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Web 3 Horrible Futures
30 June 2023 | Written 22 March 2022
The decentralization horror case
- Rape and child porn NFTs that cannot be policed or deleted
- Drug and weapons money flows much more difficult to police
- Impossible to freeze or impound assets of major international criminals
- Re-anonymization of social media going back to the MySpace era with rampant spam, scams and bullying
- Difficulty keeping private your wallet address, resulting in your wealth and transactions being public. There are a lot of potential horrors coming from this
- Being targeted by companies based on your spending patterns
- Being targeted by criminals based on your wealth
- Inability to keep your financial situation private causing disputes with friends and family
The centralization horror case
- API layers like Infura and Alchemy innovate much faster than Layer 1/2 chains causing them to see +80% of all transactions and acting accordingly
- Monetizing user transactional data through ads and selling to third parties
- Abusing their position to raise fees
- Abusing their position to moderate content
- Layer 1s are unable to scale sustainably and innovate quickly. The result could be the worst of Web2 and Web3 worlds. A new centralized internet built on grossly energy wasting protocols compared to existing solutions