>...it’s clear that Web3 is just a new spin on the same blockchain tech that we’ve been discussing for the last decade. The important difference being that the

>...it’s clear that Web3 is just a new spin on the same blockchain tech that we’ve been discussing for the last decade. The important difference being that the EVM allows us to add logic to transactions. >Web3 enthusiasts want to add a blockchain layer to our internet infrastructure ...Rather than online services and data being delivered from centralised servers owned by the likes of Amazon, Google, and Facebook, it will be delivered from the blockchain... It is a new layer, and that obviously means other services are not replaced. You can't add a layer that replaces what's below it. A new layer is always built on top. >Blockchains are generally defined as distributed, public, immutable, trustless databases. No they're not. Blockchains are a cryptographic means of achieving distributed consensus. They can be private, mutable, and require trust. >...there aren’t really any sensible use cases for a blockchain — and Web3 doesn’t change that. OpenSea did $1 billion in transactions last month. Ethereum moved more value than Visa last year. People are using it. >...who needs every user of a database to have their own copy? This is wrong in many different ways. >...The web is really a giant public database. No it isn't. >But if you’re wanting to store your invoices, customer lists or financial data, having a public database is a very bad idea indeed.... If it isn't a good use-case, then use an actual database...? >... Imagine if you move house and the gas company says: “There is literally no way to change your address in our database.” You can just update the data in a new block... This makes no sense. >Finally, trust is an important aspect of all transactions. Apart from crypto assets, there is no activity that operates in a trust-free environment.... I trust the gas company to bill me correctly... You trust, but verify. You wouldn't blindly pay your gas company no matter what the bill amount. If it shot up 100x, you wouldn't just pay it. You'd investigate what's going on. >...most crypto enthusiasts put their trust in incredibly dodgy exchanges and blatantly fraudulent crypto assets. Most of them do this? Really? How do you know? In my experience, most crypto enthusiasts are just holding BTC or ETH. >And this is without getting to the damage that blockchains are causing the environment. Not all blockchains run on energy intensive Proof of Work. Ethereum will soon run on Proof of Stake, which will reduce energy costs dramatically. >There is an argument that the blockchain is increasingly using electricity from renewable sources, but that’s a red herring. If bitcoin is using that renewable power, then somebody else is having to use coal and gas to power their house. This does not make logical sense. It isn't a 1:1 rate of electricity that is generated to electricity used. There is waste. Proof of Work is using waste electricity first. It is a constant load on the system. It is also seeking the cheapest electricity, so it is incentivized to operate at off-hours to use more waste, and then slow at peak times to allow that waste to go to other uses. It's like a battery that uses social/financial means to store energy rather than electrons.