1/ What people get wrong about web3 (and why it will win anyway). 🧵
2/ Web3 promises “the future of the internet.”
That’s a lot of hype to live up to. Claims like that, however true they might be, open web3 up to criticism from haters and skeptics.
Let’s separate facts from the hype.
That’s a lot of hype to live up to. Claims like that, however true they might be, open web3 up to criticism from haters and skeptics.
Let’s separate facts from the hype.
3/ First: What is web3?
Web3 fundamentally alters our relationship with data and ownership on the web.
How? By decentralizing and open-sourcing information.
Web3 allows peer-to-peer networks to freely share and interact with code, data, and contracts—unlocking novel use cases.
Web3 fundamentally alters our relationship with data and ownership on the web.
How? By decentralizing and open-sourcing information.
Web3 allows peer-to-peer networks to freely share and interact with code, data, and contracts—unlocking novel use cases.
4/ Web3 also enables developers to connect decentralized apps (dapps) and user data via networks of open-source code.
What it means: You’ll enjoy integrated and customized experiences across the internet, taking all your info and assets along with you.
What it means: You’ll enjoy integrated and customized experiences across the internet, taking all your info and assets along with you.
5/ The result: a fundamental shift towards decentralization. The disintermediation of institutions like banks, record labels and wholesalers. The adoption of new data structures for the web.
But how far will we go? And what are the costs?
Here’s what people get wrong. 👇
But how far will we go? And what are the costs?
Here’s what people get wrong. 👇
6/ “It’s expensive”
Blockchains cost money to operate, it’s true. Transactions have to be validated across a distributed network of computers.
And some of those network fees are prohibitive, especially when floods of transactions are bogging down the system.
Blockchains cost money to operate, it’s true. Transactions have to be validated across a distributed network of computers.
And some of those network fees are prohibitive, especially when floods of transactions are bogging down the system.
7/ But we're making progress.
-Emergent low-fee networks: $SOL, $MATIC, $AVAX, $XTZ (many more)
-Increased cross-chain compatibility ($DOT, $ATOM, etc)
-Eventual Ethereum upgrades to mitigate costs
Web3 will eventually be supported by an abundance of affordable blockchains.
-Emergent low-fee networks: $SOL, $MATIC, $AVAX, $XTZ (many more)
-Increased cross-chain compatibility ($DOT, $ATOM, etc)
-Eventual Ethereum upgrades to mitigate costs
Web3 will eventually be supported by an abundance of affordable blockchains.
8/ Fact: the majority of web3 benefits are free.
-setting up a crypto wallet
-signing contracts
-logging in across the internet with your web3 tokens
-viewing public ledgers of transactions
-interoperability of your tokens
You don’t need a $100k NFT to benefit from web3.
-setting up a crypto wallet
-signing contracts
-logging in across the internet with your web3 tokens
-viewing public ledgers of transactions
-interoperability of your tokens
You don’t need a $100k NFT to benefit from web3.
9/ “It’s unsustainable”
Validating the network today costs too much energy, period. But major technological advancements require investment.
If we halt progress due to energy consumption, we may as well shut down the economy in its entirety—from Apple to Amazon.
Validating the network today costs too much energy, period. But major technological advancements require investment.
If we halt progress due to energy consumption, we may as well shut down the economy in its entirety—from Apple to Amazon.
10/ We can’t make excuses. We have to make quantifiable progress here, and in fact, we are. Ethereum’s recent deflationary transition from proof of stake to proof of work has hugely reduced energy costs.
Every day the technology gets better and more efficient. We are early.
Every day the technology gets better and more efficient. We are early.
11/ “It’s insecure.”
Skeptics are concerned: "Can my data be manipulated? Hacked?"
Fair questions, considering we’ve always been taught to only trust institutions with our data.
Skeptics are concerned: "Can my data be manipulated? Hacked?"
Fair questions, considering we’ve always been taught to only trust institutions with our data.
12/ Crypto means we’re more responsible than ever for the security of our assets.
It’s also early enough that we’re significantly vulnerable to phishing attempts and security flaws.
(here’s a thread with some advice on the matter)
It’s also early enough that we’re significantly vulnerable to phishing attempts and security flaws.
(here’s a thread with some advice on the matter)
https://twitter.com/chriscantino/status/1445084855549579264
13/ Fact: blockchains promise a fundamental upgrade to security, simply by removing third parties from the equation.
Centralized companies, from Facebook to Wells Fargo, hold your data behind inaccessible vaults.
Blockchains make your transactions public.
Centralized companies, from Facebook to Wells Fargo, hold your data behind inaccessible vaults.
Blockchains make your transactions public.
14/ “Everything will be decentralized.”
No. Decentralization presents its own challenges.
Can all businesses succeed if governed by shareholders? Do all transactions and assets need to be public?
Web3 promises a more decentralized world—but not an entirely decentralized one.
No. Decentralization presents its own challenges.
Can all businesses succeed if governed by shareholders? Do all transactions and assets need to be public?
Web3 promises a more decentralized world—but not an entirely decentralized one.
15/ “It’s inaccessible.”
Accessibility is probably the most valid critique of web3.
The learning curve is steep. Developers have not figured out how to mainstream skeptical users. There are many obstacles to overcome, and it is early days.
Accessibility is probably the most valid critique of web3.
The learning curve is steep. Developers have not figured out how to mainstream skeptical users. There are many obstacles to overcome, and it is early days.
16/ However, some of the brightest talent in the world is entering web3, and the ecosystem is receiving billions in venture capital.
Web3 onboarding is getting more mainstream by the day. Companies like @rainbowdotme do an exceptional job.
Web3 onboarding is getting more mainstream by the day. Companies like @rainbowdotme do an exceptional job.
17/ “It’s niche.”
An unfair criticism. Web3 enables broad, undeniable utility.
-one login across the web
-disintermediation of third parties
-secure, instant contracts
-stakeholder voting power
-monetization for artists & creators
Web3 promises something for everybody.
An unfair criticism. Web3 enables broad, undeniable utility.
-one login across the web
-disintermediation of third parties
-secure, instant contracts
-stakeholder voting power
-monetization for artists & creators
Web3 promises something for everybody.
18/ Important: Understand that the “composability” of web3 will accelerate of software development and innovation unlike anything we have seen before.
What’s composability?
Composability means that web3 apps are interoperable. Networks that were closed, are now becoming open.
What’s composability?
Composability means that web3 apps are interoperable. Networks that were closed, are now becoming open.
19/ Composability means developers can take existing programs, and build on top of them. This open code and interoperability enables a multitude of use cases:
-improving existing dapps
-connecting various dapps to each other
-developing new standalone dapps
-improving existing dapps
-connecting various dapps to each other
-developing new standalone dapps
20/ Web3 enables us to trust and verify. To build superior platforms. To help create the building blocks for a more democratic society.
It is a Swiss Army Knife for the internet.
It is a Swiss Army Knife for the internet.
21/ Thx for reading.
If you liked this thread, follow along @chriscantino to learn more about web3 and crypto.
If you liked this thread, follow along @chriscantino to learn more about web3 and crypto.
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