It’s hard to imagine exactly how Web 3 will work beyond cryptocurrency mining, but there have been a few blockchain use cases recently, such as NFTs. NFTs are a type of digital token or proof of ownership of anything from contemporary digital art to videos of iconic moments. The content itself is not stored on the blockchain, but a link to the server where it is stored. There are also blockchain-based games that allow users to earn crypto, streaming services, and more.
Opposition to Web 3
While the proponents and supporters of Web 3 are absolutely convinced of the potential of this hypothesis, there are still many who are skeptical about the practical application of Blockchain technology related to everything we use on the Internet. Some of the opposing opinions include:
Monopoly is inherently present
Despite the criticism of Web 3 proponents for the Wall Street giants, it can be said that Web 3 is like an extension of the belgium telegram data current capitalist system, helping the rich get richer. After all, 0.01% of bitcoin holders own more than 27% of the cryptocurrency. Not only that, to be able to participate, we need money to buy mining equipment, cryptocurrency as well as knowledge to really understand the problem. That’s not to mention the market is full of speculation. Many experts believe that cryptocurrencies and NFTs have no intrinsic value, speculators are just buying to gain prestige and hope their value will increase and resell at a bargain price to later comers.
Environmental Impact
Blockchains require a lot of energy, especially the extremely expensive PoS models. It is not surprising that hundreds of millions of computers have to work to solve a single equation. According to Dr. Pete Howsen, a senior lecturer at Northumbria University, Ethereum’s NFT virtual currency currently consumes more energy than the Netherlands each year.
Lack of security
While many people the future of mobile shopping in 2023 are touting the anonymity. Of Blockchain, it is actually pseudonymous rather than anonymous. Even though you are using a pseudonym, every transaction you make is permanently public and can be tracked. If people know your real identity, everything you do will be exposed. However, recently, anonymous coins have started to appear, which has experts .
Full of scams and theft
Online identity theft and frist database social engineering scams are common in the cryptocurrency world. In 2021, nearly $3.2 billion was stolen directly from cryptocurrency wallets, a fivefold increase from 2020. Fraud, romance, and investment scams are also common. IRS regulators have also expressed concern about the potential for tax evasion and money laundering in the NFT market.