Web 3.0 and the myth of a blockchain revolution | Rufus Loveridge | TEDxLondonBusinessSchool
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- Опубліковано 27 чер 2022
- Rufus demystifies Web3.0 and the myth of the blockchain revolution by analysing problems with the tech, human psychology, and conflicting incentives.
Rufus Loveridge is a 29-year-old MBA 2023 student at London Business School. British citizen born in London, he read Russian at the University of Bristol and lived in St. Petersburg and Moscow in 2012/13. Prior to LBS, he worked in M&A for Lazard in London, covering consumer goods and industrial companies. He is also a partner in a family-owned property, education and investment company. His interests lie within entrepreneurship, EdTech, VC investing.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at www.ted.com/tedx
Thank you for revealing some problems with this technology to a bunch of professional problem solvers. It’s only a matter of time.
Cryptobros have been saying this for 11 years
You joker.
several solutions to this already
Reminds me of the day I walked out of computer science class when the prof explained why the 1 gigabyte processor would never be invented. Never say never in the field of computer science.
@Pragmatism'001 its not just sociology related. He said things that can be solved with better tech. So, i believe huge changes is so close to web world. Dont deny, instead try to fit in mate.
NEVER bet against innovation. People believed the internet was just a fad. See you again in 10 years rufus
Yep. Check out Arweave. They’re a piece of technology that my team of college buddies are using to bring an innovative product within the next year. Rufus will soon be proven wrong! Also, not to mention Eth 2.0 already supersedes his data on transactions-per-second…Worst TedTalk I’ve ever seen.
@Crudox Cruo yes u are right, sorry. Have a good night
@Crudox Cruo For Eth 2.0, it will depend on the amount of participation by the validators, and with Ethereum originally being created for transactions, but also with building dapps and smart contracts on top of it in mind, as the world gains more Web3 developers, the uses for Ethereum will be innovated for a future we haven’t even seen yet. After Ethereum did a merge (now Eth 2.0), they estimated/predicted an ability to handle 100,000 transactions per second.
I wonder how much does he actually know about web3, seems like he chose the arguments that are the easiest to debunk. There are good points in his speech too though, such as security issues there’s been recently. But for a early-stage, rapidly developing space, it’s pretty obvious there will be certain flaws.
these flaws have been perpetuated for years, since day 1 actually, with the promise that one day things will be better. the only thing which has happened is that hacks have increased in number and value. the code governing these systems is rubish in most part. that's because you don't need a blockchain to solve all issues, the Layer 1 of blockchain should be simple, robust and secure. many "crypto bros" like to point out how many developers are working on etherium but the reality is most are working on html and some ux and things like this (they are not proper smart and exoerienced engineers).
@@iulianserban10 You're right, I almost completely agree with you. Most of crypto is rubbish, and the industry really needs to focus on UI/UX as well as security.
When you say that the number of hacks has increased in numbers and value, isn't that quite obvious when the market size has increased more than almost any industry percentage wise? It doesn't justify the poor security standards many sloppy actors in the space have and some regulation is certainly needed, my point mostly was that most of his arguments are irrelevant.
Gone are the days of well-researched and referenced TED presentations which helped to limit people presenting their own perspectives as if it is facts. Rufus's perspective on what blockchain can be used for in Web3.0 is way too narrow, he's not connected enough to the range of products that can come out of the ecosystem.
I'm sorry but an MBA and some time in FinTech doesn't necessarily mean you understand the full gravity of the ecosystem coming out of this topic. e.g. If you don't know the different dev roadmaps or use lifecycle thinking do you even know what's going on or the capability being unlocked? - Just because something isn't currently delivering better performance in one area doesn't mean it won't...
Example (guy being sold a new car to replace his horse to get around): 'Why would I buy this combustion engine car which requires me to crank an engine and fill it with fuel, that's slow, I'll keep my horses which are always ready to go........
Man! I was about to make a similar comment when I scrolled down and saw the concise and accurate response you provided.
You're a genius. TED is losing value every day because of people like this (No quality research, opinionated and misleading presentation with no compound fact).
In contrast to VISA, "a 60-year-old firm," NEAR Protocol, which has just been around for a little over five years, handles over 100,000 transactions per second for less than a dollar, and this gives thousands of developers and startup founders more leverage.
