blockchain technology to keep records, a system of public accounting that does not exist. The current web system, Web2, by comparison, runs on a central, company-owned server.

WHAT IS IT?

Web3 “provides a read/write/private version of the web, in which users have limited financial and other control over their websites” by allowing users to access their data, according to the Harvard Business Review .

Investors hope that this type of Internet will lead to the democratization of data on the web, where all users can verify transactions and contracts twice. However, investors should be skeptical, according to chief financial officer Joe Lonsdale, because the main products have not recovered despite the large investment.

Also Read :  Trace3 President: Solution Providers Are ‘In The People Business’

WATCH PALANTIR CO-FOUNDER JOE LONSDALE EXPLAIN WHY HE THINKS WEB3 IS A ‘PONZI SCHEME’:

See more FOX NEWS DIGITAL ORIGINALS HERE

“A lot of what people are calling Web3 is a Ponzi scheme, and there’s no point,” a Palantir official previously told Fox News. “That said, these processes will have a lot of fun.”

Decentralization, a key aspect of blockchain, distributes the responsibilities of core Internet services such as server management, transaction verification, and time stamping to a network of more users. a traditional system where one company or organization will handle all the work. With approximately 30% of the Internet being hosted by Amazon Web servers in 2020, Web3 promises to distribute the service among users, changing online interactions.

Also Read :  Foxconn protests: iPhone factory offers to pay its workers to quit and leave Zhengzhou campus

Decentralized digital assets – such as cryptocurrency such as Bitcoin and non-fungible tokens (NFTs) – are designed to be a key part of Web3 and will be essential for its operation.

Joe Lonsdale, the co-founder of Palantir, believes that crypto still has a strong future despite the company facing a falling corporate line.

Joe Lonsdale, the co-founder of Palantir, believes that crypto still has a strong future despite the company facing a falling corporate line.
(Fox News Digital/Jon Michael Raasch)

WHY IS IT IMPORTANT?

“It’s been a long time, it makes sense to have an arbitrary power and for something like Bitcoin to exist,” Lonsdale said in a previous interview. Bitcoin “allows a kind of freedom for the financial system from the authorities that are doing really bad things.”

STUART VARNEY: SAM BANKMAN-FRIED’S FORGIVE VIEW DOESN’T STOP THE CRYPTO INFRASTRUCTURE SIGNATURE.

Also Read :  Online ticket sales only for high school events: Convenience or catastrophe?

Elon Musk, meanwhile, has expressed doubts about Web3.

“I’m not suggesting that web3 is real – it’s more of a marketing buzzword than reality right now,” the Tesla boss said. tweeted last year.

Click here to get the FOX NEWS APP

Twitter founder Jack Dorsey has also challenged the Internet of the new era.

Users “don’t have ‘web3’,” he said tweeted last Decemberthrows cold water on the idea that users will be able to monetize their data online.

Dorsey works on a competition on Web3which claims on its website to be a “no-nonsense web platform.”

To watch Lonsdale’s interview on Web3, click here.

Bradford Betz contributed to this story.



Source

Leave a Reply

Your email address will not be published.