Web 3.0 is already there

More recently, there was a massive Facebook outage that led to major failures, but it also demonstrated that the focus is increasingly no longer on closed, centralized platforms. Centralization is a single-center of failure. This is exactly the point that was demonstrated by clearly showing all Facebook operations — from Instagram and Whatsapp affiliates to individual physical sites — failing for more than five hours. According to Raymondon Jun, the technical glitches that occurred, due to the disruption of routing data directly to the internet, were a reminder of how integrated the network is. Retailers, news agencies, medical institutions, and even religious organizations around the world have all experienced problems in their operations.

The crypto industry caught this opportunity, dealing yet another blow to centralized social networking systems. Certainly, this disruption highlights the advantages of decentralized alternatives. They have stronger resilience. In addition, they can give users the right of owning their data and transferring it to other platforms, regardless of their wishes.

There is another conclusion from this situation. Facebook is a corporation on the brink of extinction, as is the entire Web 2 business model. The paradox of the situation lies in the fact that social networks such as Facebook, Twitter, Apple, Google have crossed national borders and integrated into the world, but at the same time are losing momentum every day. New York Times author Kevin Roose expressed the argument in a recent article, “Facebook is weaker than we thought”, relying on information from whistleblowers that Facebook was well aware of its negative impact on users. Despite calls to disband Facebook or regulate its poor business reputation, the company is struggling to remain relevant. According to this expert, young people are now actively switching to Snapchat and TikTok, while older users are posting anti-vaccine memes and discussing politics. Some Facebook projects are fading away, while others are provoking anger or concern among users.

Facebook and its market share

Facebook gained popularity in the early development of Web 2, allowing most users not only to explore content but also to communicate with each other. During its early days, the platform of the same name was an entertaining environment where people could have a good time. Its creators used it to build a reputation and a business, and users used it to communicate.

In a digital environment, attention is crucial. Unfortunately, at the moment, Facebook has long used disreputable ways to attract people to the site, often to the detriment of their mental health and, in some cases, of democracy in general. Thanks to the algorithms it has developed, elements of self-promotion and fake news are maintained on the site. And not surprisingly, Facebook is struggling to maintain its major market share. As incredible numbers and estimates suggest, much of the attention is refocused on the interesting world of cryptocurrencies. This is primarily relevant to millennials and zoomers, who, in the coronavirus pandemic, have spent their downtime learning how to mine tokens for farms, share information in cryptocurrency rooms, and manifest themselves with unplayable tokens.

Alternative centralized platforms

There is a serious trend in the world in which users decide to decentralize the Internet on their own. Traditional platforms are becoming more and more popular, even though they generally have less traffic. Cryptocurrencies are playing a role at the heart of this movement. Although, as Will Gotzegen noted, the reputation of cryptocurrencies is still in question, most users prefer the new Web 3 technologies anyway.

However, ownership for the user does not in all cases imply cryptocurrency. It is likely that alternative centralized platforms such as SubStack, Discord, and Clubhouse, for example, will benefit first and foremost from this trend toward the multiplicity of people. In general, Web 3 will turn out to be a whole maze of applications and platforms for people choosing to connect according to their interests. Even if one of them fails, it really won’t be a sensation.

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Tatiana Leverya, Team bit4you.