Was hoping this presentation was going to be well thought out but it's extremely weak.
take a look at the code of Ethereum or ethereum based chains and you will see why a core dev like me who works in the industry even dont believe in web3 and yet people like you calls us "uninformed" while most of you dont even know the pending doom or limitation chain has.
bingo.
Didn't even mention solutions to layer 1 Ethererum. There are inexpensive Layer 2 solutions built on top of Ethereum like Polygon that offer 65,000 transactions per second, a 32x improvement over Visa.
Funny thing is eth now takes over 100,000 transactions per second since it’s last update, in the age of true knowledge , ignorance is really a choice , visa too are adopting blockchain tech.
Bad use of ETH for transaction comparison... There are others that can handle more transactions at a fraction of the cost of Visa 😅
Name one that is provably secure, fast and cheap ...... any one is trivial, any two can be done, all 3 is currently impossible
@@davidioanhedges cardano
@@davidioanhedges matic, solana
@@shaiksuraz i hope ur joking a about Solana or u just don't understand things and not Informed.
@@davidioanhedges so visa is secure?
All top Blockchains are secure for just transactions. Solana is way faster than visa with no fees.
My granny would think he is such a sensible young man god rest her soul
This talk doesn't seem well researched. I don't think he even knows what a DAO is given his point at 4:26.
It's a scam. You're welcome.
why does blockchain always really mean crypto these days?
It really shouldn't and that is the goal with Gavin Wood's Polkadot. With shared security of the relay chain a Parachain doesn't need a token or fees at all. This will open up using digital signatures without needing a native token to do so.
I think web 3 is the future...new technologies will be over used at first but after some time it will get boring for normal people then it will be used for betterment of humanity like work from home but in a virtual office, shop from a virtual mall etc which can reduce people driving on road and people will also have more time to do what they want..office maintainance cost will reduce and many more thing ...I think this is a really good future
@Paul Sharman that the point....their is profit in this world so every one will be in this virtu world and leave the orignal world alone and the orignal world will heal itself
interesting@@sharsp74
This talk reminded me of Tcp/IPv6. The Internet went global using Tcp/IPv4 and still runs on Tcp/IPv4. Realize this is just a single protocol. Governments and businesses alike agreed the Tcp/IPv4 should be upgraded and yet that roll out has taken well over a decade and probably only reach 10% market saturation. Web 3 has far more protocols and standards. If I was a betting person I know where I'd place my bet on Web 3 ever reaching any significant market share.
Spoon kid from the matrix grew up
That guy couldn't tie his own shoes let alone bend a spoon
Dreams, ideas, trial and error = Evolution. If there has to be a Web3 bring it, no matter what the outcome is.. we'll have to learn from it.
You going places!!💯
Web 3.0 is a way to give more data to the big companies to sell you more stuff .... some of it might even exist
This is nothing more than evolution for data harvesting and making advertisers even richer. We're not going to evolve VR headsets in place of eyes.
Same presentation pre internet would’ve said the Internet is rubbish.
Thank you, Rufus.
As a graduate of advertising the way he talks about web 3 was the way I was worrying more and more after watching the great hack and dont look up in netflix.
Its both scary and also i feel disappointed on how humans use it
Web 3 to me and the movie dont look up makes me disappointed how hungry and vicious we all are in terms of greed
@Paul Sharman Yes, that is the core problem. We as a ppl for the most part are not enlightened and let ourselves be led by greed and other unpleasant qualities.
@@Romans15.32 yes, because we don't need a f token to solve any problem. these are just made up problemes by web 3 bros which need a token. no we don;t need any tokens.
Everybody is not "hungry and vicious" but yes, there are a lot.
Unbelievable this person is giving TED Talks
i thought the same...
Unbelievable that you were able to type that message Mr. Negative IQ
It's TEDx, not TED. TEDx are independently organized, and TED has no vetting of the speakers. Honestly it's a problem TED must fix because it's eroding their brand.
I guess he couldn't find a worse-fitting jumper for a TED talk
I feel bad for the guy honestly, some good points but presented with in a very skewed and narrow way with much polarity.
Also I'll grant you that web 3 is slower but you're talking about it like it can't be used in combination with web to it wasn't meant to be a standalone system and if you're going to use it that way it is going to have to evolve of course
There are plenty of reasons to doubt the current hype of crypto…this guy managed to miss all of them and come up with one of the worst TED talks I’ve ever seen
You just saved me posting the same thing.
Agreed
Exactly 👌🏻
When I saw Lenin's face is when I knew I was wasting my time
I'm still wondering if I'm just incompetent or did he low-key not actually make any sense?
