Is "Web3," the elusive third iteration of the Internet, alive and kicking or just a fancy term with no real substance? In a chat with Chris Saad at The Startup Podcast, Yaniv Bernstein claims Web3 was never truly alive in the first place. But wait, before we get our pitchforks ready, let's dive into the rabbit hole of his argument.

The term "Web3" has been thrown around like a hot potato in a game of tech buzzword bingo. It's the supposed third iteration of the Internet, with Web1 being the era of static web pages and Web2 introducing us to the wonders of social media and cat videos. But what about Web3? Well, it's still a mystery, with some seeing it as a decentralized, blockchain-powered utopia. In contrast, others view it as a mere extension of Web2, with a sprinkle of enhanced user privacy and data ownership.

Yaniv's argument suggests that the actual realization of Web3, as a fully decentralized and transformative iteration of the Internet, is yet to materialize. It's like a ghost; we've heard the stories and seen the signs, but have we experienced it in its full glory? Still waiting.

Part of Yaniv's perspective might stem from the recognition that some proponents of Web3 embrace it more as an ideological concept rather than a fully functional technological reality. It's like a tech world's unicorn, a beautiful vision of decentralization, trustlessness, and user empowerment that challenges existing power structures and central authorities. But as we all know, catching a unicorn isn't easy. It requires overcoming significant technical, regulatory, and adoption hurdles.

On the other hand, Nick Bishop and Mark Monfort at NotCentralised argue that Web3 is like a cat with nine lives, continuously evolving and adapting to its surroundings. While the term might still be figuring out its identity, the core principles of decentralization and user empowerment remain steadfast. So, it's not just a buzzword; it's a living, breathing concept causing a stir in the tech realm!

Rising from the Cryptocurrency Grave

Remember Bitcoin? That crypto that took the financial world by storm and left skeptics scratching their heads? It's a shining example of Web3's potential to disrupt traditional financial systems. NotCentralised acknowledges that blockchain tech might have started as a reaction to the 2008 financial crisis, but it sure ain't dead! In fact, it's thriving, with institutional players eyeing Bitcoin ETFs and central banks dipping their toes into CBDC pilot projects. Who saw that coming?

Hype is a tech world epidemic, but NotCentralised knows how to sift through the noise. Sure, there might have been some over-hyped projects and flashy token incentives that fizzled out, but the underlying blockchain technology remains a force to be reckoned with. Ethereum, the smart contract wizard, already boasts over 240 million wallets worldwide in just eight years. That's not a ghost; it's a rising star!

The Slow Dance of Innovation

Tech revolutions don't happen overnight; they take time to perfect their moves. Web3 might not have graced the dance floor with its full potential yet, but the Internet didn't become the worldwide web overnight either. Rome wasn't built in a day, nor was the decentralized future. So, let's be patient and give Web3 a chance to show us its fancy footwork!

There you have it, the untold tale of Web3, debunking the "dead" myth with its tenacity and transformative potential. NotCentralised reveals that Web3 might still need a fully fleshed-out definition, but it's a living, evolving concept with real-world impact.

Yaniv's argument reflects a cautious stance toward Web3, emphasizing that while certain elements and associated technologies have shown promise, the full realization of a decentralized and transformative Internet is yet to be achieved. As the technology and its applications continue to evolve, the discussion surrounding Web3 will remain a dynamic and crucial aspect of the broader conversation about the future of the Internet.

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Banner Image credits: Yaniv Bernstein @ https://substack.com/@wtfisacoo, Nick Bishop and Mark Monfort @ https://www.notcentralised.com/our-team