What is Web3, and is it the future of the internet?

Some crypto enthusiasts want a new kind of internet that yanks power away from Big Tech and hands it to people. Can they succeed?
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Remember AOL chatrooms and downloading songs through Napster? The internet has come a long way.
Today, it’s dominated by Meta, Google and a handful of other tech giants whose services have made it easier for billions of people to communicate and share content online.
But at what cost? “If something is free, you are the product,” so the saying goes - the only reason platforms like Facebook and KZbin can offer their services for free is because they use our personal data to target us with ads.
“Right now, you have big organizations who are controlling your data and providing you services that use your data,” says Bertrand Perez, chief operating officer of the Web3 Foundation.
Web3 is a hypothetical, future version of the net based on blockchain technology. Crypto enthusiasts say their vision for the web would decentralize it, pushing it closer to its roots. But big-name detractors - from Jack Dorsey to Elon Musk - aren’t convinced.
Watch the video to learn more about Web3 - what it is, and what its future may be.
#CNBC #Web3 #Blockchain
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[@Anonymous_Lee19]

I have my doubts, perhaps someone in the comment section can enlighten me? 1) Are Web3 and cryptocurrencies as decentralised as marketed? - As mentioned in the video, how about the venture capitalists and liquidity providers behind the projects? - Terra Luna is the most recent example proving that certain cryptocurrencies are actually controlled by a few people, perhaps even more centrally controlled than major companies like Alphabet and Meta. 2) Is decentralisation really better? - Right now, we know which companies to blame if something goes wrong. - Does giving all kinds of developers access to Web3 guarantee a better product? "Too many cooks spoil the soup", isn't it? - I find it especially funny when people say that Web3 and cryptocurrencies should not be regulated. However, when something goes wrong (e.g. Terra Luna), their first reaction is to cry and run to the regulatory agencies. 3) Many claimed that having data stored in the blockchain is more secure, but cryptocurrency scams seem to be so common and sometimes irreversible.

[@saulgoodman2018]

Yeah. This video rally didn't say much.

[@jasonfanclub4267]

I agree it's easy to enter late when you already have much power

[@ibramblebush]

You have to understand we are only in the infancy stage of Web 3.0, Blockchain technology is not going anywhere.

[@darf8475]

Web 3.0 has barely reached infancy stage yet. It’s likely we’ll see a mix of decentralized and centralization over the coming years. Technology never stands still and that includes the internet. It will evolve somehow, that’s a given. It’s probable this tech will be part of that evolution

[@redbutterfly88]

very well said👏👏👏

[@stachowi]

scammers going to scam... Web 1.0 was supposed to be decentralized... but it's natural for tech and money to centralize... same thing will happen with web 3.0 (already has, most of the tech is on centralized platforms).

[@justiceessiel6123]

How many years of web3 experience do you have

[@blackmamba677]

@@justiceessiel6123 yup

[@rudi702]

Unstoppable Domains certainly is centralized 💩

[@trillion7070]

@@justiceessiel6123 LOL

[@The_Original_Hybrid]

Only the normies will use centralised tech. Everyone else will use decentralised exchanges and privacy coins.

[@Barweezy]

Web 2.0: You are the VC’s product. Web 3.0: You are the VC’s exit liquidity.

[@sehz1789]

faxx

[@firmans12]

What is VC

[@pavspol]

@@firmans12venture capitalists

[@shinparvati4959]

6:31 "Yes we are here to invest, and we want the project to grow. We want to participate in the governance but there's room for others to participate into it." I would say that's a good way to see VC investments in the web 3 world --> About this, are there any ways in practice to restrict VC's participation in the token governance?

[@sag699]

Dear CNBC Intl. I am a regular viewer of this channel. If u had just made this video 2 days earlier I could have had better chance of clearing my UPSC exam because a MCQ was asked on web 3.0 and I got it wrong 😂. Still might clear the exam though..🤞

[@CNBCi]

Thank you for watching our videos, and all the best for your exams!

[@howdy111]

What happened bhai

[@ericme5715]

@@howdy111 he failed now probably crying in a corner somewhere in his house 🏡

[@Xtasea]

@@ericme5715 still crying?

[@ericme5715]

@@Xtasea maybe 🤔

[@shangweiliu1598]

human are too greedy to do such ideally novel creation. as long as the idea of money exists, there always comes the difference in power

[@boredinloop]

It's the exit plan in times of chaos that's the key. More crowd focus should be on that.

[@witness1013]

We have enough issues with centralized databases, so distributed databases are better ? Loool. None of what's discussed requires a Blockchain, nor take any advantage from a Blockchain that cannot be duplicated in the cloud.

[@kenosabi]

Except the part where it isn't controlled by Google or AWS. But close. You almost sound like you know wtf your talking about. Almost.

[@witness1013]

@@kenosabi too bad you don't.

[@yasirshahzad2769]

The best thing that he never takes credit of his hard work ❤️respect for creators 🙏

[@tonkonton]

Great graphics and animations!

