Web3, Charting a Sociotechnical Frontier

Abstract

Abstract In this chapter, I unpack the sociotechnical frontier of Web3, anchoring its analysis in the historical intertwining of computational histories and cryptographic cultures. It explores the case study of cryptomarkets to illustrate the originating culture of a laissez-faire-valuing techno-elite. The chapter traces the computational and social origins of Web3, from Robert Axelrod’s work on cooperation to the cypherpunk movement and the development of digital currencies. The Silk Road cryptomarket serves as a microcosm of the larger Web3 ecosystem, offering insights into its potential to disrupt established systems and the complex policy considerations this disruption gives rise to. The chapter examines the community dynamics, social connection, and identity-building practices within cryptomarkets, revealing the tension between experimental energy and outsider perspectives. It situates the emergent form of the Web3 community within its history of technological development, moving beyond community dynamics to larger shifts in computational process and power. The chapter concludes by offering policy recommendations that address trust in decentralised systems, adapt to borderless digital communities, and empower innovative forms of activism through technology. The chapter maintains a critical stance throughout, acknowledging the diverse and sometimes contradictory nature of the Web3 community while exploring its potential to reshape digital interactions and challenge existing power structures.