@Web3lawyer 20 April 2022 more from that month

Is the world ready for Web 3.0? I am a lawyer and due to my profession may be I must ask this question as “Is the world legally ready for Web 3.0?” First of all, I want especially to emphasize that I am a strong supporter of  blockchain technology, smart contracts, Web 3.0, metaverse ecosystem, crypto currencies, DAO’s (decentralized auotonomous organizations) and even NFT’s (non-fungible tokens) and etc. like these. It’s undeniable fact that blockchain is revolutionary technology. But it doesn’t mean that blockchain doesn’t have disadvantages. Therefore, we need to discuss applicability of these technologies considering both advantages and disadvantages. We all know that Web 3.0 will give us immense freedom and power. Decentralization that Web 3.0 provides us is the most appropriate way for escape from being controlled by a single center. Decentralization will give us a chance to get rid of third parties. As we use third parties, we are encountering many breaches of data protection and privacy policy. Yes, decentralization is the solution for problems like these. But when we use decentralized ledger function of Web 3.0 indeed, we don’t know who is standing behind that verification. In this situation, the question is “Whom should we contact if something goes wrong?” From the legal aspect, there is also another problem. Let’s assume that we found who is standing behind verification. But the nodes of decentralized ledger can be in different locations around the world. In this situation, the question is “Which laws and regulations might be applied to this transaction if something goes wrong?” It is fact that records on the blockchain are immutable. Nevertheless, does everybody trust this technology? If people don’t completely trust this technology, they will not use it. On the other hand, none of these technologies is ensured from bugs, scams or rug pulls. Nowadays we often hear about rug pulls in NFT ecosystem. In Web 3.0, you must take your own responsibility. However, is every individual well-informed enough to take his/her own responsibility? It means that if we want people to use these technologies actively and to become part of these ecosystems firstly, we must build trust, we must give them legal assurance. I know it is impossible to include the answers to all of these questions in one short article. İn this article I tried to give you opinion about topics that we will discuss further.