Top Highlights

• While decentralized architectures are more resilient than their centralized Web2 predecessors, they are also slower. Speed, performance, and usability are bottlenecks in the Web3 that will very likely be resolved over time, once the core components of the Web3 are up and running (read more: Annex - Scalability).
• In the Web3, values are represented by cryptographically secured tokens. If you can’t hold state in the Internet, you cannot transfer value without centralized institutions acting as clearing entities.
• This lack of state is based on the simplicity of the protocols that the Web is built on, such TCP/IP, SMTP, or HTTP. This family of protocols regulates the transmission of data, not how data is stored.
• Session cookies were invented so web-based applications could preserve state on local devices. Before session cookies—in the early days of the WWW—we had no browsing history, no favorite sites saved, and no auto-complete, which meant that we had to resubmit our user information every time we were using a website. While session cookies provide bette...
• Web2 platforms have introduced many beneficial services and created considerable social and economic value over the years. However, wealth was mostly accumulated by the companies offering the services, and less by the general public contributing content and value to those services. Instead of decentralizing the world, Web2 platforms contributed to ...