Matt Baer, found of write.as, compares the web3 with his vision of how a real Web 3.0 could look like.

Ultimately, a true Web 3.0 will use whatever social and technological solutions are available to to improve Web 2.0 shortcomings around data privacy, ownership, portability, and control.

It won’t limit itself to one tech stack, or one social structure. It won’t reset everything to start from scratch. Instead, it’ll leverage natural intuition and existing social institutions to move us forward. It will mix protocols, software, network topology, the existing Web, business / ownership models, and incentive structures. It will be made from the bottom-up, not over-hyped from the top-down. It will prioritize open access over exclusivity, and revolve primarily around people, not just tech.

From what I’ve heard about web3 lately, it’s trying to solve a social problem with a technical solution (blockchain). But such technical solutions for social problems (for example, that artists are not well paid) do not work. Social problems have to be solved socially (e.g. by paying more for art, which is also possible without blockchains and crypto wallets).

I have the impression that all this hype about the web3, cryptocurrencies and blockchains only serves one goal: to recruit more and more people who will start or continue to invest their money in this thing that they are told is the future (without really understanding it). After all, the ones who scream the loudest are the ones who have already invested a lot and want to see a big return of investment at some point. A huge Ponzi scheme in my honest opinion.

I will not buy any cryptocurrencies or take part in any web3 projects.

In addition, it even makes me really angry that so many resources are wasted for something like this. If something is to be the future, it must also be environmentally friendly!