Does Web 3.0 have a future?

[Abiky]

It seems to me that most cryptocurrencies are turning less-decentralized by the day, as governments continue to make pressure on the industry. Major projects have abandoned PoW as their consensus algorithm in favor of PoS which is carbon-neutral (at the cost of centralization). The most well-known smart contracts platform in the space (Ethereum), has copied its competitors by adopting a PoS algorithm in order to please the regulators. There have been reports that the biggest validators on the ETH blockchain are two entities: Lido and Coinbase. The puts the level of ETH's decentralization in question. If ETH proclaims itself to be "a platform for unstoppable applications", then how can Web 3.0 have a future if everything is turning centralized? We may be going back to square one, where the Web is dominated by a few players in the industry (Web 2.0 again?).

What are your thoughts? Do you still think Web 3.0 have a future even though smart contract platforms are becoming less-decentralized? Will crypto projects have to pay a heavy price to obtain decentralization when governments are as aggressive as ever towards crypto/Blockchain tech? Your input will be greatly appreciated. Thank you very much.

[1714662954]

1714662954

[1714662954]

1714662954

[BitcoinBarrel]

It should be the future, but TPTB do not like decentralization that is for sure.

[doomloop]

Do you still think Web 3.0 have a future even though smart contract platforms are becoming less-decentralized? Will crypto projects have to pay a heavy price to obtain decentralization when governments are as aggressive as ever towards crypto/Blockchain tech?

It's more about decentralizing the web and we all know that many people supports decentralization. It is different to the usual web that we now which are centralized and had a lot of restrictions. Plus web 3 is too early so there are more innovations that can come on their way which can attract more users.

Many cryptos are still decentralized up to this date but it was only the eth that have transferred to pos last time which makes the coin more centralized. Governments continues to give pressure in the form of regulations but I think only the platforms are affected with this e.g crypto exchanges and gambling sites but not totally the coin itself.

[abel1337]

Do you still think Web 3.0 have a future even though smart contract platforms are becoming less-decentralized? Will crypto projects have to pay a heavy price to obtain decentralization when governments are as aggressive as ever towards crypto/Blockchain tech?

It's more about decentralizing the web and we all know that many people supports decentralization. It is different to the usual web that we now which are centralized and had a lot of restrictions. Plus web 3 is too early so there are more innovations that can come on their way which can attract more users.

Many cryptos are still decentralized up to this date but it was only the eth that have transferred to pos last time which makes the coin more centralized. Governments continues to give pressure in the form of regulations but I think only the platforms are affected with this e.g crypto exchanges and gambling sites but not totally the coin itself.

It's true that it is too early, I don't expect transitioning from centralized to decentralized becoming so easy. Projects are starting to realize the flaws and obstacle of becoming decentralized and see the less-decentralized way to become their safe haven for now until they found a way to become fully decentralized again. I've remember those fully decentralized exchange before and I know there are such disadvantage that's why people stop using it but I'm sure in the future there will be a decentralized exchange again. It's just that the way they implement it has flaws.

[Yogee]

....The most well-known smart contracts platform in the space (Ethereum), has copied its competitors by adopting a PoS algorithm in order to please the regulators.

Did they really? ETH under POW was ruled to be a utility token by the US the last time I checked so that tells us it's not really under regulatory pressure. It's also not being attacked as much as Bitcoin when it comes to energy used for mining. It's more like they cannot solve the network's scaling issues under POW so they switched.

[john1010]

There's a lot of innovation and platform birthing in the crypto world, but the essence of everything is, that people who are going to adopt the one's project and the people who really understand it, because the more people will dig more into that system, the more investors will come. NFT time is now going to an end, DEFI is still fighting and I could say that it will growing despite of this bear market and Ukrain/Russian war, The bottom line is, It's up to us who will adopt it.

[blockman]

It's one of the innovations that we'll be having for where this market is going. I'm planning to dive more into web3 but I'm also thinking that it can be the same as the NFTs and other stuff in the crypto market that had become lie low eventually.
It may have a future and it will stay but it won't be as big as it will be just like the other trend in the market. Maybe, we're still at an early stage of it and those that will dive on it early and will those the right projects, it will be worth it.

[vv181]

According to the Ethereum site, "At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership."

The key point is the one that I bolded above. Back to OP, how could we achieve Web 3.0 promises while centralization is getting tolerated? It is contradictory to the meaning of Web 3.0 itself. So in order to preserve the dream, truly "owning" a thing that is related is a prerequisite. If we look at what happens in the current ecosystem, we must ask ourselves do we own and have power over web3-related things, whereas, we usually connect to the system with a third-party entity and the form of the consensus are adhering to a regulation that obeys governments entities(ETH OFAC compliant).

[lobo13hf]

What are your thoughts? Do you still think Web 3.0 have a future even though smart contract platforms are becoming less-decentralized?

