The article reflects on the writer's early enthusiasm for Ethereum and Web3, envisioning a decentralized internet. However, it critiques the idea of Ethereum as a World Computer, highlighting its limitations such as restricted blockchain interactions and high operational costs. Instead, Ethereum functions more like a database with smart contracts. The realization of these constraints provides a nuanced understanding of Ethereum's capabilities and its role in building a truly decentralized web—contradicting the initial idealistic vision of endless potential and ownership by users.
Ethereum's model at the time suggested that this new web would run on a massive virtual computer (the World Computer), with Swarm acting as its hard drive.
One major limitation is that this machine can only interact with the blockchain-it reads data from the blockchain and can write only to the blockchain.
While the blockchain's redundant storage and redundant computation provide high security, they also come at an enormous cost.
Because of these constraints, Ethereum cannot function as a general-purpose World Computer.
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