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.
Update 6/14/22 - Finally being addressed to the masses
Web5... The Web3 Killer?
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, by the way, is a racist (literally wrote the n word 16 times in his code) math prodigy, but that should have nothing to do with the outcome itself. 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?
That’s messed up because of someone’s incompetence in dealing with an error. I mean, what’s next? More laws surrounding web3? That’s not how it should it be. Otherwise, it’s just another bubble, at least for those who side with it because of the technology.
So- is code the law?
Depends whether laws from centralized orgs are going to dictate the “decentralized” future
After 'Stealing' $16M, This Teen Hacker Seems Intent on Testing 'Code Is Law' in the Courts