Unsurprisingly, the value of both Bitcoin and Ethereum coins has skyrocketed. The prospect of an Internet of Blockchains comes at a time when increasing numbers of users distrust the centralized Internet. Big Tech oligarchs use aggregated data of individuals as levers to create barriers to entry for emerging competitors. Hackers threaten the security of the critical infrastructure by stealing data with impunity.
The decentralized Internet of Blockchains distributes the power of information to individuals and communities, removing the honeypots of large data stores that attract hackers. Gavin Wood, a pioneer of Web 3.0 and the founder of Polkadot, sums it up with a clarion call, for Web 3.0 to be an executable Magna Carta–”the foundation of the freedom of the individual against the arbitrary authority of the despot.”