Web3 has been heralded as a decentralized solution to all the issues related to Web2, such as the monopoly of tech giants, privacy violations, and misinformation.

On the other hand, there are groups who believe tokenization will negatively impact the way we behave online, and highlight the possibilities of Web3 projects to conduct illegal or unethical acts.

On November 30, Web3MQ hosted a Twitter Space featuring Footprint Analytics, Mises, Magipop, and dappOS, to talk about the promise of Web3 of building a better online future, although with dystopian seeds.

Here are the key takeaways.

• Opponents of Web3 and cryptocurrencies often cite the numerous scams, and claim this technology makes it easier to conduct frauds and illegal activities. However, crypto enthusiasts believe this technology can actually improve detection and actions against fraudulent activities.

• Illegal acts can be committed using any technology. Money laundering, for example, is conducted widely using fiat currencies, not only cryptocurrencies, which are actually easier to track than cash and banknotes.

“You can do evil with any technology or tools. For example, our founder always mentions a copyright case regarding the Kazaa file sharing tool in Australia. The judge for the case quoted the use of photocopiers as an example: the photocopier can be used to copy documents in the office, and also to pirate books.” Luke, Mises Browser.

“When it comes to Web3, we have a couple of examples of evil: the countless rug pulls, the FTX issue, but what it comes down to is trusting the technology behind the blockchain, and the benefits in the future, when it is maximized to its potential.” Alex Cooper, Footprint Analytics.

• It is often repeated in the crypto ecosystem that the code is law. This way, the technology is posed as an objective world, where the subjective perspectives of network participants cannot influence the course of actions. However, the code is written by real people, and it can be influenced by their worldview.

• Open source projects can be a solution in a way, since everyone can review the code. But this would require everyone to learn programming, in order to be able to read the smart contracts and detect is flaws or biases.

“The capability of understanding code is very important in the Web3 world, since the code is the law. The first thing we know about the blockchain is that it’s a ledger anybody can check. Those who know the code are like attorneys in the Web3 world.” Luke, Mises Browser.

“As a licensed attorney, I cannot agree that the code is law. Code is not going to be able to satisfy due process. Open source is very helpful. Everyone with the expertise and time can check the code. But this sort of open and rolling audit still cannot mean that the consequences which flow from the code could control the legal rights of the various parties.” Darren Mayberry, dappOS.

• Misinformation is abundant on the current internet. It is said that the best way to influence social behavior is to flood the network with misleading content, rather than exposing the truth.

• Decentralization and tokenization can be a way to leverage this issue, by making it costly for malicious actors to spread misinformation online. However, the main issue is how to verify which information is real and which is not.

“There could be some way to give the real source, and maybe it can be compared with the source information. Do you think it is real? Or does it comes from a known information source? But I think it is pretty hard, because people themselves are one of the operators inside the community, inside the logic and the contract.” Melito, Magipop.

“It would be nice if we could put facts onto a blockchain and only distribute facts, but then the point is how can we verify that everything we put onto a blockchain is a fact itself. Is it even possible to get rid of the spread of misinformation, while keeping it completely decentralized?” Alex Cooper, Footprint Analytics.