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Sort of agree. My initial understanding was that web3 was essentially a P2P solution with IPFS, Federated social graphs, decentralized p2p messaging and RTC stu

Sort of agree. My initial understanding was that web3 was essentially a P2P solution with IPFS, Federated social graphs, decentralized p2p messaging and RTC stuff, and awaiting decentralized DNS. My current understanding or impression is that it's a coin wallet in my ~browser and I have to mine shit coins via storing and computing stuff on what will certainly be FAANGs behalf.

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ARandumGuy 4y ago
Web3 has always been an attempt to rebrand blockchain stuff, and make it appear like the next step in internet technology. Some other technologies (like IPFS) have been added to the Web3 umbrella, but blockchain an cryptocurrency has always been the core of "Web3".
- dwaite 4y ago
  IPFS was added because blockchain data storage is astronomically expensive. The problem is IPFS is a layer of abstraction to hide the problem away like some shell game. People treat it like it provides storage, while what it actually does is find parties who are hosting the data - if any are left. So while your data might be independent of any single service provider in concept, it might actually be provided by a single vendor's servers, even potentially pinning it with no data backups.
  - dharma1 4y ago
    Blockchains were never intended for data storage of large files, media, binaries etc. They provide global consensus, which is useful for things like a shared ledger - but it’s expensive. IPFS (and similar systems like Arweave) are very much like BitTorrent (except nodes seed/pin full files instead of fragments). If no one pins/seeds the file, it won’t be available to others. If you want some data to stay up for sure, you need to pin it - or pay for someone to do it for you. It’s not a magic free storage solution.
- MadeThisToReply 4y ago
  I'm pretty sure "Web3" is just a term that crypto-enthusiasts have invented to mask the fact that crypto has completely failed to live up to any of its promises. No-one can tell me anything about Web3 except that it's the future, it's the next wave, everyone is investing in it, everyone is moving into the space, it's going to be huge, you'd be a fool to miss out. But ask for details, or for a single example (just one) of a Web3 application that's unequivocally proved itself or that can't be better served by an existing pre-blockchain technology and... crickets. Replace "Web3" with simply "blockchain" and I could have written the exact same paragraph five years ago. It's hard to keep the hype train going when you've been saying the same thing for five years and the "future" still hasn't arrived, but rename "blockchain" to "web3" and suddenly it sounds like you having something new and the hype cycle can repeat. Give it another five years and I expect the cryptoheads will be pumping another trendy new term to mask the lack of innovation. It's the future, you've got to believe me! It's going to blow up! Any day now.

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ARandumGuy 4y ago

Web3 has always been an attempt to rebrand blockchain stuff, and make it appear like the next step in internet technology. Some other technologies (like IPFS) have been added to the Web3 umbrella, but blockchain an cryptocurrency has always been the core of "Web3".

dwaite 4y ago
IPFS was added because blockchain data storage is astronomically expensive. The problem is IPFS is a layer of abstraction to hide the problem away like some shell game. People treat it like it provides storage, while what it actually does is find parties who are hosting the data - if any are left. So while your data might be independent of any single service provider in concept, it might actually be provided by a single vendor's servers, even potentially pinning it with no data backups.
- dharma1 4y ago
  Blockchains were never intended for data storage of large files, media, binaries etc. They provide global consensus, which is useful for things like a shared ledger - but it’s expensive. IPFS (and similar systems like Arweave) are very much like BitTorrent (except nodes seed/pin full files instead of fragments). If no one pins/seeds the file, it won’t be available to others. If you want some data to stay up for sure, you need to pin it - or pay for someone to do it for you. It’s not a magic free storage solution.
MadeThisToReply 4y ago
I'm pretty sure "Web3" is just a term that crypto-enthusiasts have invented to mask the fact that crypto has completely failed to live up to any of its promises. No-one can tell me anything about Web3 except that it's the future, it's the next wave, everyone is investing in it, everyone is moving into the space, it's going to be huge, you'd be a fool to miss out. But ask for details, or for a single example (just one) of a Web3 application that's unequivocally proved itself or that can't be better served by an existing pre-blockchain technology and... crickets. Replace "Web3" with simply "blockchain" and I could have written the exact same paragraph five years ago. It's hard to keep the hype train going when you've been saying the same thing for five years and the "future" still hasn't arrived, but rename "blockchain" to "web3" and suddenly it sounds like you having something new and the hype cycle can repeat. Give it another five years and I expect the cryptoheads will be pumping another trendy new term to mask the lack of innovation. It's the future, you've got to believe me! It's going to blow up! Any day now.