In 2022, some predict that Web3 will revolutionize society and usher in greater social and economic equity. Others challenge that without regulatory mechanisms, Web3 will perpetuate existing disparities.
This latest generation of the web has introduced blockchain, a distributed immutable ledger, and smart contracts, public, auditable code run on a distributed global computer.
The famous Yuval Harari in an article written in 2018, made a point that humans will “feel” irrelevant in the future as they may have a hard time understanding the technologies that will surround them.
Web3 touts a decentralized future for the internet, with users as owners, where power is transferred back to the community and away from the current guard. But just because we could potentially do this, doesn’t mean it will happen.
One of the theories for why some countries continue to be economically prosperous while others remain poor is the World systems theory.