2:05
Wrong and incomplete information. Ethereum is not designed for speed. Never was. It is designed for decentralization and security of data making trustless exchange possible.
Problem of cost and speed are already fixed by layer 2 like optimism or sidechain like polygon. Do you even understand the concept of layer2 and sidechain ?
3:30
Again, wrong and incomplete information. Web 3 will not replace web2 because indeed humans are messy.
You will have the choice beetwen services :
- still in web 2, centralised, controlled by a third party, owning your data and making sure you have customer support
- in web3, totally decentralized, when you want a trustless exchange beetwen two actors with no third party, total control and no customer support
Web3 add a new choice, add liberty, no constraint. This is the beauty of it.
5:10
Web1 creator Tim Berners-Lee sells sold an NFT of the web source code for $5.4m. I guess he got his enormous compensation later ?
And who pushed web2 ? Yeah, startup with huge amount invested to make astronomical profits. You know, like google that own youtube, where this video is hosted.
5:32
Elon Musk invested 1,5 billion in bitcoin ! What are you talking about ? Do your research !
6:10
Everything is about money. Web3 included. At least web3 offer decentralization. However, I'll argue than only Bitcoin is really working towards true decentralisation.
6:30
Web3 is today used mostly for scam. Yes. But you can't confuse technology and use. I'll give you example. 80% of mail are scam/phising. But the technology behing mail is not scam. Only how it's used. See the difference ?
6:55
How much is wasted in Casino and web2 scam ? This money could have gone to help fight climate change too.
7:35
Again Web3 is a choice. Not mandatory, It cant be. You dont get it.
9:30
You really think web3 will replace everyting. You really think that web3 enthusiast want web3 to replace everything. This is your biggest mistake.
He doesn't know Jack Dorsey literally changed his square company to block because he is so much invested in Bitcoin!! Jack Dorsey comments about web 3 were not against all crypto he is being a Bitcoin Maxi.
Elon musk owns billions in Bitcoin Ethereum and Doge. Tesla and space x own Bitcoin too
good question
Incentive is part of psychology
I'm always searching for good criticism, because I want to challenge myself and improve concepts which I hold. However this is the most rubbish criticism on anything I've ever encountered. He just lists some problems and opinions like Elon does not like and transaction speed. You can go so much in depth with your criticism, but this was just shallow and.. In fact rubbish. Thank you very much.
I think he's pushing prices down as he's buying up all the technology🙂
@@RB-wu4us lol idiots
This is not web3 this guy is talking bs. web3 is p2p internet and scaling digital property rights.
I just had to watch one of the few videos critical of internet 3.0
They would be great points except the huge facts that have not been acknowledged. 1 there are blockchains/ledgers is cheaper and faster than visa. 2 there is a cross with centralised and decentralised
ETH & BItcoin to blockchain are dinosaurs. XRP XLM & XDC are Decentralized Ledger Technologies that not only message quicker and more efficiently than Web 2.0 tech they also settle payments. Again everything in business is time & money. This guy apparently left out some key companies, competitors, & components to this entire argument! I do agree ETH is shite!
Evolutions, unfortunately, can’t simply be dismissed as rubbish. Pace yourself.
Skewed one sided perspective. You don't need 60k transactions per second if it is decentralised.
He’s probably hung up on the cryptocurrency greed issue, vs the fundamentals of the blockchain itself. This talk won’t age well.
would you mind explaining what you mean further?
This talk won't age well... How is your little blockchain going? Still early tech right? Still searching for a real world problem to solve? OMG you cryptotards are really amazing! LOL
I had to check this talk wasn't made 3 years ago
His whole argument was just based on eth and its current transaction speed and gas fees? Really? First of all WEB 3.0 is much more than this and I was expecting a good in-depth analysis and at least some well-thought arguments. This talk was as he says "rubbish"
for someone that claims to want and expect "good in-depth analysis", your comment about how "His whole argument was just based on eth and its current transaction speed and gas fees?" is odd as that was only ONE of his three main points. So then to answer your question, no, his whole argument NOT was just based on eth and its current transaction speed and gas fees.
This is why Bitcoin SV is the only one left standing! Biggest blocks have the lowest prices!! You can send or receive a penny for one one thousandth of a penny! BSV is layer one!!
Most points are valid, but considering the current state of the financial system - Big corp hasn't done much better. No one uses Eth, and Solana is already faster than Visa.
