The Challenges and Contradictions of Web 3.0 in Shaping a More Equitable Web
The Confusion Surrounding the Definitions of Web 3.0
The European Commission's strategy on Web 4.0 lacks a clear definition of Web 3.0, raising concerns about its role as a foundation for the EU's vision.
Conflicting descriptions of Web 3.0 from different publications create confusion and a lack of consensus on its meaning.
Forrester defines Web3 and Web 3.0 as interchangeable terms, referring to a new web based on decentralization and empowering individuals.
The failure to provide a clear definition hinders the understanding and potential success of Web 3.0.
A consensus on the definition of Web 3.0 is crucial for the development of a more equitable web.
The Contradictions within Web 3.0 and its Current State
Web 3.0 exhibits tendencies similar to Web 2.0, contradicting its ideals of decentralization and empowerment.
Monopoly-building, rent-seeking, and value-extracting behaviors are prevalent within the current state of Web 3.0.
The EU must critically examine the challenges of decentralization, individual control, and blockchain technology within Web 3.0.
The limited accessibility and favoritism towards early adopters and the wealthy hinder the realization of Web 3.0's ideals.
Addressing the limitations of blockchains, NFTs, and the creator economy is essential for the success of Web 3.0.
The Need for a Different Approach to Shape a More Equitable Web
Rather than being solely focused on unproven concepts, the EU should prioritize existing and pending legislation to ensure digital safety.
Examining how Web3 violates current laws like GDPR, the Digital Services Act, and proposed AI Act will aid in suggesting concrete solutions.
A constructive debate is necessary to transform the current financial engineering ecosystem into a Web 3.0 that benefits everyone.
The EU has the opportunity to lead in shaping a more equitable web by taking a different approach to Web 3.0.
Concrete suggestions and actions are required to address the contradictions and challenges within Web 3.0.
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