This is the final part of my series, The Black Purposes of Web3, where I post my undergraduate thesis in sections. Read the series intro.

This post corresponds to the conclusion, and is adapted closely from my original writing.

Throughout this series, we've explored Web3's promises of decentralization, ownership, and empowerment. We've heard from maximalists who see it as revolutionary, and critics who see it as a scam. We've looked at the history of Black Americans and technology, and the patterns that emerge. So can Web3 actually deliver on its promises? And if not, what might work better?

Overall, I am optimistic about the values of Web3 but slightly skeptical of its implementation and usage thus far. More specifically, its reliance on cryptocurrencies and the resulting competition amongst users in pursuit of financial gain contributes to the risk associated with participation in Web3. It seems to be a viable way for African Americans to build wealth and close the racial wealth gap, but since (dis)trust in a centralized institution is not eliminated but displaced to a decentralized algorithmic system, it could still use some improvements. I hope Web3 as it exists today can serve as a starting point for other technologies in the future that work towards a similar goal of ownership, empowerment, and cooperation, and efforts towards this have already been in the works.

In the same vein, it is important to not assume that this particular technology is inevitable in the way that many of the Maximalists tend to assert. There are some valuable principles that motivate its development, so it could be beneficial in some ways for African Americans that do decide to learn about and invest in it. However, other avenues for data ownership, privacy, and financial advancement should continue to be explored and developed.

This process should be collaborative, including multiple societal groups that could be impacted and that could contribute their knowledge, experiences, and interests. By expanding the imagination of how these empowering principles could be put into practice, inspired by the sentiment of Amiri Baraka's "Technology & Ethos,"[1] we might be able to discover more of the Black purposes of Web3.

References

1. A. Baraka, "Technology & Ethos," in Raise, Race, Rays, Raze: Essays Since 1965, Random House, 1971.