Track Web3 scams with this website

Web3 is currently rife with issues, so here's a handy tracker!

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It’s not breaking news that the advent of ‘Web3’ is drawing a lot of grifts, scams and thefts. In fact, it’s such a burden on the entire concept, that one individual has managed to create a website that is entirely dedicated to keeping track of the hottest news in regards to Web3’s biggest issues. 

Web3 is going just great” is a semi-news outlet with a focus on keeping users abreast of every major incident to do with Web3 that day. It’s also a clear and concise information bank for the massive amount of terms that the industry has begun to use. 

It isn’t just useful for keeping tabs on how much money has been lost to various attacks (at the time of writing, it’s over 345 million since Feb 1st), but also to keep an eye on the various scenes and people that currently are pushing for a Web3 future.

What is Web3?

Web3 is the term used to describe the ‘next phase’ of the internet. As Web 2.0 incorporates a higher focus on self-publishing, data harvesting and social media, Web3 is about the decentralisation of things via the ‘blockchain’. 

The blockchain is a technology that uses the decentralised concept to place its database across multiple servers, rather than a singular source. Each block can’t be erased and eventually can spiral out into ‘forks’, where a new chain is created. 

Blockchain technology is currently used in cryptocurrencies like Bitcoin. 

This particular chain uses a ‘ledger’ to keep track of every transaction on the blockchain, which is why there are now variations of Bitcoin (with Bitcoin Cash being a predominant fork), as they either disagreed with the actual ledger’s status or the actual method of using the technology, splitting off to do whatever they thought was best.

Why this website?

Molly White is a developer and has done a considerable amount of work online to explain why Web3 isn’t the utopia that it is made out to be. Her resume also gives her the necessary backing to be a convincing voice against the current rise of Web3’s prominence – one it clearly does not deserve as of yet.

Why track Web3 Scams?

Web3 is currently a hot button issue, with the various technologies being used in aid of a capitalist ideal, rather than for bettering things like the internet as a whole. 

Decentralisation and anonymously using platforms can be a great boon to the current landscape of our current online climate, where data is pulled from everything. 

However, the current Web3 landscape is that of multiple scams, grifts and quick buck making. 

A great video online – though 2 hours long – details why the way that Web3 is being set up and continued use to ‘monetise’ everything via actual cash or tokens, is going to drive society into the wrong path. 

Tracking these scams and issues with Web3 now, rather than buying into the very foggy myths spawned from those deeply invested, is going to help us avoid their wanted future and hopefully, provide us with a better one.