Ryan Boder, DAO Core Team Lead at API3, told GOBankingRates that he can see why Musk and Dorsey express skepticism of Web3, as it’s akin to the early days of the internet when people were skeptical of the new technology and its implications.
“Today, few people can adequately define what Web3 is if you ask them, and that’s ok — it’s a new thing that’s emerged from one of the fastest-growing industries in human history,” Boder said.
However, Web3 has a powerful meaning that is rooted in a very specific purpose.: the concept of putting your digital self — that is, your online profile – under your own control, he added.
“Starting with Bitcoin, crypto has offered internet users the opportunity to use money and finance in a self-sovereign way. The current model of the internet, Web2, comes with severe costs, especially to consumers,” he added.
Boder explained that in Web2 consumers are often the product and those who profit from influencing or controlling our behavior are the customer.
“A handful of tech monopolies dominate the internet and, in turn, exploit users and the information surrounding their digital identities. This is a massive problem that misaligns incentives, misguides innovation, and threatens to erode our civil liberties. Web3, in short, is how we address this problem,” he added.