Paradigm founder: The term Web3 creates too many misconceptions, talking about crypto is much better by a factor of 100.

Paradigm co-founder Matt Huang raised a controversial topic today: "Why do we even need to use the term Web3?" He argues against its suitability for what reasons? The community is currently engaged in a heated debate on both sides.

Paradigm Co-Founder: The Term Web3 Creates Too Many Misplaced Expectations

The term "Web3," referring to a decentralized version of the internet, is often used by cryptocurrency and blockchain application developers who identify themselves as part of the "Web3 industry." It is said to have been coined by Gavin Wood, co-founder of Ethereum and Polkadot, in 2014. Venture capital firm a16z has also extensively discussed Web3, but it seems that the term has only become commonly used in the crypto space in recent years.

Matt Huang, co-founder of Paradigm, expressed his opinion on this matter: "The term 'Crypto' is much better than 'Web3.' Web3 has brought too much harm and misplaced expectations."

In fact, the term Web3 has sparked debates within the community several times, with the most notable being Twitter founder Jack Dorsey's belief that Web3 is a gimmick created by venture capitalists. This led to backlash from several industry figures, resulting in Dorsey's account being blocked by a16z. Tesla founder Elon Musk also stated that he believes Web3 has not yet been realized and currently appears to be more of a marketing term.

According to Matt Huang, the reason is simple. He believes that the term Web3 has created too many expectations for apps being driven by cryptocurrencies, leading people to believe they will replace Web2 companies and apps, which is simply not true. Even those who were open-minded about this field in Web2 are now resistant to the emergence of Web3.

Opinions: Hype or Restriction

Opposition to Web3 has naturally brought about much criticism. Some in the community believe that Matt Huang still cannot see the future potential of Web3, claiming that it will take decades to materialize. They believe that Web3 can not only replace Web2 but also change the global financial system, art industry, and more.

Others argue that even with the use of the term "Crypto," there are still those who say that Crypto will replace fiat currencies or the US dollar, leading to doomsday scenarios for the Federal Reserve, which is not much different. They believe that the description of a concept through terminology will always be oversimplified, not just limited to Web3.

Some believe that the term Web3 is not very suitable. However, the term Crypto also has its limitations, as it makes people think only about cryptocurrencies, while this field encompasses much more.

Supporters of the Web3 concept argue that there is no better term than Web3. While Crypto refers to money, Web3 represents a technology that describes the people in this field perfectly, as it is the next stage of the internet.

Uniswap Co-Founder: Web3 is a Repackaged Term Post-DeFi Craze

Hayden Adams, co-founder of Uniswap, agrees with Matt Huang's statement. Note: Both Paradigm and a16z are investors in Uniswap. He stated:

Web3 emerged during the peak of "DeFi is bad" and "NFT frenzy" and was briefly repackaged.

"Now everyone should understand, DeFi is DeFi, NFT is NFT, and all of this is called Crypto," he said, and eventually they will become apps, assets, finance, the internet, collectibles, and more.

It seems that Matt Huang prefers Hayden Adams' response.