Interesting speech, I think often when it comes to new tech or bundle of techs, there are some good realistic uses but most of it is ro create buzz and make money of the investors.
I've seen many use the AI-buzzword to hype up their startup without any real use, unfortunately theres a risk that it people will be sceptical with anything to do with AI even in cases where AI would work.
There are plenty of points to make against “Web3.0” without complete ignorance and cherry picking decade old facts…
This Ted talk is an impressive peace of rubbish, for not allowing myself to use the word he was probably originally using for his title…
*piece
what's even more impressive is how confidently he presents that load of rubbish.
Well, the speaker had some good points, however he had wrong aimed arguments. The arguments were only connected to crypto but web3 != crypto. It is much broader than just crypto itself. Moreover, comparing VISA and Ethereum is like comparing cheetah and chicken, it does not make sense. Better would be Solana handling 50K -100K TPS or Kadena with 1M TPS. Nevertheless, Visa can actually process only 24 K TPS, 65 K is only a theoretical number not actual.
If web 2 is Facebook Google and UA-cam wouldn't web 3 be all the apps we use today on our phones?
Great points. I am still skeptical about Web3 too. Even though we say we know Web3, I still greatly feel that we are still not clear what it will be all about. Especially the cryptocurrency part, like , about crypto and web3 it is all about decentralization but still we can see that it is difficult to decentralize such systems and how the monopoly game has been happening with BitCoin and many other deriatives of BTC. The only way I am seeing its going to go is that crypto is going to keep on being a monopolized trade and away from the general public. I think we are still yet to realize what Web3 is going to be about, and it ain't all the currently general hype, and will have to learn from what we have done with crypto and other currently hyped tech or terms and build something better🤔. Will have to see as time progress I guess.
For you to build an initial argument off of an example of eth as it relates to transactions and cost is ridiculous. It was never meant to compare in these categories.
He compared with visa, but now visa is adopting blockchain technology
Lol if you're arguments are strong why the need to lie at 2:05 ?
Remember kids, if this guy can get to give a Ted talk you surely can too!
Other than to build it and to set it motion for to be available to AI systems, do humans have anything to do with it ?? :-)
World Wide Web aka W3 🤦🏾
need more research with that beluga forehead.
How true, especially the web3.0 "skin in the game" comment compared with web1.0.
NFTs are BS yes, but the concept of decentralisation and privacy are the focus of the future!
6:50 "climate change " a perennial problem ?
Here come all the cryptobros to defend web3
Nope. Love or hate web3, this talk is just cherry picking and lacking technical detail. You don't need to be a cryptobro to see it.
web1 read, web2 is read and write, web3 is read, write and own. He mentioned nothing about how web 3 allows for the ability to scale digital property rights. Property rights are what give us freedom. In a world with increasing surveillance and restrictions blockchain is one of many solutions to bring the power back to the sovereign individual.
The TPS excuse.....eUTXo modell, like the Ergo protocol allows one transaction with over 1500 outputs. This guy is not informed at all.
He didn't talk about decentralized identity or tokenization of the companies in the next years. He talked a lot but he didn't say anything.
@@trappedcat3615 give one example.
@@MaleLateBloomer you're just talking hypothetical nonsense my man. I own my land. Crypto had nothing to do with it. Your point being?
Based on the arguments, i thought this talk would be 5 years old at least but then realized it is just from a year ago? The presenter must've thought he's being slick with some of his arguments but in fact it only made us realize how much out of depth and how much out of touch he is. Whether Web3 will be the future or not is still not clear but if it isn't, it definitely won't be due to any of the arguments he so pompously presented.
He is right up until you understand Dag Constellation.
I could probably criticize crypto better than this goofball. *2/10* , honestly. And I'm being generous.
I’m from the future and this video is funny.
he just talk about the negative side, forgetting about the positive impact of decentralisation & web3. be mindful :)
Criticism is good as long as you are informed about what you're talking, and obviously this man is low informed. Let me explain some points: Ethereum is the best blockchain, because of it's scalability, security and speed, however you have to pay a lot for it's performance. This is a Layer 1 blockchain. But, you can have the Ethereum code and build on it a Layer 2 blockchain, for example Polygon, which has the same properties but with very cheap transactions fees. So, first point - WRONG and RUBBISH.
