Here’s Why Web 3.0 Doesn’t (Yet) Exist

Web 3.0 refers to a fast-developing set of Internet Protocols that aim to improve how individuals and organizations carry out hashtag#digital hashtag#transactions via the World Wide Web and other online services/platforms.

No Consensus On What Web3 Encompasses:

There’s no widespread consensus about the core set of technologies and protocols that make up hashtag#Web3, because every person and company/organization may have a different opinion about what Web 3.0 means and what problems or use cases it might have.

One thing is for sure though. There has been a rise in the number of social media tweets, blog posts, business products, and other developments in the crypto space that encourage projects to operate in a decentralized manner.

Decentralization as a Core Value Proposition

However, #decentralization (in its purest form) does not yet exist. Although there’s no guarantee that online services will be decentralized in the future, there’s a lot of work going on in the crypto and blockchain space to achieve greater decentralization.

Bitcoin (BTC) Setting the Standards for Web3:

For instance, take the Bitcoin (BTC) protocol. Without getting into too many of the technical details, it’s worth noting that Bitcoin is by far the most decentralized blockchain-enabled protocol that has been launched. Bitcoin is still based on proof-of-work which means you need to contribute massive amounts of hashtag#computing power in order to support the robust security on its network.

Meanwhile, hashtag#Ethereum (hashtag#ETH), the largest smart contract platform for developing so-called decentralized applications or hashtag#dApps, recently switched over the proof-of-stake or PoS consensus mechanism. Arguably, this should make Ethereum more centralized and could also make hashtag#ETH, its native token, security.

Ethereum as a Key Part of Web3:

So are Bitcoin and/or Ethereum part of Web 3.0? Depending on who you ask, you will get a different answer. Bitcoin maximalists like Jack Dorsey are focused on building whatever Web 5.0 is.

The interesting thing here is that Web 3.0 will exist once we have decided that we are moving onto focus on Web 4.0. That’s when most if not all of the conversations around Web3 should come to (somewhat of) a conclusive end and we will have a new buzzword to keep us all entertained.