"Web 3": The third era of the internet - Deepstash

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"Web 3": The third era of the internet

A response to centralisation is for governments to impose regulations on large internet companies, assuming the internet is like the phone, radio, and TV networks.

But, hardware-based networks of the past are fundamentally different. They are almost impossible to rearchitect. Software-based networks can be rearchitected.

The internet is a software-based network with a simple core layer connecting billions of computers that can run whatever software they want.

In time, core internet services will be enabled by crypto-economic networks with abilities that will exceed those of centralised services.

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The first two eras of the internet

The first two eras of the internet

From the 1980s to the early 2000s, the first era of the internet saw services built on open protocols managed by the internet community. This caused people or organisations to grow their internet presence, knowing that the rules of the game would remain unchanged.

...

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Why decentralization wins

Why decentralization wins

Decentralized networks can win the third era of the internet just like they won the first era: because they won the hearts and minds of entrepreneurs and developers.

A centralised competitor might have a better product to start with, but an active community of volunteer contributors, govern...

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Decentralisation is important

Decentralisation is important

Centralised platforms have several problems:

They follow a predictable life cycle and try to recruit users to make their services more valuable.

Platforms are systems. When platforms move up the adoption S-curve, they grow their power over users and 3rd parties. But when they are at t...

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Cryptonetworks

Cryptonetworks are built on top of the internet that

  1. use consensus mechanisms such as blockchains.
  2. use Cryptocurrencies to incentivise consensus participants.

Cryptonetworks use multiple mechanisms to ensure that they stay neutral as they grow.

  1. the contra...

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Consequences of centralised software and services

While billions of people got access to free technologies, it became more difficult for startups and creators to grow their internet presence.

Centralised platforms could change the rules at any moment, taking away their audiences and profits. Centralisation could also creat...

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