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Why GenZ Cannot be the Golden Age of Web3

by Rashmika Vinakota

I joined the amazing world of Web3, decentralized autonomous organizations (DAOs) and Solarpunk last December, through a social impact DAO. Though I never got the hang of the technical part of Web3, I loved the concept of DAOs, decentralization, improving the quality of life and education and self-governance. I still do believe that Web3 can change the world and its people for the better, and the present personalities in Web3 are the best and most open-minded group of people I have ever met.

However, bluntly put – I think if Web3 is pushed onto the world, it will collapse. What will collapse? Maybe the Web3 and crypto market, maybe the world.

Web3 is an idea that was developed as a successor to Web2, the current internet which promotes “read-write,” and Web1 presents society’s version of “primitiveness,” which was “read-only.” The idea was that with Web3 built on blockchain technology, it would enable users to “read-write-own,” thus debilitating censorship and increasing privacy and individual ownership which could potentially be advantageous.

Even in the 21st century, a lot of people from previous generations still hold themselves and their families to orthodox traditions and beliefs, refusing to conform to this “new world.” The present world is still transitioning to the online generation, and despite the quick development of the technology industry, it has no control over how past generations will react or the present for that matter. This type of technology should be reserved for future generations.

A generation that can make Web3 technology accessible to everyone. A generation that is ready to accept Web3 as furthering of the human race, and not an actual race to see which country can be the most developed.

Currently, the world is in the hands of “50-year-old men with 150-year-old ideas.” In other words, the government. Ah, the government, the try-not-so-hard authority that dictates what we as a society can do, or not do. But, regardless of how corrupt it is, there is no denying that the presence of a central authority that polices us is what keeps society in check. Humans have spent the past million years evolving into a respectable, decent society, but true free will and a lack of accountability will take us right back.

Additionally, with the increase in social media usage, opinion-based platforms like Twitter are often used for political discussions, and the idea of “progression” in governments is bound to arise. For this reason of external media pressure, governments might tend to rush into crypto as a show of “progress” with little to no knowledge about this very niche market and might inadvertently bring down the economy.

For every new policy, a new law or a new movement, there will be a group of people who will find loopholes and misuse them. And “cracking the system” in a movement that is built upon the principle of trust, demands the removal of central authorities, advocating decentralization. It will most definitely lead to our downfall. I believe that we, as a generation, as Gen Z are right for Web3. We have the dynamicity, the ability to easily adapt, the open-minded attitude and the ability to survive and sustain decentralization. But I’m not so sure if Web3 is right for us, in this frame of time, in this world.

Ever since I joined the world of Web3, Solarpunk and DAOs, I have loved every minute of it. This is a world that represents and advocates everything I stand for. But just as there are pros and cons to choosing to dorm comfortably in Machuga Heights and in the process screwing your student loan and hence the next 20 years of your life over choosing the more affordable Blanton Hall, there are pros and cons to introducing such a complicated system to the world. The time has to be right. And Generation Z is not the right time.

The Web3 community is widespread and highly supported by everyone involved. There are numerous builders, devs, foundations and organizations that are playing an extremely significant role in building the foundations of Web3 for the benefit of our future generations. Our dynamicity as a generation might pave the way for prolonged sustainability for future generations because of this community of enthusiasts.

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