Is web3 a means to dismantle the American tech hegemony?

Web3 is not a means to disrupt the American tech hegemony, companies like Google, Facebook, Amazon etc. Since web3 has no coherent meaning or purpose, all projects that are currently being developed under the web3 umbrella are aimless technical Potemkin villages that mask thinly veiled pump and dump schemes based on securities regulatory arbitrage. This type of company structure is not set up for long term growth or product delivery outside of pumping more token schemes.

This is further evidenced by the simple fact that blockchain technologies have intractable scalability problems, and that the only means they do scale is by recentralization thereby recreating just another corporate monolith but based on inferior technology and without the ability to perform regulatory arbitrage..

There is no future in web3 that poses any threat to tech monopoly because there simply is no meaningful tech to challenge any real business model.

References

  1. Marx, Paris. n.d. ‘Why Web3, the Blockchain and Crypto Internet, Is Doomed to Fail’. Accessed 29 March 2022. https://www.businessinsider.com/web3-blockchain-crypto-internet-doomed-fail-doesnt-live-up-hype-2022-3?r=US&IR=T.
  2. Morozov, Evgeny. 2022. ‘Web3: A Map in Search of Territory’. The Crypto Syllabus. 13 January 2022. https://the-crypto-syllabus.com/web3-a-map-in-search-of-territory/.
  3. O’Reilly, Tim. 2021. ‘Why It’s Too Early to Get Excited About Web3’. O’Reilly Media. 13 December 2021. https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/.
  4. Weaver, Nicholas. 2021. ‘The Web3 Fraud’. USENIX. 16 December 2021. https://www.usenix.org/publications/loginonline/web3-fraud.
  5. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
  6. Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
  7. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
  8. Zitron, Ed. 2022. ‘Solutions That Create Problems’. Substack newsletter. Ed Zitron’s Where’s Your Ed At (blog). 23 February 2022. https://ez.substack.com/p/solutions-that-create-problems.
  9. Diehl, Stephen. 2021. ‘Web3 Is Bullshit’. 4 December 2021. https://www.stephendiehl.com/blog/web3-bullshit.html.
  10. White, Molly. 2022. ‘It’s Not Still the Early Days’. Molly White. 14 January 2022. https://blog.mollywhite.net/its-not-still-the-early-days/.
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