10/ Yes technically there will be some fake accounts here and there.
Anyone who wanted to could maybe make a few accounts by attending connection parties and keeping it low key, but the effort would be futile for the most part.
11/ Now there's no worry of bot automation or evil scripts taking over resources, privileges, protocols, etc.
By using BrightId as the verifier of unique human identity, projects can be sure that their products are bot/spam resilient for the most part.
12/ For example, Rabbit Hole, a web3 app on which you get paid to learn, uses BrightId to verify that only unique identities are using the product.
That way, the total rewards for a certain task are fairly distributed.
It's now possible to ensure your x rewards are going to x unique humans/users without having to know and collect the details of your data.
14/ Another example is the BrightId discord bot.
Servers can require accounts to get verified by the BrightId in order join specific channels. This keeps conversation spam free and the community safe.
15/ As more users join BrightId and more projects use BrightId, the graph continues to get larger and resilient.
The beauty of BrightId is that any app or user can create their analysis methods as they desire.
This leads to open innovation and improvements on analysis methods.
16/ Some other interesting use cases I see are for NFT projects being able to execute a fair mint (1 person = 1 mint).
Also for ensuring unique votes in DAOs and online groups.
17/ This takes care of Plutocracy, power derived from wealth, as well.
Now, with BrightId, we can finally get a true "1 vote for everyone".
Regardless of your stance on UBI, it's interesting to think that through BrightId, a crypto UBI becomes realistic.
18/ BrightId can prove your unique identity on not only web3 products, but web2 as well.
For example, one of the biggest apps connected to BrightId is the company Gitcoin.
19/ It's also worth noting BrightId brings us closer to @balajis idea of a pseudonymous economy - the idea that you can have separate names to earn, talk, learn, etc.
By a greater adoption of BrightId, we'll see and use a much safer internet.
20/ In my opinion, the main way BrightId can truly become a ubiquitous solution to the bot problem is by convincing the best projects out there that they need BrightId.
The more BrightId can partner with the most popular apps, the more its social graph grows.
21/ If you are interested to learn more about BightId, look into their DAO and token as well.
22/ Also check out @UBIpromoter podcast with DeFi Download. He discusses BrightID in detail and gives reasoning for why he's so bullish on the idea.
1. Takes a stab at the unique identity problem 2. Building out a decentralized social graph 3. Becoming the "sign-in" of web3 4. Physical to Metaverse 1:1 mapping
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1/ 🚨GET HYPED🚨 The Fed is still ignoring inflation. Time for pt 2 of this bull run meaning more folks looking up "What is #btc"? Here's a megathread of the best #btc material. RETWEET! Crypto Twitter I'm almost at 1k followers, help me out :)
🧵 👇👇
NOTE: Twitter only allows 25 tweets per thread so this is just part 1! I have another ~20 resources in part 2 which I will be releasing tomorrow. Please follow to make sure you don't miss it.
2/ Remember, the media wants you to focus on the volatility of bitcoin’s price. It’s become mainstream to look at charts. If you’re new to bitcoin, the number one thing you can do is focus on education instead of price.
1/ Money is taken for granted today, but have you ever stopped to think about why we need money? The answer seems so simple, yet few are able to explain the reasoning. Let’s discuss how the inefficiencies of bartering led to the rise of money. 🧵
2/ In grade school, lunch time in the cafeteria would be like a trading floor on Wall St. I would give my friend a Cheeto in return for a Dorito. Others were trading Oreos for Cheez-Its. The possibilities were endless and the times were crazy!
3/ Those moments demonstrate what bartering is: the direct exchange of commodities. Notice how I got exactly what I wanted (i.e. Dorito) and my friend got exactly what she wanted (i.e. Cheeto). There was no money involved and we were both happy! So why don’t we do this today?
2/ Point #1: "Right now, whales on the long-standing crypto exchange Bitfinex have amassed one of the largest collective long positions ever."
3/ Point #2: "Past data shows these signals are rarely incorrect and that watching for what positions whales take can help to understand when the tide is about to change."
1/ Money is not just what you give at the cash register in return for some coffee. Rather, money actually evolves through different use cases. To explain the stages of money, let’s compare it to a relationship (yes, you read that right). 🧵
2/ Typically, the first part of any relationship starts with the honeymoon/talking phase. Both people are first physically attracted to each other and like the idea of being together. Essentially, it’s the discovery process where attractiveness stems from a few, basic properties.
3/ This translates to the phase of money known as: Collectible. Money starts off as an item that has unique enough properties for people to have a desire to collect & hold (i.e. beads, shells, etc). No one knows if item x is going to be the next ubiquitous form of money or not.