There isn’t much that blockchains enable that would be impossible to implement in a web2 way. It wouldn’t be trustless and decentralized—but the benefits of decentralization are way too abstract and vague to compel most people.

The recent debate over use cases in crypto has laid bare a hard truth: web3 isn’t as good at doing the things that web2 companies do as web2 companies are. That’s fine. Of course people aren’t impressed by DAO governance, and rightly point out that it’s just a messier implementation of ideas that already exist; recreating existing structures on-cha... See more