By now effectively all ;login:’s readers have heard the term “web3” and “dapps” bandied about as if they are some great revolution. They are not. The technical underpinnings are so terrible that it is clear they exist only to hype the underlying cryptocurrencies. The actual utility of these “decentralized” systems is already available in modern distributed systems in ways that are several orders of magnitude more efficient and more capable.
(tags: bitcoin criticism cryptocurrency web3 crypto ethereum hype scams dapps)