Web3: A Future Full of Promise but Not Quite Ready Yet
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Chapter 1: The Promise of Web3
There’s considerable buzz surrounding Web3, hailed as the next evolution of the internet. I share this optimism, yet those considering migrating their websites to this new paradigm may find their programming skills lagging behind.
Having recently acquired a few Web3 domains for my new crypto blog, I thought I was on the cutting edge. However, the reality of transitioning my WordPress blog to this innovative realm was daunting.
The current state of the internet is largely dominated by a handful of corporations. For example, Google commands around 91% of search traffic as of December 2021 (source: statscounter.com), while GoDaddy accounts for 44% of web hosting (source: firstsiteguide.com).
This concentration of power presents significant challenges, which are already evident. When searching for financial advice, for instance, Google tends to prioritize established, authoritative sites, which can be detrimental for emerging startups in the field.
And what about those entertaining parody sites you enjoy? They could vanish overnight if they run afoul of GoDaddy's terms of service. Such control can restrict access to valuable information, leaving legitimate content creators at the mercy of automated moderation systems without effective recourse.
Section 1.1: The Benefits of Web 2.0
Despite the drawbacks of a centralized internet, there are advantages to Web 2.0. The concentration of power has led to the implementation of streamlined processes, making it relatively easy to build on this version of the web.
Most users may not realize how simple it is to type a web address and reach their desired site, a significant improvement over earlier internet models. Creating a website has also become much more user-friendly; no longer must one possess extensive programming knowledge to launch a site. Nowadays, you can drag and drop your way to a functional website in mere minutes.
For those looking for a bit more complexity, platforms like WordPress offer robust creation tools that require little to no coding skills.
Subsection 1.1.1: The Challenges of Web 3.0
The primary advantage of Web3 is its decentralized nature—an approach that stands in stark contrast to the centralized model of Web 2.0. Interestingly, Web3 resembles the early days of the internet, where individual users operated interconnected computers to form a small network. However, that’s where the similarities largely end.
How Web 3.0 Operates (In Theory)
The essence of Web3 lies in its decentralization, meaning no single entity can exert control over the entire system. This structure aims to prevent censorship and ensure a more equitable distribution of power.
Veterans of the internet will recall that this was the original aspiration of Web 2.0; however, profit-driven motivations led to control over data flow, which ultimately undermined that vision.
For those with long memories, the 90s saw AOL become synonymous with email and the internet, and by the late 90s, Yahoo was viewed as an indomitable force. Fast forward to the late 2000s, and Google had ascended to dominate the landscape, even prompting regulatory actions to fragment its power into Alphabet and its subsidiaries.
Returning to the dream of Web3, it envisions a myriad of hubs (or nodes) where information is redundantly accessible. Attempting to censor data on one node would be futile, as that same data would be replicated across countless others. This principle mirrors that of Content Distribution Networks (CDNs) but applies it on a far grander scale.
Chapter 2: The Hurdles to Adoption
While the concepts sound promising, implementation presents significant challenges. The current internet is built on a centralized architecture. The ability to navigate to a website is facilitated by a centralized authority that maintains a comprehensive directory of addresses.
Without such an authority, efficient web navigation becomes problematic. Furthermore, browsers like Google Chrome, Safari, and Firefox are not designed to operate within a decentralized framework.
Storing every website and its content across all nodes is not space-efficient. Imagine the burden of running a node that contains the entire internet on your hard drive! This scenario becomes even more daunting when considering that Google manages 20% of global internet storage, with operational costs reaching approximately $2 billion quarterly (source: DataCenterKnowledge.com).
Although these challenges are recognized, solutions are being developed. The InterPlanetary File System (IPFS) offers a model where nodes only retain content they have accessed. For instance, if a user visits monumentalexpansion.com, their computer saves a copy for others to use. If the site becomes inactive, it may eventually be removed.
However, the risk remains: what happens if no one has a copy left? Ideally, the original site owner maintains an active IPFS node, but that is not always guaranteed.
Why Web3 Isn't Ready for Prime Time
While these technical nuances may not be the primary concern for creators or business owners, they are crucial to understanding why widespread adoption remains elusive.
Want to launch your content or business in the Web3 space? Best of luck! There are no WordPress converters or user-friendly web builders like Wix. No Shopify-like platforms exist either.
The absence of these tools stems from the unresolved technical challenges outlined above. Consequently, anyone wishing to build in the Web3 environment must have a solid grasp of coding, creating a barrier for most potential users.
Final Thoughts
Despite the hype surrounding Web3 as the next major development, its current accessibility is limited to those with the requisite technical expertise. It is not yet ready for mass adoption and may remain so for the foreseeable future.
If you're interested in delving into the world of crypto or need guidance in navigating this landscape, be sure to check out my work at monumentalexpansion.com.
Exploring whether Web 3 is still relevant and what challenges it faces.
Discussing the current state of Web3 and its survival in a challenging market.