Is Web3 a hype train toward a better world, or are we headed back to the same Silicon Valley model? Promising to decentralize the internet and put power back into the hands of individuals, Web3 offers bold visions of a future without intermediaries. But here’s the hard truth: as exciting as Web3’s promise is, much of the industry is still following the money.
Ethereum, Solana, and Binance Smart Chain are examples of this trend. These platforms, with their innovative approaches to decentralization, are making a strong impact on the digital world. Good and bad. Ethereum’s transition to proof-of-stake is aimed at making the system more efficient and eco-friendly, while Solana boasts about its speed and low fees. But when I scratch beneath the surface, I see they’re also platforms where whales have significant control. What about Binance Smart Chain? It’s technically decentralized, but with Binance’s heavy influence, it raises questions about whether it truly breaks free from the centralized model we’re trying to escape. Are we going back to Web2 Silicon Valley?
It’s far too easy to get caught up in the hype-driven nature of Web3, where every new project promises to be a game-changer. The word revolutionary is truly clichéd.
Here’s the problem. If we’re not careful, we’ll just be repeating the patterns of platform capitalism that turned Web2 giants like Facebook into the monopolies they are today. Without a deliberate effort to ground these platforms in human-centered values, Web3 risks becoming a new arena for the same old power dynamics—driven by profit, not by societal good.
As we race to build this new decentralized world, we need to ask ourselves: Are these projects really about creating a better world, or are they just about profit in a new form? Sure, we want profit, but the fourth industrial revolution is also about creating a better world through the use of technology.
When we evaluate whether a Web3 project is good for the world, we need to ask the following question: Who benefits from this platform’s success? If the answer is only investors and developers, while users remain passive or marginalized, it’s likely that the project is more about following the money than transforming society.
“Technology is a tool, but values are the architects of the future.”
Even smart contracts need to adapt to evolving values over time to contribute to a better world. Therefore, they require human oversight to truly remain ‘smart.’
As I see it, the challenge for Web3 is to not let hype and profit drive its evolution. If we want this technology to truly transform society for the better, we need projects that prioritize equity, sustainability, and human-centered governance. Otherwise, Web3 risks becoming yet another chapter in the book of capitalist control, wrapped in a cover of decentralization. Maybe I’ll write it.