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Two key elements holding Web3 back. This article is spot on. Even the best decentralized social media blockchain—Hive—has a problem in these two areas. Though a step up from Steemit, from which it forked, it hasn’t arrived at Web3 nirvana yet. Other Web3 social platforms may be attractive but have UI/UX issues. Until these two issues are fixed, Web3 will be nothing more than a living fantasy.
Meta and L’Oreal launch a Web3 accelerator. This is funny considering Meta’s metaverse seems to have contracted COVID. Are Facebook’s declining revenues worse than Meta’s increasing expenses on a dying metaverse? One Meta investor says the company needs to cut 20 percent of its workforce and stop spending so much money on the metaverse. This whole metaverse thing makes me think of Google’s repeated attempts to move into social media, and almost everyone of them failed.
A cofounder of The Graph is building a Web3 browser that he hopes will move Web3 forward. Will 2023 be a breakaway year for Web3? I don’t know why developers are focused on “building a new Internet” when they can just work to improve the Internet we have. We don’t need better mousetraps. We need tastier cheese.
Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.
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