Next, this man says web 3.0 is rubbish because 10bn was scammed? Do you know how much was scammed from visa and mastercard? Do you know how much governments scammed, as they inflate the currencies and regulates how much we must and must not spend by changing their interest rates? There are a ton more arguments that prove crypto is going to beat fiat.
And last one, if crypto and web 3.0 is rubbish, why would China ban it?
It couldn’t be the fact that China’s number one goal is controlling its citizens
" if crypto and web 3.0 is rubbish, why would China ban it?" Because it is, INDEED, rubbish?
I mean the guy starts off with a visa comparison... at that moment his argument is rubbish
Totally agree. Who is going to help you with your digital wallet when you can't access your $
You gonna have to educate yourself and help yourselves. That's part of decentralisation.
@@TheAzachiel We are perfectly functioning, healthy, debt free and prepared for what is ahead. Thank you friend.
@@Romans15.32 Perfect! Me too. Good luck to us!
This information is pretty outdated and incorrect. Ethereum is not decentralized nor the epitome of transactions per second or fees. Algorand, Cardano, Polkadot all have higher transactions per second in a more decentralized way, but still not completely decentralized. Blockchain technology is not just cryptos and regular centralized companies will use it for their own benefit.
This video will be a nice NFT Tedx will sell in 10-15 years using the blockchains
🤣
What a lot of 'rubbish' this video turned out to be. And that's me toning it down. I came here to listen to valid arguments, and I heard none.
Indeed
Crypto currency is just one of the use cases of the blockchain technology. Judging the blockchain with this use case and that too with ETH is rubbish.
Well is web 3.0 is rubbish then we can just keep the existing system and give all our power to Google and Apple.. Blockchain is for the people not the few.
I Love the values of Ted. But this is the absolute Opposit. Thx for wasting time with his opinion
Whenever I heard this type talk on web3 and blockchain my intuition say keep going you are on right path 😎
True, i expect a few of these videos to surface often these days...
Nah mate that was really bad. Still searching for good criticism...
It’s too bad that this entire presentation is using current stats on the ecosystem, once ETH 2.0 goes live then it will make VISA/MASTERCARD look ancient, because they are, like he said…60+year old systems…seems like a big FUD campaign being run by the TED channel
Isn't TED the rentable fud/propaganda place noawayds xD
i cant take anything serious i see here in recent years.
ETH 2.0 is promising to fix what ETH 1.0 said it was the solution to ...
VISA is still faster, more secure, and cheaper ... let me know when ETH beats it ....
London Business School, oh, you mean that place where all the financial disasters begin? Yes, I value this person's opinion.
Excellent analysis. I am in IT for 30 years and block chain is completely overhyped.
Ya, using physics to solve financial freedom for all is not gona work.
Cryptocurrencies are overhyped... BITCOIN NOT!!!
Maybe you should retire then
As the Bolsheviks said: do you criticize? Then Offer.
What are our options? To stay at the current stage of development with unequal distribution of resources? Or let's roll back?
Progress is inevitable
Web 3 is the new PERL 6, or SQL 3. Web 3's demise will be for the same reasons. Those reasons won't be technical, but rather infighting within the Web 3 technologist community arguing over protocols, features, and stakeholders. I remember back in the 1990s when XML first arrived on the scene. The XML objective was to house XML schemas or attributes in a decentralized fashion. However, Microsoft, Apple, SUN and others wanted to be the sole clearing house. Because they couldn't agree then XML schemas being freely available in decentralized fashion died on the vine.
Reminds me of 1990. „The internet is useless“😂
And the points are wrong. For example the first point don’t consider the possible TPS of 100k by Ethereum. The lower Gas fees in next 2 years developement …. Layer 0…Layer 2 …
I stop but have never heard such a clueless presentation😢
Brilliant
The information presented in this presentation is cherry picked & simply proves the speaker has no business presenting himself as a subject matter expert on the topic of blockchain or web 3
normal crypto fud, nothing to see here....
Türkçe altyazı neden yapmıyorsunuz?
Kanka eleman çok sığ nedenlerle ve çok fazla bilgisi olmadan web3 eleştirisi yapmış. Yorumlardaki çoğu insan adama gülüyor, ne anlatıyor bu diyor 😅
this is so silly… I can’t even 🤣
why?
@@flyingguitarist7026 for one.. one of hos main arguments are the low number of transactions on ethereum - but it’s a nascent technology and in a few years the number will exceed those of VISA..
