[ericxtang]

The underlying technology of Web3 (distributed consensus building) is quite different from that of p2p (networking and information sharing).

While some of the criticisms of web3 are true, most of them are situations caused by the early phase we are in. Moxie's post surfaces the need for better decentralized infrastructure. The hyper financialization (everything is monetized) is caused by lack of identity solution and limited blockspace in L1 chains. These things are being built now, and will come online in the next few years. Transaction fees will become cheaper, applications will be more decentralized.

The core innovation is digital scarcity and crypto-enabled data ownership. For the first time in history, we can represent value without a middle-man. This completely changes the power dynamic of platforms vs. users, and makes value creation digital-native. Web3 has an opportunity to address some of the biggest problems with today's internet services like surveillance capitalism and censorship.