Web3 is a decentralized network that enables peer-to-peer (P2P) transactions without the need for intermediaries. It is a technology that allows users to securely send and receive digital assets such as tokens and NFTs directly to each other. However, Web3 is not without its drawbacks. It is expensive, slow, and can be unreliable at times.
Torrents can die if the peer count reaches zero, which is why trackers (a centralized technology) are used to restart them when search engines return to a dead torrent.Despite its shortcomings, Web3 has been successfully implemented in some established industries. However, large companies are likely to be slow to transition from their current applications to Web3 due to the loss of governance, oversight, and control.