The transition to Web2 from Web1 made the internet dynamic and fun. It also created a new business model for internet companies. Only when that model matured did people begin to realize that it was problematic. Web2 companies like Facebook and Google offer ostensibly free services, but there is a hidden cost to privacy as they exploit user data. The companies have generated billions of dollars ofMore than 80% of Google’s revenue comes from advertisements.
Web2 companies can also change their user terms and conditions at a moment’s notice or simply ban people they do not like. The idea of curated news feeds has arguably increased political polarization and contributed to decaying mental health around the globe. Web2 companies optimize their sites to keep users engaged. In other words, they are designed to be addicting. Unfortunately, this means feeding users the type of information they are most likely to consume, including inflammatory and bombastic headlines known as clickbait.
is now a common field of study, and frequent social media use is linked to problems of anxiety, depression and low self-esteem.Decentralized applications are not controlled by a single entity, but by cooperative governance structures. Decisions are not made by a CEO, manager, or a board of directors but are agreed upon by a community of token holders. Furthermore, decisions are not made behind closed doors, but in the open and are publicly documented on a blockchain.
Imagine if every potential business decision made by Facebook and Google had to be proposed to its users before adoption. Most would likely not agree with the extent of data collection, bans and derisive content feeds you see today. Conceptually, Web3 eliminates many of the Web2 issues that derive from its centralization.Though Web3 has an ethos of decentralization and privacy preservation, one can make a strong case that it is not a panacea for the drawbacks of the current internet.