I think he’s partially correct. The failures of the corporatocracy to understand Web 3.0 is an answer to their top down design of a rentier class calling the shots in Web 2.0 where our data is the “coin” they swap/sell/buy. The sins of “Do No Evil” is not lost on the young people inside the decentralized Web 3.0 which laughs at those who made billions off Web 2.0 thinking they can co-opt a decentralized world.
Is all the money pouring into blockchain and Web3 a bubble?
Tim O’Reilly: I think there’s a lot that’s interesting about the blockchain, in theory. But when you really scratch, an awful lot of technical people have said, “Hey, there’s not a lot there.”
Now, that was also a response that many people had to the world wide web. To existing software developers of the day, it seemed trivial. So even though the technology is slow and very expensive, and it’s hard to use distributed databases, there’s a lot of investment pouring into the space, and people are trying to figure out actual things that might actually be useful. And I think that it is certainly possible.
Web3 is attributed to the idea that there’s going to be a new decentralized web based on cryptography and the blockchain. I defined this term “Web 2.0” 17 years ago, and my whole point was that Web 2.0 was the second coming of the web after the dot-com bus — that’s how I defined it.
When people ask me about Web3, I say the same thing: We won’t know what Web3 is until after the current bubble pops — because we’re in the middle of a bubble, just like the dot-com bubble, where there’s all kinds of crazy startups getting outrageous valuations, with less to show for it.
I would submit the biggest failures will be like $FB trying to create the metaverse, which already exists without its throwing sand into the decentralized machinery. Right now, I’m using Brave Browser which smokes Google Chrome in speed, which doesn’t collect, store, and sell my data, which gives me decentralized tokens for ads I choose to bring up or websites I read.
I designed my news feed for Brave Browser to show me just 10 ads per hour - in the news feed. When I open a website, I’m not slowed down by any ads. That O’Brien doesn’t even nod to what is already successfully working, with no corporate HQ calling shots and enriching the men from Silicon Valley who disrupted and destroyed Democracy, makes me laugh at the though of Zuck and $FB flailing today as a company called “META”.
It’s a vibrant new world out here. The first to understand it are the artists, the readers,the writers, the musicians, the readers, the Environmentalists, the young, etc., in essence, the forgotten. I’m loving it.