bitedatcrypto on Nostr: I think the term "web3" is quite illusionary for some reason, at least for now. So as ...

I think the term "web3" is quite illusionary for some reason, at least for now. So as far as I can tell, the whole point of web3 is the user sovereignty of the asset through decentralized protocols. These are open source, so it's quite sure that no one entity can manipulate them; however, this is only theoretically correct.

The biggest web3 devs are happening on dexes, which are more centralized than many deem to believe. I'm not saying it's wrong ethically, but saying that the point of web3 is decentralization is wrong.

Seeing web3 protocols licensing and cooperating for corporate services and creating possible backdoors for so-called "protect against malicious actions" could go way beyond our imagination and end up blurring the distinction between web3 and web2, just being more "complicated internet service."

Some instances like metamask and some "decentralized" services banning users based on IP addresses and other reasons, a few wallets holding the majority of votes in many small-cap protocols, and lastly, censorship on the blockchain itself through authorities like OFAC (eth network) could lead to serious centralization issue on the environment, which makes it no different from web2 stuffs.

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