Web 3 is a collection of technologies and ideas loosely organized around the blockchain that, at least according to proponents, promises to revolutionize commerce, how we organize, and perhaps even democracy itself. Others, however, assert that Web 3.0 is nothing more than a Ponzi scheme. As happens with these things, the truth is likely somewhere in between, with the caveat that, as with Web 2.0, there is a lot of hot air, money and bad faith in the mix.
It can be easy to forget, but under democratic, capitalist systems, things like ownership are tied to things like the individual or the corporation, as well as private property laws. The trouble with decentralized systems is the basic concept of owning something shifts, and our laws or the practical realities of physical things don’t line up easily with the breezy ideals of crypto.
When the car was invented, no one understood that it would lead to things like Costco or the suburbs. The effects and applications of technology can be unpredictable, and perhaps there is some truth in all the hype. But like Web 2.0 before it, the charlatans and the capitalists are working hard to popularize something with a great many downsides — and alarm bells, at the very least, are more than appropriate.