While there have been a few passes at “the third generation of the internet” (see: Web 3.0, Decentralized Web/DWEB, Semantic Web) I will indiscriminately use the term web3 as a catch-all in reference to cryptocurrencies, blockchain technolgies, distributed applications, and a breadth of related thinking. In the context of the Two Loop Theory, web2 represents the existing incumbent in the first loop, and web3 is the emerging system of the second loop.

Frankly, I don’t like the term “web3” for a variety of reasons, and quite a bit of criticism of the label is justified, but I recognize its utility in capturing a resonating sentiment which I first heard described by Chris Dixon:

https://twitter.com/cdixon/status/1442201624487759874?s=20&t=Eul01LT1t6w5nV_AuBpKxA

Despite my reservations, I am among the ranks of A16Z’s critical mass. I think it is also worth recognizing that I am no match to sway the existing momentum and many billions of dollars invested into the space (I witnessed a similar takeover in my own field of expertise when the industry was innundated by unrelenting offerings of “DevOps, for sale”). That said, I do hope to provide nuance and clarity through my exploration of different facets of web3.

I may facetiously suggest that we use “TCTTSNBN” to describe “This Computing Thing That Shall Not be Named” but belaboring the definition is pedantic and risks diverting conversations away from other more pressing discussions. Perhaps given some additional years of review we can reach a better agreement on how to describe whatever it is that is currently happening.

In the meantime, I am giving into the masses and I am simply going to call it web3. We have a lot of problems to solve, and whatever terms we want to use the future is inevitable.