The internet landscape has drastically shifted towards platform-based giants like Google and Amazon, which dominate digital interactions. Users find themselves increasingly entangled in a system where their data drives immense value for algorithms without any ownership. This situation paints a picture of modern-day digital tenants operating under these tech behemoths, a dynamic starkly different from the alternative world Web3 envisioned.
What Happened to the Web3 Promise?
Initially conceptualized by Ethereum’s Gavin Wood, Web3 aimed to dismantle the centralized controls of the current digital ecosystem. The primary goal was to create a decentralized web where interactions are based on peer-to-peer trust. However, a wave of speculative investments during the ICO boom diverted attention from these technological aspirations towards financial profits. Silicon Valley’s dream of a peer-to-peer digital system was overshadowed by a speculative frenzy, resulting in a dilution of Web3’s core values.
Can Platforms Keep Their Grip?
The commanding presence of platforms like Amazon and Google relies heavily on their status as trusted intermediaries. They control the flow of transactions and data, reaping a significant portion of the value exchanged. Companies build golden cages where they own the rules of engagement. Web3 initially proposed solutions like on-chain transactions, but these were not entirely feasible due to their complexity.
State channels emerged as a potential solution, offering a more agile infrastructure. State channels, akin to private lanes between parties, facilitate quick and cost-free exchanges, thus bypassing the crowded blockchain. Through cryptographic means, they ensure the authenticity and security of transactions without the traditional intermediatory approach.
The introduction of state channels provides a high-speed solution, ensuring trust and removing the need for intermediaries.
Participants can commit funds to on-chain smart contracts, which act as security deposits safeguarding transactions. This eliminates traditional commerce constraints and opens avenues for autonomous enterprise systems.
The result is a seamless peer-to-peer commerce system that grants individuals control over their data and interactions without succumbing to platform fees. Through smart contracts, business logic becomes transparent, and operations occur globally with reduced dependence on traditional corporate structures.
This dynamic shifts the paradigm from trust in platforms to trust in code, decentralizing power and financial operations.
Bitcoin 
$91,081 and Ethereum 
$3,094 have already paved the way by removing reliance on traditional monetary and contractual systems; Web3 aims to extend such freedom to digital platform interactions.
Today’s digital environment empowers platform giants to dictate terms due to their centralized nature. However, Web3’s ideals signify a shift towards decentralized control, awaiting broader implementation and acceptance. Understanding this evolution is pivotal for users navigating the terrain of current digital commerce.
