As digital innovation specialists, we are constantly learning, so we have identified (more than just) a few fundamental problems with using Web3 technologies.
I’ll start by saying that we are not just blockchain analysts, developers, or consultants, but also a team with knowledge and sensitivity to understand what makes sense and what does not with a particular technology, and blockchain is no different.
We all noticed in Vitalik Buterin’s recent news on Web3 concerns that “crypto itself has a lot of dystopian potentials if implemented incorrectly.” An interesting statement, but he’s not the only one dismissive of what’s happening out there in the Web3 space. Jack Dorsey, another renowned digital entrepreneur, also shared his vision for what he calls Web5 because Web3 has weaknesses, especially around identity, and said that most blockchain networks lie about telling people who own the data and who controls it. So that’s a big warning sign, but nothing we have not seen in some projects. Still, it’s important to explain the pros and cons of this new tech trend to those who ask us for advice.
I assume you now know what the “de” is all about. The term (de) is the crucial use of decentralization, not degen, dex, or defi, but the proper use of (de) in Web3. Now let us look at some basics to consider when researching, selecting, or even advising someone to develop a Web3 product. What makes it different from Web2? First, I would suggest not forcing the development of a product on Web3 if the system works well on Web2. If a third party is needed to play an important role in protecting the interests of consumers and users, from regulation to a government agency, it may not make much sense to develop something on Web3. The goal is to add value with a different approach while the old “trusted” parties disappear.
To organize our thoughts, we created the following diagram:
To be continued at https://load.digital/blog/the-lack-of-de-in-web3. See you there! 😁
