The Web3 Narrative: A College Student’s Perspective

In 2021, during my college days, I became enthralled with the rising popularity of the Web3 narrative, which introduced me to blockchain technology, smart contracts, and decentralized applications. At that time, there was a widespread belief that ethereum or another high-performing smart contract blockchain would become the foundation of the Internet, or that there would be a “multi-chain” future with the Internet running on multiple smart contract L1s. bitcoin, due to its lack of Turing completeness, was thought to have no relevance in the Web3 scenario.

Reflecting on my initial excitement, I am grateful that my cautious approach helped me avoid investing in Web3 ERC-20 tokens, ensuring that I never lost anything due to financial risk during that period.

Betting on the Internet with bitcoin

Today, I am betting against the “read, write, own” Internet that is being promoted by Web3 VCs. Instead, I am placing my bets on what I call a “read, write, work” Internet, focusing on user-selected and user-enjoyed content. My endorsement of these two concepts is symbolized by my ownership of bitcoin.

bitcoin, as a medium of exchange, is well positioned to be the currency that powers the new web. This notion aligns with the concept that “fixing money will fix the web,” reshaping the Internet as we know it.

Reimagining Web3 with bitcoin

Web3 is a compelling topic for discussion, particularly as bitcoin advocates must work to regain their standing. By abandoning the mainstream narrative, which favors ethereum, there is an opportunity to redefine the vision of Web3 in conjunction with bitcoin.

See also  Robert Kiyosaki's Preference for Bitcoin and Gold as Real Assets

The Dismal State of Internet Money

The primary issue plaguing the Internet today is not privacy, data, or centralization, but rather the absence of a consistent and reliable form of money on the Internet. By using data and attention as a means of exchange, the market has been plagued by significant inefficiencies. This ambiguity undermines the ability of individuals to make sound economic decisions.

Furthermore, existing Internet-based currencies such as fiat, attention, and data are vulnerable to censorship and lack inherent stability and consistency, leading to an inherently flawed system.

bitcoin‘s Unique Suitability for the Web

Despite being critiqued, bitcoin‘s design features inherent capabilities that make it uniquely suitable for the Internet. Its inherent attributes, combined with a payment infrastructure that supports instantaneous microtransactions, position bitcoin as an ideal candidate for Internet-native money.

Compared to other systems, bitcoin‘s security, divisibility, and borderless nature make it the most suitable and reliable form of Internet money, ensuring a free market for Internet-based businesses.

Rethinking the Core Vision of Web3

Web3 proponents envision an Internet powered by smart contract blockchains, enforcing ownership of user data and allowing users to earn from it. However, the idea of “owning” data is deeply flawed, as it is practically impossible to maintain sole ownership once data is disseminated.

Rather than attempting to “own” data, the focus should shift towards embracing bitcoin as the medium of exchange that can effectively replace data and attention. The universal and unchangeable nature of bitcoin makes it the most reliable and suitable form of currency for the Internet, unlocking a truly free market where everyone can participate.

See also  Web3 Startup Bunzz Launches 'DeCipher' for AI-powered Smart Contract Documentation



### News source: bitcoinmagazine.com

By Team