Nothing stays the same. The Internet is no exception.
In the wake of Web2, social media networks opened doors to something we’ve never seen before: participative, social, interconnected online space. So if Web2 gave us the opportunity to connect, work, and live online, why should we move on already?
The current Internet is failing us. It compromises trust, leaks data, and shapes our lives in a way that we never signed up for. Web3 is here to pick up where Web2 failed and give the control back to the user. That’s what we believe in at Dandelion.
Let’s take a closer look at the top three Web2 failures that show us why the cry for Web3 is louder than ever.
Privacy and data breaches
TrustArc finds that 92% of Americans are concerned about their privacy online, and for a good reason. This doesn’t come as a surprise: in the modern-day web, you are a product rather than a consumer. Networks and brands alike sell your attention via invasive and highly targeted ads, but it doesn’t end there.
For brands, privacy and data security breaches are costly: on average, companies lose $4.24M per incident. For users like you, it’s detrimental: everything, from your email, phone number, address to personal conversations are in constant danger.
We have no shortage of examples. 3 billion accounts exposed during Yahoo’s biggest breach in 2013, 90% of LinkedIn users’ data leaked in 2021, and 553 million Facebook accounts posted to the dark web.
The freedom of expression, which boomed as the largest promise in the wake of social media, turned to be a double edged sword. Fake news and disinformation are now synonymous with your feeds.
For example, during the Cambridge Analytica scandal, fake news stories were shared on Facebook and other social media platforms, potentially influencing the election’s outcome. In addition, the COVID-19 pandemic has been accompanied by a deluge of false information and conspiracy theories, making it difficult for people to make informed decisions about their health and safety.
Online extremism and radicalization
Another significant issue with Web2 has been online extremism and radicalization. A common counter to Web3 adoption is that it can be used as a tool for illegal activities, all while the current network is no better alternative to stick with.
For example, the Christchurch mosque shootings in New Zealand in 2019 were live-streamed on Facebook and shared widely on social media, demonstrating how online platforms can be used to amplify and spread violent extremism. The online radicalization has also been linked to several high-profile terrorist attacks, such as the 2017 Manchester Arena bombing in the UK.
These incidents have highlighted the need for better moderation and accountability on Web2 platforms to prevent the spread of extremist content, but also brought another question into the light: perhaps, relying on terms of service and social media’s rules is not a guarantee of a safe space?
Where Web3 steps in
The good news is that Web3 is not taking any of the current online world away. In contrast, it’s all about amplifying it, making it more immersive, social, and secure at the same time.
Dandelion is the first Layer-1 solution that builds blockchain with no Layer-2 in mind. We rethink social media, finance, gaming, and everything in between, so that we never have to compromise the greater vision at the expense of decentralization, scalability, or security.