Can someone explain what Web3 is in 50 words or less to a layman?
web 1 = read web 2 = write web 3 = own
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Web3 is centralized and inefficient
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Re: Web3 is centralized and inefficient
#72Can someone explain what Web3 is in 50 words or less to a layman?
web 1 = read web 2 = write web 3 = own
> web 3 = own
1. How would this work for me as a user? Are web 3 "websites" (or whatever constitutes a service or company) not able to retain a copy of my data? Or phrased in another way, what prevents websites from also /owning/ my data?
2. How would this work for me as a service? Aside from my service's domain and internet address which are annoyingly hard to "own", what else is there to own that I don't already own?
I don't share hn's irrational hatred towards crypto so I'm not against joining whatever web3 is supposed to be (in principle) but I've yet to be shown a single benefit in doing so.
Give me a single clear benefit to using or offering a web3 service.
Re: Web3 is centralized and inefficient
#73Agree 100%. Web3 is useless. The whole web3 thing is an extension to get more people and more real money to get into the crypto ecosystem and provide liquidity to the early adopters and insiders. I haven't found one legitimate use case for blockchain. The only thing it is useful for it speculative gambling. I wrote about it some time ago and and shared here on HN https://yash.info/blog/what-is-web3/
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Re: Web3 is centralized and inefficient
#74Agree 100%. Web3 is useless. The whole web3 thing is an extension to get more people and more real money to get into the crypto ecosystem and provide liquidity to the early adopters and insiders. I haven't found one legitimate use case for blockchain. The only thing it is useful for it speculative gambling. I wrote about it some time ago and and shared here on HN https://yash.info/blog/what-is-web3/
I know exactly one legitimate use case for blockchain: a public ledger like bitcoin. The thing is that you don’t need more than this one online currency though, right? It’s also the safest in terms of PoW [1]. I don’t see any reason for all other altcoins to exist other than charting and trading on exchanges (which is certainly fun, but does not provide value). [1] https://howmanyconfs.com/
A public ledger is not inherently valuable.
A trusted ledger is valuable, but a ledger doesn't have to be public to be trusted. When I swipe my card at the grocery store, I'm not shaking in my boots with my fingers crossed, doubting whether the transaction will be recorded as transmitted or not.
If for some looney toons secret agent reason you need a transaction to be public, you can tweet a picture of the receipt. Or, even better, you can mail it to yourself, the postmark is legally binding.
Bitcoin uses almost as much energy as the entire global banking system, with its associated costs in capital, emissions, and e-waste, to process less than 0.001% the transaction volume of Visa alone, while providing no additional benefit.
Re: Web3 is centralized and inefficient
#75Earlier quoted context omitted.
Continue where you left off, except without access to OpenSea (or whatever other vendor), in an economy where the value of the contents of your wallet is increasingly dependent on the availability and visibility of your "digital assets" on vendor services. But you're right. Decentralization is not the problem that the crypto community is trying to solve, because they don't actually care about a decentralized "Web3".…
If you get banned from OpenSea but still want to sell your Bored Ape, you definitely still can, and almost certainly for whatever the market rate on OpenSea is.
What if the NFT itself gets banned from OpenSea?
Re: Web3 is centralized and inefficient
#76Can someone explain what Web3 is in 50 words or less to a layman?
web1 - read from centralized servers, send 1:1
web2 - read/write/contribute to centralized servers, who moderate ownership
web3 - anyone can read, write, host. Consume for free(termed gasless), but contribution costs. Trustless, so self attesting of ownership.
Content in web2 was free because of an ad supported model.
I think it's important to note that content is free in the web3 world. Which means that anything can bubble up. And when it does - ownership is important.
Proving ownership needs gas but doesn't need anyone. Contribution needs gas.
Time will tell if contributing to blockchains will remain gas-supported or if consumers will be willing to settle for X, to contribute for free. X could be be rev share or loss of control via some centralization or custody.
There always will and rightly should always continue to exist - opportunities to bring mass adoption via better UX. This may lead to a centralized service who identifies and fixes this gap eg- metamask. Good for them to identify and execute something that people wanted. It's all about finding opportunities in a market eventually.
Re: Web3 is centralized and inefficient
#77Can someone explain what Web3 is in 50 words or less to a layman?
Web1 was read only (ex. blog) Web2 is Read+Write (all interactive apps - email travel booking, stock trading etc. However, the content of these are owned by mega or small corp) Web3 is Read+Write &'Own' your data. By virtue of blockchain tech you can take your data/content and use some other service. You have your NFTs, you have your Bitcoins, you can use any service to manage those.
So if “web1” was supposedly read only and the example of that is a blog, who wrote the blogs?
Re: Web3 is centralized and inefficient
#78Agree 100%. Web3 is useless. The whole web3 thing is an extension to get more people and more real money to get into the crypto ecosystem and provide liquidity to the early adopters and insiders. I haven't found one legitimate use case for blockchain. The only thing it is useful for it speculative gambling. I wrote about it some time ago and and shared here on HN https://yash.info/blog/what-is-web3/
Walmart Canada has used blockchain [1] to better their supply chains systems. I suspect when you say you "haven't found one legitimate use case for blockchain" you're referring to the consumer space based on current offerings. I would argue that "blockchain" just as an idea and technology has plenty of use cases. [1] https://hbr.org/2022/01/how-walmart-canada-uses-blockchain-t...
I just don't see how that use case couldn't have been more easily served with a boring old centralized database. Why do you need a trustless system where all the users are either in-house or contractually obligated to not screw each other over?
Re: Web3 is centralized and inefficient
#79Earlier quoted context omitted.
As decentralized as in “someone stole my funds, let’s roll back the whole chain”. https://en.wikipedia.org/wiki/Ethereum_Classic
I know you're being a bit snarky, but the miners voted on that decision and decided, collectively, to fork. It's decentralized in the sense that there's no central mandate, and everyone needs to agree with a decision or that decision will ultimately fizzle.
Yeah, and then nearly half of the miners kept going with the old fork anyway. On Ethereum Classic, the theives who scammed $400 million worth of 2016 ETH from the founders, valued at who knows what now, still have that money, and they have spent it, and it's still considered good on the ETH Classic chain.
Re: Web3 is centralized and inefficient
#80Earlier quoted context omitted.
I know exactly one legitimate use case for blockchain: a public ledger like bitcoin. The thing is that you don’t need more than this one online currency though, right? It’s also the safest in terms of PoW [1]. I don’t see any reason for all other altcoins to exist other than charting and trading on exchanges (which is certainly fun, but does not provide value). [1] https://howmanyconfs.com/
A public ledger is not inherently valuable. A trusted ledger is valuable, but a ledger doesn't have to be public to be trusted. When I swipe my card at the grocery store, I'm not shaking in my boots with my fingers crossed, doubting whether the transaction will be recorded as transmitted or not. If for some looney toons secret agent reason you need a transaction to be public, you can tweet a picture of the receipt. O…
Blockchains can be public or private, the key is they are distributed ledgers.