I believe we already have all the necessary infrastructure.
The key is judicious division of what goes on-chain vs off-chain to guarantee user ownership of critical data while minimizing gas fees and maximizing scalability.
web1 maintained strong decentralization of web (http) and email (smtp) all via DNS. If a hosting provider behaved badly you could just switch your domain to point to a new IP and you didn’t lose any data or your position in the network.
The best way to keep social services in check and behaving well is to give users the power to switch services without losing any data or their position in the network.
This will also increase competition and innovation. There has been strong competition in email for decades among clients, hosting providers, security services etc. Imagine if we had rich ecosystems like this around other social services.
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(I realize it hasn’t caught on yet - I think it will eventually :))
There is nothing inherently financial about blockchains. Finance happens to be a design-rich subdomain, because blockchains can make commitments about scarcity, ownership, immutable code, etc.
But you can also make other kinds of commitments. For example, ENS makes commitments around how its namespace works and is governed.
You can’t have a situation like this with DNS where a private equity firm tried to control the entire .org tld icdsoft.com/blog/the-org-c…
Certain categories of web2 websites and apps fall into a usability-monetization death spiral. 🧵
Relying on ads and monetizing at low CPMs, the incentive is to add ever more intrusive ads to increase click rates.
User experience degrades, requiring more intrusive ads, in a downward cycle.
News sites, cooking sites, games, music, Q&A, travel, and many other web2 categories that didn’t figure out subscriptions or high-CPM business models fall into this trap.
If you read a news source that says otherwise, I’d strongly recommend going direct to primary sources.
The energy use of PoW systems (Bitcoin, Ethereum today before near-term switch to PoS) is more nuanced, but I recommend this essay from Square to understand the pro-PoW argument:
DAOs (decentralized autonomous organizations) are beginning to have real impact on the adoption of web3 products. @FWBtweets is one of the most promising, so I’m excited to share that @a16z crypto is investing in $FWB and joining the community. a16z.com/2021/10/27/inv…
DAOs are internet-native, global collectives that share resources, build products, and work together toward common goals. This breakthrough method of organizing communities and funneling creative energy is accelerating innovation in web3.
History shows that good things happen when conditions are set for passionate, brilliant people to collaborate on shared ideas. It also shows that disruptive innovations often start with hobbyists coming together to tinker on their shared interests.