Does Web3 Have a Future?

🌈 Abstract

The article discusses the rise and challenges of Web3, a decentralized internet concept, in comparison to the emergence of Generative AI (GAI) and the metaverse. It explores why Web3 has not captured the public's imagination as much as these other technologies, and proposes ways for Web3 to become more accessible and appealing to mainstream society.

🙋 Q&A

[01] Why Web3 has not captured the public's imagination

1. Questions related to the content of the section:

• Web3 did not kick the public's "fear reaction" like Generative AI did (e.g., fear of job losses and creativity being stamped out)
• Web3 did not seem to offer anything remarkably inspiring to the public
• There was no clear value proposition for society at scale
• Web3 was associated with blockchain and cryptocurrency, which the majority of society still does not understand
• The public perceived Web3 as the same as crypto, which was tainted by scams and scandals
• The concept of "decentralization" in Web3 was not clear in terms of its impact on people's daily lives

[02] Web3 as a sociocultural system, not just a technology

1. Questions related to the content of the section:

• Web3 represents ancient ideas of human systems of reciprocity, exchange, transparency, and smart contracts, which are counter to the opaque nature of today's financial and contractual systems
• Web3 is not a new invention, but rather a cognitive structure for a new sociocultural system, similar to how some smaller hunter-gatherer societies operate
• Web3 requires cultural change, which is often resisted, unlike the more easily understood threats and opportunities presented by Generative AI

[03] Challenges in communicating Web3 to the public

1. Questions related to the content of the section:

• Web3 proponents use technical terms like "DAOs, blockchain, tokens" that alienate the general public instead of communicating in simpler, more accessible language
• There is no "killer app" for Web3 that can introduce it to mainstream society, unlike the clear "killer apps" for AI (e.g., ChatGPT, Clause, Llama 3)
• Web3 is seen as "ultra nerdy" and requiring a lot of technical knowledge to use, which is a cultural misalignment with the general public

[04] Recommendations for Web3 to become more accessible

1. Questions related to the content of the section:

• Web3 applications and services need to meet consumers where they are, rather than expecting consumers to come to Web3 apps
• Web3 needs to be presented with simple value propositions and without using technical jargon like "decentralized"
• There needs to be more interoperability between Web3 systems and standards to make it easier to create a "killer app"
• Web3 tools and applications that offer benefits like privacy, security, and transparency need to be presented in a way that is easy for the general public to understand and access