Dotcom bubble v2 ft. web3-blockchain

Photo by Shubham Dhage / Unsplash

It's funny how the whole premise of blockchain-based web3 is on criticising the web2 structure and yet in crisis, it exposes how it's all web2 just wearing cool clothes.

Govt may declare the money in your Coinbase wallet doesn't belong to you in case of bankruptcy. (You can host your own wallet, but can everyone do it? Doesn't make sense in cost-benefit analysis)

Almost all the dApps (d = decentralised) are dependent on a few companies [precisely two] (alchemy, infura) to interact with the blockchain. It's like surfing the internet but every request will pass through Google/Meta first.

This is a stress testing of the web3 ecosystem (just like the dot-com bubble in 2000) and hopefully technologically superior solutions will emerge.

Web 3 = Mostly repackaged Web 2 (for now)

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Anmol Saini

Anmol Saini