A new blockchain-based internet that abhors huge tech platforms, embraces digital currencies, and lets individuals control their data and identity sounds like a lovely idea. But a growing chorus of skeptics are saying that Web3–the term used to sum up these concepts–is at best highly aspirational and at worst a flat-out scam.
Some of these critics express their doubts on Substack, or in YouTube rants, or on company blogs. Others voice their skepticism with their wallets, shorting cryptocurrencies like Bitcoin or Eth. Molly White, who by day works as a software engineer at Wikipedia, has a simpler approach, and it’s a good one.
White has emerged as one of Web3’s sharpest critics by simply compiling Web3’s day-to-day mishaps and ripoffs–its non-theoretical real-world consequences–at Web3 Is Going Great, a website (and Twitter account) she created and curates. The steady stream of these news stories (many of which aren’t covered in mainstream media) strongly suggests that Web3, in fact, isn’t going as great as its legions of cheerleaders would have you believe.
I spoke with White via email about her views on Web3 fixtures such as DAOs (distributed autonomous organizations), cryptocurrencies, and NFTs (non-fungible tokens). Our conversation has been lightly edited for length and clarity. (Disclosure: I own a modest amount of Bitcoin, mainly for research purposes.)
Why were you compelled to start the Web3 Is Going Great? What were you seeing at the…
