For those involved / interested in Web3, what do you make of the near and long term future for it?

umlautsuser123
2024-04-20T15:16:10Z

Added the qualifier to the title as web3 understandably earns a lot of eyerolls haha. At the same time, a lot of web3 focused places seem to have a specific mindset about what "should" be done so I wanted to ask here.

I worked in the space at startup (ironically making web2 services to assist in web3 so I’m still an extreme novice). But my time there was a constant push / pull between convention and money and innovation and the unknown. The company I was at would try to appeal to big companies in hopes of finding a product market fit, who looked to us for guidance on what to do in this new space where they hoped to make money. Trend after trend would pass and it would be entertained whether we’d jump on it because product market fit.

The most desirable companies were household names with non-web3 userbases because they meant unprecedented reach. But to make web3 approachable to them, you’d have to define a UX that didn’t exist and would be pulled in a tug of war between two forces. The first mindset optimises for the purest idea of giving the user power— UXs that were obvious about the concepts of transactions and transferrable assets. The other wanted to replicate web2 UXs in web3, to the degree that a user gives temporary control of their wallet to a developer so the developer performs transactions as them.

Then, there is the data and pseudonymity piece. Companies have been taught that data is valuable, and one of the values of a blockchain is an identity that exists outside of any one company. But if all of your assets are on a blockchain— either under your public key or perhaps under a few that might transfer assets only between each other— then your identity can be known (not so private) and also cannot be monopolized and sold (because your data is public).

In the background, as this all happens, is the decentralization argument. At the end of the day, my company used EVM nodes operated by another company (which themselves might be wrappers around something offered by AWS). What is meaningful decentralization alongside specialization of labor? What is decentralization in a world that has billionaires and enormous companies who has the means to buy resources and set up tons of nodes?

Being out of the space now, I do think a decentralized database with immutable scripts, user-managed transferrable assets, and transferrable identity has enormous value. But recently I’ve been wondering how much of that can be accomplished in the private sector. In my time there it felt like the startup needs (enterprise customers, increased ARR) constantly compromised the will for innovation efforts.

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