I don’t agree actually. The only mechanism web3 has is “entries in a ledger”, on which you can build arbitrary data stores. The choice to tie each ledger entry

I don’t agree actually. The only mechanism web3 has is “entries in a ledger”, on which you can build arbitrary data stores. The choice to tie each ledger entry to a pyramid scheme is entirely made by the founders and investors of the projects, for obvious reasons. IMO the real theoretical problem with a functioning web3 is the “a” in “entries in a ledger”. One ledger cannot power a high throughput application. This is a fatal flaw to a web3 project succeeding on non-financialized merits. There’s some research into protocols for inter-ledger transfers that could enable scalability, but that’s always (so far) for the sake of wrapping and moving around pyramid coins between ecosystems.