Web3 is not decentralized

In all scenarios web3 still requires central parties for its technical operation and simply involves recentralization of services that already exist. Since web3 is centralized then it has neither the censorship resistance properties or decentralization claims its myth-making and marketing claims.

Web3 is either a completely nonsensical buzzword, or a term about reinventing existing business models either poorly or as a thinly veiled scheme for securities fraud for transferring wealth from the public to a few (centralized) operators of the scheme.

References

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  2. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
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