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Web3 refers to a decentralized online ecosystem on the blockchain. It has become a buzzword, used within the crypto/NFT/DeFi (decentralized finance) community. NFT stands for non-fungible-token. You can think of them as one-of-a-kind digital trading cards.

Keep the Web Free, Say No to Web3

To be honest I really don’t like the way Web3 it’s painted. Yes there are scams and yes it is a dangerous place but it has not being like that at each new technology evolution?
Printed paper = scam flyiers and ads (still running)
Mail = the first place for Ponzi schemes (not running, hopefully)
Phone = random calls from your ‘electric company’ for a better deal (still running)
TV = selling shitty “revolutionary” product for few bucks (still running, late night)
Web = all the ‘get rich watching ads’ of the '90s?
Web2 = became developer/marketer/whatever and get rich
C’mon it’s easy to call a new technology scam because it has bad actors in it but do you really still want a centralized web?
Even if the article propose to create a decentralized web, at the end of the article, they just link to their own homepage 😂

The whole article is confusing and in some parts outdated. Yes, DeFi as right now has a lot of flaws. But is our current financial market perfect? Far from it. If you want to compare our current market with the DeFi market you have to evaluate and outline the positives and the negatives of both.
There are scammers in DeFi? Well, I think we have some scammers and market manipulators in our real world too, also known as hedge funds or investment companies (I am sorry but what are they really doing? Are they providing any value? Not really. They are the equivalent of whales in DeFi. Speculating and manipulating the market).
My biggest criticism about this article is that the author does not talk beyond the well-known applications of blockchain. The idea behind web3 is to break apart centralised structures like Twitter and Instagram and create a web that everybody owns. Right now, we are constantly hearing how awful it is that a company can literally control what data users see and thus have control over public opinion (Twitter for example). Also blockchain technology can overhaul our completely broken voting system and make it tamper-proof. And yes it is broken because two countries in particular (Russia and Belarus) had massive voting fraud in the past few years and normal records that are saved somewhere can be controlled and changed by whoever, whenever.
Also with major blockchains switching to proof of stake you can not make the argument anymore that blockchains harm the environment.
There is some valid criticism about web3 and blockchain that needs to be talked about but this article really fails to do that.

A little disappointed.
Under the guise of being an anti-web3 article, which we rarely had before (and that’s why I was drawn in and read the article), it’s simply an anti-crypto article with the same critics that we hear everywhere, which have been debunked many times.
So, nothing very new.

I’m tired of seeing Web3 articles on daily.dev , this is a very nice change, Web3 is horrible and it’s mainly used to build ponzi schemes.