Web3 has been heralded as a decentralized solution to all the issues related to Web2, such as the monopoly of tech giants, privacy violations, and misinformation.
On the other hand, there are groups who believe tokenization will negatively impact the way we behave online, and highlight the possibilities of Web3 projects to conduct illegal or unethical acts.
On November 30, Web3MQ hosted a Twitter Space featuring Footprint Analytics, Mises, Magipop, and dappOS, to talk about the promise of Web3 of building a better online future, although with dystopian seeds.
Here are the key takeaways.
“You can do evil with any technology or tools. For example, our founder always mentions a copyright case regarding the Kazaa file sharing tool in Australia. The judge for the case quoted the use of photocopiers as an example: the photocopier can be used to copy documents in the office, and also to pirate books.” Luke, Mises Browser.
“When it comes to Web3, we have a couple of examples of evil: the countless rug pulls, the FTX issue, but what it comes down to is trusting the technology behind the blockchain, and the benefits in the future, when it is maximized to its potential.” Alex Cooper, Footprint Analytics.
“The capability of understanding code is very important in the Web3 world, since the code is the law. The first thing we know about the blockchain is that it’s a ledger anybody can check. Those who know the code are like attorneys in the Web3 world.” Luke, Mises Browser.
“As a licensed attorney, I cannot agree that the code is law. Code is not going to be able to satisfy due process. Open source is very helpful. Everyone with the expertise and time can check the code. But this sort of open and rolling audit still cannot mean that the consequences which flow from the code could control the legal rights of the various parties.” Darren Mayberry, dappOS.
“There could be some way to give the real source, and maybe it can be compared with the source information. Do you think it is real? Or does it comes from a known information source? But I think it is pretty hard, because people themselves are one of the operators inside the community, inside the logic and the contract.” Melito, Magipop.
“It would be nice if we could put facts onto a blockchain and only distribute facts, but then the point is how can we verify that everything we put onto a blockchain is a fact itself. Is it even possible to get rid of the spread of misinformation, while keeping it completely decentralized?” Alex Cooper, Footprint Analytics.