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Why Should We Put All Trust in Web3? Could It Be a Dead End?

source-logo  cryptoknowmics.com 18 May 2022 03:54, UTC

At first, everyone was content communicating with one another via the Internet. Everyone was happy whenever bits were sent correctly. Then, after decades of sending bits in increasingly larger chunks, some people began to wonder if we could do better. Maybe there's something we can do to make things a little better? Some believe that the term Web3 is the answer. But unfortunately, there is no official committee, and everyone has their interpretation of what these four letters mean. Still, the goal is the same: to find a way to bring the certainty and security of cryptocurrencies to the rest of the internet. Why Should We Put All Trust in Web3? Could It Be a Dead End?

Why Should We Trust Web3?

There are different reasons why we should put our trust in Web3. The reasons are as follows:

Decentralized control helps everyone

One of the original goals of the Internet was to create a network that was not controlled by a single entity.  Web3 supports this notion and believes that no single person or group should be in charge of transactions. This decentralized and shared control concept can be applied to all aspects of the market and daily life. Of course, some may think it's silly to be concerned about power and control over some of the least important parts of the Internet. Still, a quick look at history reveals that the world has many reasons to be concerned about centralized power. Web3 wishes to protect us from all of them.

Web3 will use better protocols

Even though Bitcoin consumes a lot of power, this is not the case for Web3. Several protocols offer accuracy without requiring a billion transistors to solve a math puzzle repeatedly. Proof of stake is an example of a decentralized and neutral protocol. It may not be perfect, but perhaps a good consensus model for a few Web3 parts will suffice? 

Web3 will produce better data

Our society is becoming increasingly> Bitcoin mining. Few people can afford the costs of designing, building, and running custom silicon. The difficulty increases when it comes to smaller niches with lower stakes. What hope do smaller markets have if the world's most important currency is concentrated in the hands of a few?

Web3 will consume too much energy

Environmentalists began to wonder why we burn so much fossil fuel to run a complicated protocol after it became clear how much energy Bitcoin mining consumes. Some people believe that Bitcoin consumes more energy than a small country, and this was before the recent change in miners' hashing rate. Some cryptocurrency supporters argue that there is no other option. Proof of work may be prohibitively expensive for them, but it is the only viable model. There may not be a straightforward solution, but there are many serious people in that camp right now. It will take a lot of effort to develop Web3 if they continue to believe in this model.

Could This Be The End?

So to speak, the future of blockchain and Web3 is still up in the air. Most people only learn about blockchain in their spare time and have never used it. As developers continue to learn and build, they increasingly use their favorite languages, such as JavaScript and Python.  Even though hype cycles and trends come and go, some blockchain developers believe that Web3 is the internet's future. Blockchain and Web3 are very popular, and people are learning more about them rapidly. The big question is whether all of this will stand the test of time. We can't wait to find out!

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