Oh man it'll be awesome. Decentralized applications running on someone else's hardware with no SLA or even a meaningful relationship between the application author and person(a) executing it. Terabytes of data will just sort of float on the blockchain...sorry, immutable data store. I'm sure it'll be super fast when uploading from people's residential Internet connections.
So exciting!
Genuine question, how is that different from renting a VPS or buying a Raspberry Pi and running your website on it?
What about decentralized malware?
Web3 seems like a perfect opportunity for malware applications and hosting illicit content.
Have some CSAM you want to host? Put it on Web3! Want to dox someone or leak sensitive info captured in a hack? Put it on Web3!
Edit: This also begs the question: what legal liability might one face for hosting illegal content on Web3?
The radical change here is that now anyone with some pocket change in crypto can deploy a decentralized application. We don't know how that's going to be used yet, it's still so early, but it's certainly exciting.
Web3 is a terrible name (as everyone else has already pointed out), but the magic that shouldn't get lost here is that a new decentralized internet is being born.