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Interoperability in Blockchain and Its Implications
Achieving Interoperability is the Next Milestone for Blockchain
Current State of Blockchain Systems
People have been lauding Web 3 for its decentralization and permissionless feature. On the other hand, Web 2 is often associated with centralization, where several big tech companies control the vast majority of information flow. Even earlier today, when I tried creating an account for an eCommerce website, I got a pop-up message asking whether I want to log in with Facebook Account/Google Account/LinkedIn Profile. And it also asked me if want to save my password on the Chrome browser.
So Web 3 doesn’t ask any of these and it seems optimistic at a first glance. But should be that optimistic? What we need to be aware is that Web 3 is equally vulnerable to being centralized. Companies like Meta are devoting a lot of resources to be monopolistic developers of metaverse and other big tech companies are spending huge R&D in the Web 3 ecosystem. Not only that, the fact that there is an overabundance of cryptocurrencies (estimated to be ~10,000 types), it is merely impossible for people to keep up to date with different cryptocurrencies and their utilities. It won’t be too long before people start seeking simple, centralized solutions again.
