Recently Web3 has replaced Web3.0 as the preferred way of referring to Web3.
Although we've actively followed Web3 for years - we first covered Bitcoin in 2013 and Blockchain in 2015 - we don't know when or how this name change happened.
But we see this change as an excellent example of the constantly swirling world of Web3 world, which the Harvard Business Review article What is Web3 describes as:
"... the confusing, contested, exciting, utopian, scam-ridden, disastrous, democratizing, (maybe) decentralized world of Web3."
HBR's What is Web3 is the opening article in a Web3 series by HBR. The chart below (click to enlarge) shows the other articles in the series.
The series covers both the potential positives and negatives of Web3.
We're not going to attempt the summarize the series - the opening alone is about 4800 words.
All the articles cover the promises of Web3, which can be summed up as democratizing the Internet, freeing us from Big Tech and exploitative capitalism.
They also cover the potential perils, including failure to accomplish the promises while significantly increasing fraud, scams, and other illegal activities.
Interestingly enough, these promises were pretty much the the same in the early days of the PC.
Apple's famous 1984 ad is an example.
These promises were also made when the Internet first came out (Web 1.0) and when social media arrived (Web 2.0).
And, like these other technologies, the reality of Web3 will likely be neither as utopian as the promises, nor as dystopian and perils.
Overall, we consider ourselves Web3 optimists and we think it will create new opportunities for businesses and users.
Because of this, we liked articles 4 and 5 the most. They talk about tangible applications of Web3 tech.
But the others are also well worth reading because the perils are real. The recent collapse of stablecoin cryptocurrencies is a good example.
We also suggest Wired's Paradise at the Crypto Arcade: Inside the Web3 Revolution.
It's another long article covering the potential good and bad of Web3.