![]() Yet, they often end up reinforcing market concentration and fuelling rampant speculation. Today, Web3 and decentralised finance, or “DeFi,” promise to nourish a grassroots movement of cyber-hackers that will decentralise ownership of the real economy. What happened was the opposite, leading to the unprecedented concentration of market and infrastructural power by the Big Tech. At the beginning, Web2 promised an open digital economy with the potential to democratise the Internet and digital cultural production, becoming more social and challenging incumbents’ dominant positions. The promises, paradigms, narratives, and business models are not so different as they seem. Morozov: You’ve spent two decades trying to make digital infrastructures more “decentralised.” We’ll talk about these experiences shortly but just to get the basics out of the way: given that vast experience, are you persuaded by the “decentralisation” agenda of today’s proponents of Web3/crypto?īria: Unfortunately, the Web3 agenda seems quite similar to that of Web2. ![]()
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