There’s a difference between referring to Web3 as either:
Is that what web3 truly is? My take - this is partially web3 at best. Rant ahead.
Truly web3 would be decentralized everything. A complete transition where code is the law and cases like the Indexed Finance “hack” (not a hack technically. read more on it and you’ll understand why) don’t end up going to the judicial system because that’s simply not what decentralization is or stands for.
The person who hacked it, a math prodigy (with questionable opinions on race that are unimportant for what transpired, however). He did it technically without “breaking in” any system. He was given access to the code and he manipulated the system into undervaluing the price of the token. His operation was financed via flash loans.
Irrespective of what he did and what your interpretation of his act is, point is, this was all on a decentralized system, and decentralized systems quite literally stand by “code is law”. Smart contracts are the law so when shit hits the fan, why should the judicial system be involved?
What’s next? More laws surrounding web3? That’s not how it should it be. Otherwise, it’s just another bubble, it’s yet another way of doing things differently with the same centralized foundation. I hope “code is the law” 10-20 years into the future but as of now, web3 or whatever you wanna call it is pretty bleak. No, not in terms of fancy valuation or “great tech” emerging with NFTs still being stored on decentralized data source which use— AWS? (lol, so decentralized), if that’s what makes you consider web3, look around, it might be a bubble for now.
Dot-com-boom was a bubble, that didn’t render the internet useless. It humbled us with a crash.
Web3 as of now, imo, is a bubble, but that shouldn’t mean we stop tinkering. That means we stop making useless startups with large valuations on something that doesn’t work.
Are time machines cool? Yes. If a large team of physicists is working on it and there’s a buzz about it, it doesn’t mean that there should be $100M valuation startups selling goodies exclusive for the future/past. That’s all built on unproven tech, give it some more time, build cool stuff but stop with the $$$$ nonsense, for real.
So- is code the law?
Depends whether laws from centralized orgs are going to dictate the “decentralized” future