PRESS RELEASE. This was the title of a recent talk by Serge Var, CEO and Co-Founder of Point Labs, at the 2022 Web 3.0 Conference in January.
Serge presented arguments that despite numerous projects calling themselves “Web 3.0” and “decentralized”, we are not quite there yet: we’re still relying too heavily on centralized systems, using centralized domains that can be taken away by governments or hijacked, untrusted centralized storage where the UI is stored, and browser extensions that can disappear tomorrow at Google’s whim.
The only decentralized part of a typical “decentralized application” turns out to be the smart contract, with everything else open to being compromised.
Such Frankenstein’s monsters crossbred from Web2 and Web3 parts (what many nicknamed Web 2.5) lead not only to multiple security fiascos, such as BadgerDAO recently losing $120M of participants’ funds because of a centralized UI that had been hijacked, but also gives a premature bad rap to the
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