1/ Takeaway from ETHcc #4: identity is the next big problem to crack
3 big identity moments: 1. @VitalikButerin mentioning login with Ethereum + attestation 2. @StaniKulechov's talk on credit delegation re: reputation 3. increasing mentions of Proof of Humanity
2/ Login with Ethereum is something that we already do today, but needs to be seen as its own Web3 primitive
We log in with our MM to dapps and NFT project UIs. All of our data is self-custodied and composable (balances, token/NFT holdings, gated UXs)
3/ We can expand this use case into something greater. What if our ETH addresses were the gateway to all of Web3?
And we can permission access to our information into different Web3 apps: social media, financial services, healthcare even...
Vitalik mentions this in his talk
4/ You all know my soap box about decentralized social media, which in the context of Identity is only a small use case for what we can use our self-custodied information underneath our ETH address
Web3 social media is a UI that reads our wallet data
5/ Add in the attestation of PoH, @poapxyz, other NFTs as affinity/loyalty/signaling that wallets become full-fledged profiles that showcase more about an individual than any Web2 platform can do right now
Link to Vitalik talk here
6/ In @StaniKulechov's talk about credit delegation, an easter egg came at the end during the Q&A
When asked about reputation, topic of building reputation tokens came up: borrowers of credit delegation prove their good track record + get access to undercollateralized credit
7/ Aave is also thinking about decentralized social media, so it's possible that these reputation tokens can be multi-purpose: for a purely financial use case (good credit score), for a consumer use case (think karma for Reddit), and for DAOs too
10/ This comes on the back of an English petition for "verified social media accounts" to prevent astro-turfing, troll accounts, and hate speech online
Really fascinating problem space rn
/thread
img src: NYT
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2/ First growing pain: getting voter active participation
some DAOs' progress grinded to a halt due to voter apathy - something that's endemic in any pure democracy (see: Ancient Greece, modern day Switzerland)
1/ ETHcc takeaway #2: NFTs and DeFi are rapidly colliding together
NFTs have seen a resurgence since its peak earlier this year led by new pfp projects like BAYC, generative art like @artblocks_io, 1/1s like @Ghxsts
And I don't need to restate the crazy punk pump today lol
2/ Now NFT holders are facing the same problems that early crypto holders xp'd, esp those who have a big portion of their net worth in digital assets:
+ how do i get liquidity for my holdings
+ how get i get value generated from my NFTs
that's where the power of defi comes in
3/ liquidity
NFTs are illiquid assets. @nftx and @NiftyMuseum created pools that basically tokenized NFTs 4 easier buying selling + swapping
@genie_xyz takes it 1 step further: an aggregator for NFTs, routing to any liquidity source - even os or fnd - for the best order fill
2/ For context, there are 9 1/1 Cool Cats that exist — of which 7 are already owned by existing cat holders
Of the two that aren't released yet (the devil cat, and the golden lucky cat), the Cool Cats team will give them away to the community
3/ These cats fetch the prize of 50+ ETH. Winning 1 would be life-changing for some (me)
I put together a proposal that could simultaneously:
+ give some1 life-changing money
+ ensure the lucky cat is a focal point of the community
+ make sure the cat has exposure to the world