---
title: "The Web3 Fraud"
url: https://daily.dev/posts/the-web3-fraud-nqy8do-pn
source_url: https://www.usenix.org/publications/loginonline/web3-fraud
type: article
source: "Hacker News"
published: 2021-12-18T11:52:30.250Z
updated: 2021-12-18T11:52:30.251Z
tags: ["crypto", "blockchain", "web3"]
reading_time: 4
upvotes: 13
comments: 4
language: en
---

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# The Web3 Fraud

**[Hacker News](https://daily.dev/sources/hn)** · 4 min read · 13 upvotes · 4 comments

## Summary

Web3 is only about adding an additional layer of complexity in the name of justifying the underlying cryptocurrencies. The web browser is augmented with a cryptocurrency wallet and part of the computation and storage is shifted from my server to the decentralized cryptocurrency infrastructure. When a user wants to use my service they will pay some amount of cryptocurrency to perform the cryptocurrency-side computation.

## Full article

daily.dev links to this article rather than hosting it. Read it at the original source: <https://www.usenix.org/publications/loginonline/web3-fraud>

## Community discussion

Top comments from developers on daily.dev.

**@mehrantm** · 3 upvotes

> Decentralized system is not a synonym for distributed system. The article doesn't make sense to me at all. This article looks like a composition of right facts with wrong conclusion. Of course any decentralized system needs DNS, domain name and server but has he ever mentioned that the nature of these systems prevents any code or data from being removed or altered after being accepted in the blockchain? In what type of other software technologies did you find this level of trust?!

**@kcmicheal** · 0 upvotes

> Insightful

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---

Tags: [#crypto](https://daily.dev/tags/crypto), [#blockchain](https://daily.dev/tags/blockchain), [#web3](https://daily.dev/tags/web3)

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