Decentralization doens't matter a lot in determining the future of WEB 3.0. As long as the blockchain can still operated with high scalability to support the operation for WEB 3.0 and it will still alive. The main focus of WEB 3.0 to build a connection between owner to its assets through used ownership just like when someone owned NFT. It's pretty much the same like blockchain if web 3.0 can be considered as a new thing that is still in experimental by so many developers.
The true potential from web 3.0 is still being dig by so many parties. The future will always there.

Will crypto projects have to pay a heavy price to obtain decentralization when governments are as aggressive as ever towards crypto/Blockchain tech?

Sometimes you need something to be true decentralized or centralized according the situation that faced before. The government may not aggresive toward the blockchain but mostly of main concerns by the government is always related with potentially of blockchain being used as a money laundering purpose. The government pays more attention to the centralized entities like CEX or any other centralized service rather than decentralization of blockchain itself.

[Polkeins]

It is not very clear which projects generally fall under the definition of Web 3.0? Does ETH on POS is a web 3.0 project or not?
What should be in project that we can check it as a "web 3.0 project" Daaps ? NFT ? POW algoritm?

What projects in crypto can generally be considered as web 3.0 projects? Cause it is not very clear which of the projects has such a bright future?

[Abiky]

According to the Ethereum site, "At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership."

The key point is the one that I bolded above. Back to OP, how could we achieve Web 3.0 promises while centralization is getting tolerated? It is contradictory to the meaning of Web 3.0 itself. So in order to preserve the dream, truly "owning" a thing that is related is a prerequisite. If we look at what happens in the current ecosystem, we must ask ourselves do we own and have power over web3-related things, whereas, we usually connect to the system with a third-party entity and the form of the consensus are adhering to a regulation that obeys governments entities(ETH OFAC compliant).

Not only users must own their data on Web 3.0, but they must also be able to enjoy complete immunity from governments' actions against their freedom and privacy. Unfortunately, most dApps' interfaces are hosted on centralized servers, making censorship-resistance a distant dream. Some would say that doesn't matter since smart contracts still live on the Blockchain. But when the network's consensus becomes concentrated on the hands of a few, then it would be easy enough to censor transactions linked to such smart contracts. It's only been 7 years since ETH's inception, so I'd say Web 3.0 is still in its infancy. Maybe there's still hope for this new trend after all? Just my thoughts

[Blawpaw]

I do think that Web3 is where we are headed. IMHO it can work both ways. On the one hand, as we saw with Eth and switch, censorship has overrun the space and decentralization is becoming more like a mith. On the other hand, it can also be used for applications that can be developed under decentralized networks rather than using the Eth network.

Unfortunately, the web3 space is being mainly developed under the Eth network which in a sense is just paving the way for CBDCs to come into stage.

[RealMalatesta]

It seems to me that most cryptocurrencies are turning less-decentralized by the day, as governments continue to make pressure on the industry. Major projects have abandoned PoW as their consensus algorithm in favor of PoS which is carbon-neutral (at the cost of centralization). The most well-known smart contracts platform in the space (Ethereum), has copied its competitors by adopting a PoS algorithm in order to please the regulators. There have been reports that the biggest validators on the ETH blockchain are two entities: Lido and Coinbase. The puts the level of ETH's decentralization in question. If ETH proclaims itself to be "a platform for unstoppable applications", then how can Web 3.0 have a future if everything is turning centralized? We may be going back to square one, where the Web is dominated by a few players in the industry (Web 2.0 again?).

It definitely does. These type of increases do not really matter because in the long run there is nothing wrong with it. I am not saying that it will be the main way people use internet, of course there will be plenty of websites without it. But that doesn't change the fact that WEB 3.0 is here to stay and it will only grow bigger.

It has opened the door to many new inventions and that’s going to be a key factor going in with this situation. Obviously not that many people are involved right now, but the more people who are amazing developers and designers end up going into this, the more amazing projects will come out of it and it will get bigger and bigger.

[OgNasty]

I think the most obvious future for web3 is gaming so it’s fascinating to me how gamers hate web3 so much. Being able to resell skins as NFTs would allow kids to start learning about finance at a young age and I for one would love to know there are some 8 year old millionaires out there because they were good at Fortnite.

Another obvious use would be tickets for events, which I think NFTs are perfect for.

[serjent05]

It seems to me that most cryptocurrencies are turning less-decentralized by the day, as governments continue to make pressure on the industry. Major projects have abandoned PoW as their consensus algorithm in favor of PoS which is carbon-neutral (at the cost of centralization). The most well-known smart contracts platform in the space (Ethereum), has copied its competitors by adopting a PoS algorithm in order to please the regulators. There have been reports that the biggest validators on the ETH blockchain are two entities: Lido and Coinbase. The puts the level of ETH's decentralization in question. If ETH proclaims itself to be "a platform for unstoppable applications", then how can Web 3.0 have a future if everything is turning centralized? We may be going back to square one, where the Web is dominated by a few players in the industry (Web 2.0 again?).

