Can Web3 change the world?
It’s not just another smoke and mirrors story
Source: Developpez.com
The advent of Web3 heralds greater control over data and improved redistribution of information.
To achieve this, Web3 works on the decentralisation of data and applications (dapps: decentralized apps).
To this decentralisation of data, Web3 allows the use of blockchain technology, cryptocurrencies…
However, according to some technology entrepreneurs such as Ewan Kirk, founder of the hedge fund Cantab Capital Partners, Web3 is just a new version of blockchain technology.
Kirk also points out that the user’s interest in using Web3 is limited to the creation of cryptocurrencies, darknet transactions or cybercrime.
Another point raised by Kirk is the environment of blockchain exchanges. In the banking system, if a bank makes a mistake, it can rectify the error.
But with blockchain technology, when a mistake is made, the mistake can never be rectified. The blockchain is based on a principle of immutability.
The last point raised by Kirk is the ecological impact. By way of comparison, ethereum, the blockchain favoured for Web3, uses the same amount of energy as the Netherlands.
Kirk remains optimistic that with the very low cost of bandwidth and storage, new business opportunities will emerge in the future.