FROM BEEPERS TO BYTES

Web3 is an evolving vision for the next iteration of the internet, heavily focused on decentralization, blockchain technology, and cryptocurrency.

Web 1.0, often called the “Static Web,” represents the first generation of the World Wide Web, primarily focusing on providing users with information without interactive or user-generated content. It consisted mainly of static pages, where website owners created and published content, and users were limited to passive viewing, with little to no interaction or ability to contribute content. In contrast, Web 2.0, dubbed the “Social Web,” marked the evolution of the Web into a platform of collaboration, interactivity, and user-generated content. It introduced features such as blogs, social networking sites, wikis, and multimedia sharing, allowing users to actively participate, share, and collaborate online, creating a dynamic and interactive Internet experience. This shift significantly transformed how people communicate, share information, and use the internet, making it a more participatory and social environment.

Now, here comes Web3. In theory, Web 3.0, or Web3, promises internet connectivity where users have more control over their data, transactions occur without central intermediaries like big tech companies, and digital asset ownership is verifiable and secure. Decentralized apps (dApps), open-source platforms, and a thriving economy powered by cryptocurrency and digital ownership are the driving forces behind Web3 that advocates envision.

Imagine the internet we have now as a giant shopping mall. A few big companies own most of the stores — think Google, Facebook, and Amazon. They decide what products you see and collect tons of information about you, and sometimes that information gets mishandled.

Web3 is like building a whole new kind of marketplace. Instead of giant stores, imagine many small shops owned by regular people like you and me. There’s no single landlord in charge, and there are special tools, similar to digital account books, that keep everything fair and secure. You would have more say over what you want to see and do. Your digital wallet would act like your shopping bag, allowing you to trade items or even pieces of those shops themselves. Web3 wants to transform the internet into a bustling market that belongs to its users rather than a few large corporations.

Web3 has been heralded as the next evolutionary stage of the internet. Its core ideas — decentralization, blockchain technology, user-owned data, and freedom from tech giants — sound incredibly appealing. Imagine a web where your digital identity isn't tied to corporations, where data breaches are less of a worry, and where the playing field is more level for creators and users. That's the utopian vision.

The trouble starts when the hype train outpaces actual development and usability. Web3 is still, for the average person, incredibly complex. Understanding wallets, interacting with smart contracts, and navigating decentralized platforms come with a steep learning curve. This creates barriers to entry.

Due to the focus on decentralization, many Web3 applications sacrifice user experience. Unintuitive interfaces and the need to constantly manage keys and transactions turn away potential users.

Also, many popular Web3 implementations heavily rely on proof-of-work blockchains, infamous for their massive energy consumption. This environmental cost clashes with the ideals of sustainability for many users.

One of the biggest challenges is that Web3 buzzwords attract serious project creators and scammers. New cryptocurrencies that promise incredible returns but lack real utility flood the market, often exploiting new users who fall for the hype.

Web3 evangelists are loud and passionate, eager to portray their vision of a revolutionized web. Yet, the danger lies in overpromising, misrepresenting the current state of Web3, and silencing any questioning voices.

Web3 evangelists who only want your money operate by creating a fear of missing out (FOMO) scenarios. Investors get lured in by the promise of huge returns, while Web3 proponents make it seem like anyone not involved is being left behind. This urgency discourages critical thinking.

There are also issues when these crypto scammers highlight success stories while ignoring problems. It isn't easy to get a clear picture of Web3's actual adoption and benefits when all you hear are hype-filled tales.

People who want investors to join them overuse technical jargon and buzzwords, which can intimidate and confuse users, discouraging critical evaluation while giving a false sense of innovation.

A key tactic of many scammers is to frame questioning voices as uninformed or resistant to change. Those asking legitimate questions might be portrayed as 'not getting it' or as opposed to the Web3 revolution itself. This stifles genuine discussion and makes it harder for newcomers to gain balanced insight.

It's crucial to distinguish between the potential of Web3 and the realities of its current stage. Questioning the hype helps with everyone's understanding of this new technology. By focusing on genuine use cases, solving UX problems, adopting more sustainable blockchain solutions, being transparent about risks, and welcoming healthy debate, Web3 proponents could shift from empty hype to actual, tangible progress.

(Art Samaniego, Jr. is the head of Manila Bulletin IT Department and is the Technology Editor.)