What are your thoughts? Do you still think Web 3.0 have a future even though smart contract platforms are becoming less-decentralized? Will crypto projects have to pay a heavy price to obtain decentralization when governments are as aggressive as ever towards crypto/Blockchain tech? Your input will be greatly appreciated. Thank you very much.

Web 3.0 is still on its development so basically, it has a future.  Those who revert to using web 2.0 has its reason but I believe when web 3.0 is fully developed, they will implement it by upgrading their current web version.  As far as I know, Web 3.0 isn't limited to the cryptocurrency industry, it has many functions that are yet to be implemented, I think Web 3.0 will have its turn we just need to wait until it is fully developed.

[Wintersoldier]

With a lot of projects being built around the concept of Web3, I think it's safe to say that there's a future in it. I mean look at the narrative right now, people don't want nasty corporation making money out of their data, with Web3, at tleast the option of tokenization of data is there so people can choose and get the benefits.

[o48o]

What are your thoughts? Do you still think Web 3.0 have a future even though smart contract platforms are becoming less-decentralized? Will crypto projects have to pay a heavy price to obtain decentralization when governments are as aggressive as ever towards crypto/Blockchain tech? Your input will be greatly appreciated. Thank you very much.

My take is that they most likely solve it, and this is just a bumb in the road back to decentralization. Web3.0 is a huge concept and doesn't necessarily even require eth to blossom. It's just currently the best bet as a platform for it, but it doesn't mean that they would surely win the race.

....The most well-known smart contracts platform in the space (Ethereum), has copied its competitors by adopting a PoS algorithm in order to please the regulators.

Did they really? ETH under POW was ruled to be a utility token by the US the last time I checked so that tells us it's not really under regulatory pressure. It's also not being attacked as much as Bitcoin when it comes to energy used for mining. It's more like they cannot solve the network's scaling issues under POW so they switched.

I am assuming that Abiky was talking about regulators that are against Proof of Work and possibly banning fiat pairs for pow-based coins in cexes. That has nothing to do about eth being utility / security asset.

[hd49728]

What are your thoughts? Do you still think Web 3.0 have a future even though smart contract platforms are becoming less-decentralized? Will crypto projects have to pay a heavy price to obtain decentralization when governments are as aggressive as ever towards crypto/Blockchain tech? Your input will be greatly appreciated. Thank you very much.

Web 3.0 is another tool to hype the crowd.

I don't believe that a project, a website that is developed by a centralized team can be actually decentralized. Even their team try to use Web 4.0, Web 5.0 or Web n.0, if it is owned and controlled by a centralized team, forget about decentralization of that one as well as be prepared for centralized censorship.

The level of centralization and centralized censorship will be depended on core approach of each developer team and each co-founder team. We only can wait to see their works to assess their centralization and censorship.

Think about that similar to currencies that are launched by governments and central banks. From fiat currencies to CBDCs, do we believe that CBDCs are more decentralized than fiat currencies?

[KcTing88]

It seems to me that most cryptocurrencies are turning less-decentralized by the day, as governments continue to make pressure on the industry. Major projects have abandoned PoW as their consensus algorithm in favor of PoS which is carbon-neutral (at the cost of centralization). The most well-known smart contracts platform in the space (Ethereum), has copied its competitors by adopting a PoS algorithm in order to please the regulators. There have been reports that the biggest validators on the ETH blockchain are two entities: Lido and Coinbase. The puts the level of ETH's decentralization in question. If ETH proclaims itself to be "a platform for unstoppable applications", then how can Web 3.0 have a future if everything is turning centralized? We may be going back to square one, where the Web is dominated by a few players in the industry (Web 2.0 again?).

What are your thoughts? Do you still think Web 3.0 have a future even though smart contract platforms are becoming less-decentralized? Will crypto projects have to pay a heavy price to obtain decentralization when governments are as aggressive as ever towards crypto/Blockchain tech? Your input will be greatly appreciated. Thank you very much.

Web 3.0 is still on its development so basically, it has a future.  Those who revert to using web 2.0 has its reason but I believe when web 3.0 is fully developed, they will implement it by upgrading their current web version.  As far as I know, Web 3.0 isn't limited to the cryptocurrency industry, it has many functions that are yet to be implemented, I think Web 3.0 will have its turn we just need to wait until it is fully developed.

Agreed that. However web3 are too young right now but it's on the run. Personally think that in web3 is all about ownership of their personal data. And it link to decentralize for sure to keep assets safe. The new generation are getting smart than another one. So i do believe the revolution of Web3 & Decentralize are the near future. Althought It's not easy from centralize to decentralize, but it had began.

[Strongkored]

The initial goal was to make it decentralized but we can see how with crypto which was also the initial goal of decentralization but now it has become more centralized, it seems that implementing a decentralized system is difficult to do, in the future all systems that are trying to be developed to become decentralized will be forced to change and eventually being centralized, developers who are dominated by a few individuals and an institution make it difficult to be fully decentralized.