Web3 - My personal opinion

Thursday, December 22nd 2022  — 

Web3 - a brave new world full of possibilities and potential. Or should we better say: a world full of cryptoscams, ponzyschemes and long-suffering users who have lost their hard-earned money?

Yes, it's unfortunately true: recent exploits on well-known Web3 projects have shown that while the basic ideas behind the concept can certainly solve interesting use cases in a decentralized way, the reality is often different.

Take, for example, the recent example of "crypto-collectibles" - digital collectibles stored on the blockchain. At first, it sounds like a cool idea: collect your favorite crypto kitties, crypto dragons or whatever and proudly show them off to your friends. But what happens if the platform where the collectibles are stored gets hacked? Exactly: users lose their valuable collectibles and with them their hard-earned money.

Or let's take the classic Ponzy scheme: here, too, the scammers promise users high profits if they invest their money in the "Web3 project." But in the end, it's always the users who fall by the wayside, while the scammers run away with their ill-gotten gains.

It's sad but true: the Web3 revolution is underway, but the reality is often different from the brave new world we were promised. Instead, we have to deal with cryptoscams and ponzy schemes, and experience grief from users who have lost their money.

But there are bright spots: there are actually projects that successfully implement the basic concepts of Web3 and solve interesting use cases in a decentralized way. Maybe these projects are still the exception, but who knows - maybe the Web3 revolution will become the brave new world we were promised after all.