Success of web3 hinges on remedying its security challenges

But decentralizing the internet has been hard to do. When contrasted against the well-established efficiency and stability of centralized systems, decentralized systems have struggled to keep pace. Now, however, the emerging technology of crypto and web3 — specifically, programmable blockchains, composable smart contracts, and digital assets — make... See more

Moreover, in web3, users realistically cannot audit every smart contract, so the burden of ensuring that an app is secure and trustworthy on behalf of your users is higher in web3 given what is at stake in each interaction.

The main advantage of Web 3 is that it attempts to address the biggest problem that has resulted from Web 2: the collection of personal data by private networks which are then sold to advertisers or potentially even stolen by hackers.

This interpretation stands in contrast to the claims that web3 advocates make. They claim that web2 is a centralized mess dominated by technology megacorporations and web3 is now about content ownership. In order to achieve these goals, they must create an entirely new operating model for the web, one built on the blockchain. Blockchain is in effec... See more

Web3 will replace centralized platforms with open protocols and decentralized, community-run networks, combining the open infrastructure of web1 with the public participation of web2.

The third phase of the internet combines blockchain technology, cryptocurrency, and digital ownership with new governing structures with terms prearranged and automated by smart contracts to allow decentralized projects to prosper. Web3 both stands on the shoulders of the open-source ethos that supports the earlier internet phases and threatens to ... See more

web3 is a somewhat ambiguous term, which makes it difficult to rigorously evaluate what the ambitions for web3 should be, but the general thesis seems to be that web1 was decentralized, web2 centralized everything into platforms, and that web3 will decentralize everything again. web3 should give us the richness of web2, but decentralized.

The key characterizations of web3 are: d ecentralized, e dge computing infrastructure,  AI-driven,  3D Graphics (aka the Spatial Web), t ransparent/open source, a nonymous, u biquitous (IoT)