[@rationalnation161]

decentralization sounds like a gun act in usa, just imagine give control to people oh yeah they are just gonna messed it up

[@danieladoko3099]

Hello man, I want to ask?? now that there's is a new web development giving owner of data. How is it different from the dark web?? I just recently learned about web3 so I'm not what role does the dark web plays now?

[@sebastianpayancristancho5027]

The way the redhair brother explain this it is smooth...

[@geolykos]

Maybe this can work for a few things but most actions require authentication or authorization. So if everything is decentralized who is responsible for identifying/verifying you? It doesn't sound this is possible with Web3?

[@kevin_00001]

You can log into any web3 app with your wallet. Your wallet has an address and can sign transactions (login).

[@martinmiz]

Web3 about to be killed by Web5 even before it matures.

[@Tech_Udy]

Reef chain features next-gen blockchain technology, utilizing Nominated Proof of Stake consensus, EVM extensions, on-chain upgradability, libp2p networking and state of the art cryptography.

[@blank1611]

youve failed before youve started and im loving it

[@steeneugenpoulsen8174]

I don't know if you realize it, but they lied to you when they told you web2 was centralized, use some program to record the number of host sites involved when connecting to a site and you will find there is tons of sites all over the net being contacted, there is nothing even remotely "centralized" about it in the way we normally use the word.

[@af556]

#1 Reason is Separatism "Virtual Reality" (we want to be in a world of relatability)

[@FlexsterBR]

There are always less people who try to make changes and adopt first by taking risk. Majority follow later and make the previous risk takers profitable. Remember magic internet money?

[@peterjehu5461]

Centralization + decentralization( on choice ) = answer;

[@Rubenhood97]

Nice video

[@GevEdgar]

🍾

[@user-wr4yl7tx3w]

May be less centralized but also less regulated. Who is fined or punished when something bad happens.

[@CarlosSantana-yt5wx]

Who was before ?

[@acronproject]

Thanks

[@niconico9361]

Want to decentralization? Grant regular people with power to choose between IP Public/IP Private. Boost Open Source project and Open Standard. Those are a feasible way to decentralize.

[@lokesh303101]

Yes!.

[@platoscavealum902]

👍 ℹ️

[@dapure1718]

What's the purpose if a lifespan is no more but if so not much than 120years do these blockchain information make sense to have if your not creating a business with asset that block chain can give identity to in a layered way I may have it wrong barly lookin in to this 😉

[@alparslankorkmaz2964]

Nice video.

[@CNBCi]

Thanks!

[@dapure1718]

Web3 would need to have a rule as if everyone start with a certain amount of bitcoin for deciding to participate 🤔

[@anthony64924]

That is what airdrops are

[@alfonstabz9741]

i'm not sure of big tech companies will get along.!

[@joymelissa2894]

As a global integrated trading platform, OJA is designed to provide a variety of transactions such as spot and futures trading, over-the counter trading, whole network trading and decentralized trading

[@silverflame2501]

I like this ... there should be alternative

[@AdmiralBison]

How about NATIONALIZING the Internet, making it as a non-profit utility as opposed to it being held and dictated by corporate service providers? There are many other options for “de”-centralizing.

[@bensolo7000]

Because that is the whole point the transnational corporations are only beginning to take over the globe.

[@anthony64924]

Wait so then who makes money?

[@hyhalloappcaringeveryday7136]

Wow

[@Zoom20102]

I think web 7 in future would be advanced think in are minds

[@JackMari]

It's rare that a trend like that is real.

[@pavspol]

Moving the world into a digital space you mean?

[@Jc-po5kb]

All things go centralised. Don’t get confused.

[@jimmyloby1591]

Goood explaining

[@co_co8380]

Web3 is people's search for Internet freedom

[@khalifa3335]

For all those naysayers, remember Bill Gates once wondered why anyone would need more than 640 kb.

[@mannanhossain8513]

nice

[@carlosjosejimenezbermudez9255]

Web developer here with 7 years experience. No, it's a scam by the cryptobros and corporations that want to take advantage of it.

[@bttb433]

Could you elaborate on this?

[@6ixSince95]

Would love to hear more..?

[@ryz177]

These years are the early days of the internet. I truly believe this is the exact equivalent of the Web 1.0 in 1994.

[@ral2585]

Why do people act like centralization is evil?

[@BS-qu5wy]

because they are stup*ds

[@princejha4326]

It's isn't the case. It has to do all about exploitation. You never want one political party to command the whole world.

[@kamp8703]

Because the so called finance crocodile or big company even government can take ur money whenever they want. Without our permission.

[@hunterhealer8022]

We progressed as a civilization from an autocratic absolute monarchy to decentralising power of people (democracy). Why cant we progress the financial part of it as well? Is absolute monarchy evil? Of couse not. But represents a single point of failure.

[@ibramblebush]

Corporations love it, they hate Blockchain technology tho.

[@seagrey75]

Money rules

[@Rocket_Man]

Make it complicated..

[@pareshpaul001]

Lband problem ???

[@YoungDreezee]

i did not know Web 3 name was created by the owner of Polkadot. Thats whats up

[@eshanaalam8785]

Evolution of net 360 zen

[@xatatech]

Problem nowadays is, web3 is expensive

[@yoursubconscious]

me: Pays for KZbin but it's free. also me: I disappoint myself.

