Wtf is web3
Date: 2022 Oct
Introduction
Web3 has been a very fashionable term this year, mostly for the alt-finance cartoon characters and tech world’s ultra-sophisticated Twitter-thread authors.
Web3 今年成了一个极其流行的词，尤其是在另类金融圈的“卡通人物”和高端技术圈的 Twitter 长文作者中。
It was one of the two cheat code phrases you could use in 2021 to bypass the critical thinking of LPs when raising your first fund — the other being “metaverse”.
在 2021 年，Web3 是两大“秘籍词”之一，用它可以绕开 LP 的批判性思维顺利募资（另一个词是“元宇宙”）。
Despite all the think pieces, nobody really agrees on what web3 is. Depending on your tribe, web3 is a scam, the future, tokenizing the world, VC exit liquidity, or just another word for crypto.
尽管满天飞的文章层出不穷，但至今没人能统一定义 web3。看你站在哪一派：有人说它是骗局、是未来、是世界代币化，是 VC 的退出方式，或只是加密的另一种说法。
If no one agrees on what web3 is, maybe it doesn’t exist — yet. Still, there are real ideas being tested that inspire, excite, or alarm observers.
如果连定义都没有统一，web3 或许根本还不存在。但确实有很多想法和实验正在进行，带来灵感、兴奋，或者担忧。
What is the point of web3?
Rather than argue over the definition, let’s ask: what problems is web3 trying to solve?
与其争论定义，不如问问：web3 到底要解决什么问题？
1. Decentralization of Power
Increasing mistrust in centralized power — governments, central banks, tech giants — drives interest in trustless, censorship-resistant platforms.
人们对集权的信任不断降低（政府、央行、科技巨头），这推动了对“无需信任、抗审查平台”的渴望。
2. Ownership of Value
Web2 gave us participation but not value capture. Big tech profited from user-generated content while users got nothing.
Web2 让我们可以参与，但不能拥有价值。大公司靠用户内容赚钱，而用户却一无所获。
Web3 aspires to let users share the value they help create.
Web3 希望让用户参与创造、同时共享价值。
The Hope: An Open and Equitable Web
In theory, web3 could level the playing field:
理想中的 web3 是这样的：
- Users share in upside
用户共享成长红利 - Platforms empower communities, not corporations
平台赋权社区而非公司 - Growth incentives are aligned with participation
成长激励与参与紧密绑定
Maybe the web becomes more cooperative than extractive.
也许 Web 会从“收割式”转向“协作式”。
The Fear: Ponzification of Everything
Critics worry that web3 becomes:
但批评者担忧它会变成：
- Pay-to-use everything
万事收费（连用烤面包机都要代币） - Token scams and microtransaction rent-seeking
充满空气币骗局 - No moderation, more crime
缺乏监管，犯罪蔓延 - Benefits rich insiders and hedge funds
最终只便宜了大 VC 和对冲基金
If You Expect the Worst, You’re Not Wrong
Web2 already made the internet worse — cookie banners, ads, paywalls. Web3 may do the same.
Web2 早把互联网搞烦人了（cookie 弹窗、广告、付费墙），Web3 也可能重蹈覆辙。
And many crypto projects do look like scams. No wonder people are skeptical.
许多加密项目确实像骗局，大家质疑也情有可原。
Still, Bitcoin and Ethereum prove that owner-operated systems can work.
但比特币和以太坊已证明“用户拥有”的网络是可行的。
Inequality and the Appeal of Ownership
Inequality is rising. Wages are stagnant. Assets soar. People feel stuck.
不平等日益严重，工资不涨，资产飙升，普通人无处安放。
Owning part of a network might be capitalism’s version of Universal Basic Income.
拥有网络一部分，或许是资本主义版的“全民基本收入”。
If people are rewarded for the value they help create, that could reshape adoption.
如果人们能参与并分享价值，增长将会自然而然地发生。
Origins and Fairness
Bitcoin launched fairly — no premine, open mining.
比特币公平启动：没有预挖，人人可参与。
Ethereum launched via ICO. Fairer than most, though founders did keep a small cut.
以太坊通过 ICO 启动，相对公开，虽然创始团队保留了少量份额。
Over time, ICOs turned into VC-heavy private sales, shutting out retail.
后来 ICO 变味了，成了 VC 私募的游戏，散户被排除在外。
On Getting Rich
Four things seem true:
- Founders deserve wealth if they build real value
- Early backers can earn upside for taking risk
- People want fairer access to early rounds
- Everyone hates grifters profiting from nothing
四点现实：
- 创始人若创造价值，应当致富
- 早期投资者承担风险，值得回报
- 散户希望公平参与早期轮
- 所有人都讨厌“空手套白狼”的人
And yes, Web3 has both of these forces in conflict — idealists vs cash-grabbers.
是的，Web3 中这两种人并存：理想主义者 vs 快钱投机者。
In Summary
Web3 doesn’t exist — yet. But it’s worth thinking about.
Web3 现在还不存在，但值得认真思考。
The promise: decentralization, participation, fairness.
它的承诺：去中心化、参与感、公平性。
The risk: ponzis, greed, and VC gatekeeping.
它的风险：庞氏结构、贪婪、本质还是 VC 说了算。
It’s up to builders, users, and regulators to shape which version we get.
最终会成什么样，取决于建设者、用户与监管者。
Post-credits
I am aware that I have been baited into a philosophical and fairly inactionable debate between tech billionaires who all got rich off the Facebook-era of the web. And that, truthfully, the outcome of their debate doesn’t matter much because they are no longer the risk-taker builders of the future. Perhaps they are the financiers, but then their power law curve models already assume they’ll be wrong more than they’ll be right.
