{"id":49764,"date":"2022-12-11T02:00:49","date_gmt":"2022-12-11T07:00:49","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/future-of-the-internet-or-a-ponzi-scheme-what-exactly-is-web3-49764"},"modified":"2022-12-11T02:00:49","modified_gmt":"2022-12-11T07:00:49","slug":"future-of-the-internet-or-a-ponzi-scheme-what-exactly-is-web3","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/future-of-the-internet-or-a-ponzi-scheme-what-exactly-is-web3-49764","title":{"rendered":"Future of the internet or a ‘Ponzi scheme’ \u2014 what exactly is Web3?"},"content":{"rendered":"
\n

Some call it the next phase of the internet. Some say it’s a fast-money scam that’ll fall apart. But what exactly is Web3?<\/p>\n

The phrase “Web3” is used broadly to refer to a new-era internet<\/a> that will run on the record-keeping technology blockchain, a decentralized public accounting system. The current iteration of the internet, Web2, by comparison, runs on centralized, company-owned servers.<\/p>\n

Web3 “offers a read\/write\/own version of the web, in which users have a financial stake in and more control over the web communities they belong to” by enabling users to own their data, according to the Harvard Business Review<\/a>.\u00a0<\/p>\n

Investors hope this version of the internet will lead to a democratization of data<\/a> on the web, where transactions and contracts can be double-checked by all users. However, consumers should be skeptical<\/a>, according to venture capitalist Joe Lonsdale, as mainstream products have yet to materialize despite heavy cash investments.<\/p>\n

WATCH MORE FOX NEWS DIGITAL ORIGINALS HERE<\/strong><\/a><\/p>\n

“A lot of what people are calling Web3 was a Ponzi scheme, and it made no sense whatsoever,” the Palantir co-founder previously told Fox News. “That said, the protocols to have decentralized ownership are very interesting.”<\/p>\n

Decentralization, a key feature of blockchain, distributes the responsibilities of key internet functions such as server control, transaction confirmation, and time stamping to a network of users rather than <\/strong>traditional methods where all operations would be handled by one company or organization. Where something like Amazon Web Services’ servers hosted nearly 30% of the internet<\/a> in 2020, Web3 promises to distribute that responsibility among users, fundamentally changing online interactions.\u00a0<\/p>\n

Decentralized digital infrastructure \u2014 such as cryptocurrency like Bitcoin and non-fungible tokens (NFTs) \u2014 are designed to be key components of Web3 and would be necessary for its function.\u00a0<\/p>\n

“Longer term, it does make sense to have more decentralized power and for something like Bitcoin to exist,” Lonsdale said in a previous interview. Bitcoin “allows more kind of liberty for the financial system from really bad-acting governments.”<\/p>\n

STUART VARNEY: SAM BANKMAN-FRIED’S ‘APOLOGY TOUR’ IS NOT STOPPING THE IMPLOSION OF CRYPTO INFRASTRUCTURE<\/strong><\/a><\/p>\n

Elon Musk, meanwhile, has expressed skepticism of Web3.<\/p>\n

“I\u2019m not suggesting web3 is real \u2013 seems more marketing buzzword than reality right now,” the Tesla chief tweeted last year<\/a>.<\/p>\n

Twitter Founder Jack Dorsey has also questioned the new-era internet.<\/p>\n

Users “don\u2019t own \u2018web3,\u2019” he tweeted last December<\/a>, throwing cold water on the notion that users will be able to monetize their data online.<\/p>\n

Dorsey has been working on a competitor to Web3<\/a>, which claims on its website to be “an extra decentralized web platform.”\u00a0<\/p>\n

To watch the full interview with Lonsdale on Web3, click here<\/a>.<\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/tech\/future-internet-ponzi-scheme-exactly-web3 <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Some call it the next phase of the internet. Some say it’s a fast-money scam that’ll fall apart. But what exactly is Web3? 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