- Universal login: An alternative to "Sign in with Google/Apple/XYZ" that can't be denied by a corporation. There are countless examples of these companies deactivating accounts for questionable reasons.
- Permissionless composability: I'm not sure how to word this one better. If a developer wants to build on top of blockchain data, they can. No need to apply for API access, rate limits, etc. Not all data should be open/on a blockchain, but in the cases where it's appropriate this is a fantastic benefit.
- Ownership in communities: tokens (fungible or non-fungible) can represent ownership for communities. The next Reddit will reward its community and contributors. This isn't an unusual concept. YouTube and TikTok already reward their creator communities. The difference is that existing platforms don't let you build on those communities outside of their walled garden.
For balance, here are two concepts/terms I see co-mentioned with web3 that I believe are bullshit:
- Metaverse: I don't think this will come to anything. We're already living in the metaverse. We have online identities (yours is mouzogu!). I refuse to spend a significant portion of my life in VR or another 3D game.
- Micropayments: Consumers don't want the mental overhead of figuring out value for money every time they consume content.