The case for Web3 is based on the belief that a blockchain-based technology platform will serve as the foundation for a new class of applications, with digital tokens mediating all kinds of interactions in a “trustless” online world. There will be no digital gatekeepers to set the rules or profit from the lion’s share. Users will have complete control.
In Silicon Valley, a truism has always been that if you want to know where the next big ideas will come from, look where the money and smart developers are going. There has been no shortage of capital in the case of Web3. However, only a few developers have decided to jump on board this particular bandwagon. Many well-known developers are entering the scene, such as the creators of the homebrew tool, who have created tea, a web 3 tool.
Nonetheless, this revolution has been years in the making. Ethereum has been around for almost seven years. The first wave of Web3 developers attracted to cryptocurrency peaked in 2018, when bitcoin reached its all-time high. Only about a fifth of those people are still employed in the industry. The most recent wave is nearly twice as large, but how many of these developers will remain optimistic if another crypto winter occurs?