Web3 (also known as Web 3.0[1][2][3]) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.
I think it is sad that blockchain technologies havent claimed their own label, hijacking tim berners lee web3.0 linked data was kind of rude and confusing, but here we are.
takeaways
- Opportunities for artists and creators to get paid directly and by secondary market
- Smart contracts define business rules without notaries, people and interpretation
- Web3 vision 2021
Blockchain
2 viable technologies, every bear market has shakedown of so called “shitcoins” created to print money (e.g. Luna terra celcius ftx)
Bitcoin
bitcoin as truly decentralised system of democratic censorship free immutability with appropriate protection. Is able to harness otherwise unusable natural resources. Will survive any other scenario than complete regulatory bans.
Bitcoin as trojan horse: get capital gains while obliterating financial privilege and promote freedom tools ( Alex Gladstein) https://www.amazon.com/Little-Bitcoin-Book-Matters-Finances
Lightning
BitcoinLightning as scalable second layer, run bank solution on private infrastructure, is payment provider without trusting third party
Ethereum
The innovative alternative to bitcoin empowering smart contracts: DAO’s and NFT’s. Recently made Change to PoS as a strong political move, now unproperly protected and now controlled by the biggest eth holders
CDBC
Government variant of Blockchain, digital successor of cash money. Could be reform, ease of saving, reform financial system, but Destined to fail: not neutral, no privacy, no independence https://twitter.com/bslagter/status/1593960414118805505
State of Web3 Industry in dec 2023
- Dominated by exchanges and brokers, mostly casinos and leveraged traders, Defi
- Followed by VC funded web3: NFT projects and big brands betting on personalisation and metaverse.
- web3 agencies supplying not projects with services
- tech org like Dorsey’s block endorsing bitcoin lightning and payment sdks
- small teams actually implementing business cases (e.g. mintblue https://medium.com/@ledgitbe/the-blockchain-of-responsibility-pattern-c04f7fa0b012 ), Opportunities in equality and access to decentralized financial services, arweave compound, flexa (tyler Spalding)
- Web3 Opportunities for artists and creators to get paid directly and by secondary market
Smart contracts
Smart contracts define business rules without notaries, people and interpretation
Need proper auditing → debugging and commenting
Cryptography
Important methods for individuals to protect against data hunger and great sovereign identity, good alternative for centralized identity providers
Metaverse
Focus on portability of property across digital space. Needs improvements