now web 3.0 is coming

For example, it explains why Web3 – notionally a project to remake the web without Big Tech choke­points – is so closely associated with cryptocurrency. It’s not just the ideological notion that if we paid for things, companies would abandon surveillance and sensationalism (a dubious proposition!); it’s the idea that the internet could be remade as something that can only be used by people who have cryptocur­rency tokens. The internet is not a luxury. It’s a necessity, as the pandemic and the lockdown proved. Without the internet, you are cut off from family life, healthcare, employment, leisure, access to government services, political discourse, civic life, and romance. Those are all things you need, not just things you want. If you need cryptocurrency to access these services on a replacement, transactional internet built on the blockchain, then you will do work and sell goods in exchange for cryptocurrency tokens. They will become the new hut-tax, and the fact that everyone who wants the things the internet provides has to trade work or goods for cryptos will make cryptos very moneylike.

A distributed system is composed of multiple, identified, and nameable entities.  DNS is an example of such a distributed system, as there is a hierarchy of responsibilities and business relationships to create a specialized database with a corresponding cryptographic PKI.  Similarly the web is a distributed system, where computation is not only spread amongst various servers but the duty of computation is shared between the browser and the server within a single web page.A decentralized system, on the other hand, dispenses with the notion of identified entities.  Instead everyone can participate and the participants are assumed to be mutually antagonistic, or at least maximizing their profit.  Since decentralized systems depend on some form of voting, the potential for an attacker stuffing the ballot box is always at the forefront.  After all, an attacker could just create a bunch of sock-puppets, called “sibyls”, and get all the votes they want.

over the past decade and change a dynamic ecosystem has developed around cryptocurrencies and blockchains. And it’s constantly getting more complicated. We’ve now got non-fungible tokens, or NFTs, unique digital bits purchased with crypto that have mostly been associated with weird pieces of digital art and are an arena that looks very much like a bubble. There are stablecoins, cryptocurrencies that are supposed to be less volatile, pegged to something like the US dollar. There’s also the burgeoning world of decentralized finance, or DeFi, which tries to replicate a lot of the financial system but without intermediaries, and there are decentralized autonomous organizations, or DAOs, essentially internet collectives. Now, much of this is falling under the still-nascent umbrella of Web3, a relatively fuzzy reimagining of the internet on blockchains.