Tuesday, November 22, 2022

"Web3 'contains the seeds of a dystopian nightmare' says analyst firm"

From The Register, April 1, 2022:

Forrester Research is DeFi-ing current hype

Analyst firm Forrester Research has had a look at Web3 – the buzzword describing blockchain-powered decentralized metaverse-y stuff – and decided there's not a lot to like.
The firm this week issued a pair of documents assessing Web3.

The first, titled "Web3 And Web 3.0 Are Synonymous Today – But This Wasn't Always True", points out that the term "Web 3.0" was first used in the mid-2000s, when it was used interchangeably with Sir Tim Berners-Lee's vision of a "semantic web". The term re-emerged in 2014 when Ethereum cofounder Gavin Wood suggested the Ethereum blockchain become the foundation for a decentralized web.

The term then disappeared again until 2021 when venture capital firm Andreessen Horowitz declared, "We are now at the beginning of the Web3 era," and "Web3 is the internet owned by the builders and users, orchestrated with tokens."

Forrester thinks many "now use 'Web3' as a catchall for all things blockchain, metaverse, or NFT-related," with the result that "Almost overnight, ‘blockchain projects’ and ‘non-fungible token (NFT) initiatives’ were magically rechristened Web3 projects."

Forrester's second document, titled "Web3 Promises A Better Online Future But Contains The Seeds Of A Dystopian Nightmare", defines nine key tenets of Web3, then smacks them all down.....


HT: a commenter at FT Alphaville, April 1, 2022.

Not just any media, The Register is pretty good at tech. And keeping the word 'boffins' alive.

And not just any source, the fact that Forrester is saying the Emperor is buck-naked is a bit surprising.

And back to El Reg., being the optimists that they are, they spot an opportunity,