[@himankarchamoli]

looks like host came from web3.0 !!!

[@ghaffarali9450]

What I think is that if you are on the Internet you didn't have any privacy.

[@10-OSwords]

Well Musk knows all about empty marketing buzzwords...hyperloop, solar roofs, cybertruck...

[@miguelmejia1952]

Web 3 is what I will be releasing it as how the world will operate

[@tshirtnjeans4829]

So in Web3, we're going to go back to crummy ads?

[@stevenmartin6271]

Imagine a computer that is broken into specialized components, and where you can take your identity with you. Polkadot is coming. I wrote this comment without seeing any content.....but I can already see that whoever made this understands.

[@pellestorck3776]

Like, the cloud..? :)

[@noompsieOG]

I personally would love to get ads for things I want or need rather than the random crap I get now, I thought my phone was supposed to be listening to me and the tech companies getting to know me but so far I’m still getting tampon or insurance ads or ads for things that are completely not even related to me

[@underconstruction6432]

Lmfao😂

[@Zoom20102]

You should make your names call news CBNS technology news

[@Hendreh1]

how about just let users build and host Websites for free? 🤔 that would already help a lot....

[@thewanderer4509]

Hello. That sounds awfully a lot like what Holo developers (the people who released the Holochain (HOT) cryptocurrency around 4 years ago) are trying to develop now.

[@aroodam-ashokkumar]

now I understand a bit.. I got confused with the web3 js!! though

[@johnpinheiro6211]

Dame shirt!!????????? Give that man a raíse😄😁😅

[@asmunlu3689]

Yeah, ask the big corporation owners what web3 is! That's not stupid! Of course they're not gonna trash talk about it!!

[@AdrianAzian]

Cnbc host looks like One from Stranger Things Season 4.

[@Rubenhood97]

yes I think the web3 is the future

[@witness1013]

No, it's absolutely not.

[@louisrobitaille5810]

Wasn't Web3 coined way before like in 2004-2005 or something?

[@sehz1789]

web3 is vc exit liquidity just like someone mentioned above. but i do credit the invention of "transfer of value thru collective machines" this is very new

[@SebastianSipos]

as a web dev, no, it's not.

[@HikikomoriDev]

This doesn't solve squat. If you want to avoid all centralization, just run and host your own site on your own server. Simple. No need of all of this. People have been hosting their own stuff for ages without any weird blockchains or what not.

[@varunemani]

🍷👍

[@carademarcus]

Ok let’s see you build server infrastructure to handle heavy traffic to scale.

[@anthony64924]

Can you explain how outsourcing and load balancing across a large range of devices is bad? We can go backwards and just read newspapers, it's easy to digest. Cheap, and you can physically hold it in your hand. I feel like you might be scared of what you don't understand

[@haoxus9413]

So instead of giving your data access to google or FB, you give it to anyone. That's including Google or FB Very smart plan lol

[@mitulkumar8174]

You don't give it to anyone

[@powerlogic1992]

why would you give it to anyone?

[@frankmcgonagle6143]

1st comment LOL

[@n17999-]

ICP next big thing, do sleep on it.

[@landondepaul3491]

lol y'all catch up

[@user-bl3tp2vf5p]

web3.0

[@Gol_D_Roger_The_Pirate_King]

You don't need ETH to create a Web3 App. Its a SCAM if those companies are building Web3 on top of ETH.

[@hdcomputerkeith]

Flux is web3

[@witness1013]

Take a shot everytime a millennial uses a buzzword

[@rasholim]

yes instead of big organizations controlling my data I want ai to do it. I want terminator to control it! hahahaha. So if you can't trust one organization then you should trust 10000 autonomous organizations to put you on hold with music for days. Ever try to call autonomous system to get a refund? hahaha.

[@leahburnett7943]

somebody show this mask the utopia ecosystem.

[@Viren21]

i guess my previous comment got deleted :(

[@musamusa990]

Web5 please. Web3 is just another word for a new capitalism from DAO 🤦🤣🤣🤣🤣🤣🤣

[@itssan9565]

I just unsubscribed the channel for showing such annoying ads in each video they uploaded 👎👎👎

[@tickboy4229]

Entities like to own stuff. Web 2.0 isn't going anywhere.

[@ttccyyzzz]

What's the use of that digital ownership if it only links to an image? The right to re-use the image? That's the same with traditional IP rights isn't it?

[@saulgoodman2018]

Decentralized means that many people have a little bit of my passwords? NO. I don't want ramdom people to have access to my account.

[@usejasiri]

😂😂😂

[@qw3960]

You'll own nothing, and you'll be happy.

[@furqonlanang9250]

a shitcoin project about to RUG, nothing to see here frens ^_^

[@saulgoodman2018]

Sounds like nothing but overhyped garbage.

[@redda2]

Crypto is a ponzi scam

[@Papa-ur3ju]

Scam

[@darf8475]

Ha what a load of rubbish, the internet will never take off 🙄

[@somayyamughal8313]

All scams

[@sorooshrabet1430]

best proct in zetachain

[@lep1u582]

LINU ERC20