All of a sudden, it feels like Web3 is everywhere. The money, the buzz, the name all make it seem like Web3 will inevitably be the next big thing. But is it? And do we even want it to be?
Molly White
Photo: Webb Chappell
Cautionary Tales from Cryptoland
A Q&A with software engineer and Web3 critic Molly White.
May 10, 2022
· Long read
Summary.
Web3 is off to a rocky start. Optimists may rattle on about progress on the horizon, but at present the space is rife with fraud, hacks, and collapses. In this Q&A with Web3 critic Molly White, creator of the website Web3 Is Going Just Great, White argues that as this technology becomes more mainstream, its ability to do harm — financial, emotional, and reputational — will grow, and fast. For one, blockchain technology is often applied in ways, or to problems, to which it is not suited, and companies frequently don’t understand the consequences of their decision to utilize it. Additionally, some issues are being overlooked, such as privacy concerns, which could make it more difficult to address online harassment. Finally, for all the rhetoric from Web3 proponents about opportunity and democratization, crypto projects have mostly served to make the rich and powerful even more rich and powerful.