Workers of the web3, unite! 😁
His sweatshirt is a little big for him
I gave this video a listen bc I like to hear opposing views but unfortunately this speaker is doing a disservice to his audience. He seems to have good intentions but is vastly uninformed on the subject
dont give ted talks with limited knowledge
An Analysis made only upon the eth blockchain... there are thousands more blockchains.
Although he talks about some real issues, tech is in progress all the time. In a couple of years, or less, every flaw this guy is mentioning will be solved.
Dangerously based.
This speaker talks about the future from the present. He seems to lack imagination as to the innovation that will occur very soon, maybe in the coming weeks to address the very problems that he sites. These are legitimate present concerns. They will be afterthoughts very shortly.
@Paul Sharman Thank you. It seems few these days take that into account.
@Paul Sharman “what if he is right and you are wrong?” Ya what if? I guess we will never know right?
What is the best way to make money from crypto trading, in this dip market?🤔🤔
I don't trade I invest with a professional assigned by a crypto company that trades for us and returns profits on weekly basis for me and you can invest your capital and get weekly Returns of investment (ROI) without any extra fees attached
The professional is Mrs Lisa Tracy
You're right I think the best way is to invest with a professional, at least it saves the trauma of too much losses
This just surprised me because I also invest with Mrs Lisa
I started with $3,200 at 12 April and I'm almost at $18k now! all thanks to Lisa Tracy.
@@jorgehill8831 Thanks for recommending her, this was how I got her info too she's indeed a professional.
All the negative comments about this video are made by people with scammy nicknames lol
Lol...you literally have a trademark on your name 😅
@@2hedz77 Mine is an officially registered UK company channel,the R it's just to avoid problems with copyright. I don't trade with NFTs or CRYPTO saying to people "Hey, do you wanna be rich in one week? Buy Bitcoins! "
Why did you only mention the money that people have lost in crypto? Why didn't you mention the hundreds of billions that people have made and how they are using that money to make a positive impact on the world?
This talk just sum up Web3 in 10 min.
This guy doesn't realise there are other coins which can transact 15000 per second? He needs to do some research
Avalanche's (AVA) near immediate finality beats both of those. Why use a bloated chain like Ethereum as an example? Ethereum is 4 years ago. Also, no blockchain should ever be a repository for data, that's just poor stack design.
I agree...I'm looking at AVA currently. It's very interesting.
What an excellent speaker, incredibly concise, and *extremely* well put. I wouldnt mix up the farce of blockchain though, with things like the metaverse - they are very much unrelated!
I can't believe this is a TedTalk, nothing to learn here, everyone could talk bad things about any subject. The research this guy has done in the topic is very limited, there are many blockchain protocolos that solve the issues he named. It is sad to see this as TedTalk.
Web3 is still in the making, so him critiquing it as “complete” rubbish when it’s still a work in progress is in and of itself “complete” rubbish
Most of what you say is refutable, problems mentioned are minor in nature, and you dont address the immense benefits eg i dont want amazoogle government to lock down where i go, what i say or how i spend $. As they do in canada xD. Anyway if granny cant remember PW then shes screwed oh well. And eth processing is oñd news, other chains like polkadot are more suitable but the key is as you said, profit companies are not egalitarian, but chains can self govern for their own survival and use
You couldn’t convinced me that web3 is rubbish. Research more!!
It isn't easy to become king of the hill of dumbest Ted talks, but you've done it. You've really done it. Congratulations.
These days TED = FUD
This bro completely missed the whole point of WEB 3.0. He prob lost $20 or something
I think in 5 years this video is going to age badly and just a treasure trove of memes of a cartoonish villain naysaying progress.
The understanding of speaker seems to be shallow in terms of understanding of blockchain infrastructure or an intentional omitting of technological developments like L2 on top of Layer 1 blockchain. Sure there are technological advancements to be made.
The biggest proponent of Web3 is you can own your data and not centralized entities. I can earn a million followers on Instagram and Facebook (Meta) can just take away my handle or delete my content is a problem.
The speaker mentions transfer of wealth from one billionaire to another, I'd argue on the contrary that Web3 gives normal folks a shot at being ahead of VCs and benefitting just from being a participant in the ecosystem (Look at ENS airdrop as an example). Sure, there's greed and speculation with meme coins but it's no different than the stock market and what happened with Gamestop, AMC frenzy (that's a people problem and not technological).
Digital assets are the reality of 21st century and adoption would happen sooner or later.
i stan