Web 3 Challenges

Abstract

This chapter highlights the need for a systemic, multi-disciplinary approach to understanding Web3's development. By disaggregating Web3 into interrelated networks of actors that hold distinct interests and beliefs, this chapter aims to describe and map Web3 to advance a more systemic understanding of its order and functioning. While presenting Web3 as a black box, the work underscores the importance of considering both the inherent nature of the technology itself and the broader societal context in which it operates and interacts with. Employing a Science, Technology, and Society lens, the work combines industry insights with a holistic approach to conceptualize the values, interests, and risks associated with Web3. The research holds that systemic challenges flow from Web3's inherent socio-technical and early-stage nature, and that its development is neither solely technologically determined nor entirely reliant on social actors. Instead, Web3's trajectory results from a complex interplay of its technological nature, societal values, stakeholder interests, and external (f)actors.