Web3.0

Web3.0 applies the block chain to the web. Originally designed to solve the banking crisis. So its all about crypto currency, providing the rich with a means of spending their digital crypto currency stuck on their computers.
Although those promoting Web3.0 are highly active in resisting legislation, we should also be concerned about the potential for Governments to use their digital money as a means of controlling us.
National and international legislation is yet to keep up with this technology.
So whilst it would appear to reduce increase security, inevitably fraud will increase. This means we will find transactions increasingly difficult to perform, but the potential for scams much more significant. Indeed, whilst the added security of Web3.0 seems impressive, the increased rewards for fraud make hacking all the more seductive.
In Quantum Computing I have stated that whilst it makes encryption much more sophisticated, how long before this technology reaches organised crime, or even crime sponsored by states or wealthy individuals.
But also it can only increase the use of malware (and maybe even traditional blackmail) seeking to get around the enhanced security.
Worse still block chain technology consumes an enormous amount of electricity. Could this be the real reason we are being asked to save energy and the massive increase in energy costs and reliant industries like aviation?
It should be apparent that during the boom and bust of economies redistribute wealth from the poor to the rich. But the developments in Web3.0 only increase the likelihood of boom and bust.
Of course, Governments are seeking to curtail the use of crypto currency and introduce their own digital currencies. Whilst there are few limits on the supply of fiat currency, the ability to create more digital currency at a key stroke makes inflation even more likely.
Finally, in taking away whole armies of administrative and managerial roles, particularly in banking and retailing, unemployment is sure to rise.
With the stripped out we are creating a society of super rich and underemployed.
Perhaps my greatest fear however, Web3.0 only increases the opportunities for companies to take our personal data and sell it to marketing companies. Indeed, our data would be available to all companies who build on the block chain. In summary Web3.0 appears to be a solution designed by the super rich, allowing them to accumulate even more money and to hide it from national tax authorities.
Indeed, there are some very right wing liberaltarians promoting Web3.0 as it underpins so many of their agendas. Their assumption is that is what is good for the superrich is good for humanity. But is it?