The discourse between Dominic Williams, the driving force behind Internet Computer Protocol (ICP), and economist John Tuld on X sheds light on a debate that is as much about Web3’s potential as it is about its challenges. The exchange began with Williams asserting that the primary change ICP can bring to Web3 by 2025 is to unleash mass-market utility that eliminates the hollow promises dominating the space. He criticised the prevalence of vapourware narratives and the current state of the market, where memes overshadow substance and speculation drives the majority of activity.
Williams argued that Web3 needs a paradigm shift to shed its speculative image and deliver real-world applications that resonate beyond the crypto community. According to him, this shift must focus on tangible technological utility, as opposed to the fleeting hype that characterises much of the crypto ecosystem. He envisioned ICP’s self-writing internet as the solution—a concept allowing real-time creation and updating of web applications and internet services through AI-driven interactions, independent of the usual crypto dynamics of tokens and decentralised finance.
The economist John Tuld was quick to weigh in, suggesting that ICP’s path to credibility requires major tech partnerships. While acknowledging the challenges, he pointed out the practical reality of market perception. According to Tuld, alliances with established technology companies could provide the necessary validation for ICP to gain mainstream traction. He noted that while it may seem unfair, building credibility in the Web3 space often depends on such strategic relationships.
Williams countered this perspective by drawing comparisons to Google, Facebook, and GPT, which achieved mass adoption through their product-market fit rather than partnerships. He maintained that the self-writing internet represents a quantum leap in utility, capable of reshaping how people interact with online applications. For Williams, the technology’s potential far outweighs the need for external validation, particularly from within the crypto space.
Tuld’s response, however, underscored a different reality. He argued that the competitive landscape for ICP differs significantly from that of the early days of Google or Facebook. Those platforms benefited from being novel and primarily U.S.-based, avoiding the complications of direct market competitors or associations with troubled entities like FTX. ICP, on the other hand, operates in a space clouded by scepticism and the fallout from high-profile crypto controversies. Tuld suggested that Williams might be underestimating the need for a strategic plan to address these challenges.
Williams dismissed concerns over token prices and the impact of figures like Sam Bankman-Fried, asserting that these factors hold little relevance outside the crypto community. He reiterated that the self-writing internet is distinct from tokens and DeFi, aiming to revolutionise how people create and manage digital services. According to him, the broader public cares about utility—what the product can deliver to them—rather than the internal dynamics of the crypto market.
Tuld’s parting remarks reflected his lingering doubts about ICP’s prospects. While he expressed hope for the project’s success, he emphasised the importance of trust and validation in persuading sceptical audiences to explore new technology. Tuld acknowledged understanding the self-writing internet concept but cautioned that without credibility, even groundbreaking ideas could struggle to gain traction.
This exchange highlights the broader tensions facing the Web3 sector. On one side is the idealistic vision of decentralised technology transforming the internet, and on the other, the pragmatic realities of market perception, competition, and trust. Williams’ confidence in the self-writing internet as a game-changer for Web3 reflects a bold ambition to redefine the space. Meanwhile, Tuld’s scepticism points to the challenges of achieving widespread adoption in a market still grappling with the aftermath of speculative excess and public mistrust.
For ICP, the path forward may lie in balancing these perspectives. While Williams’ focus on utility and innovation is vital, addressing concerns about credibility and perception could be equally important in realising the project’s potential. Whether the self-writing internet can indeed deliver a transformative leap for Web3 remains to be seen, but the conversation itself underscores the need for a shift from speculation to substance in the blockchain space.