Solana Ventures announced a $100m fund to build decentralized social media protocols on #Solana in partnership with @alexisohanian's fund 776 Capital.
Alexis is the founder of @Reddit (r/wallstreetbets' home) & owner of cryptopunks & a @SolanaMBS.
This is groundbreaking...🧵👇
Alexis is the founder of @Reddit (r/wallstreetbets' home) & owner of cryptopunks & a @SolanaMBS.
This is groundbreaking...🧵👇
Before we begin the summary, this thread is part of a collab with @sinoglobalcap's @sallywang666 & @cryptoflowpost's summary of @solanaconf. They've covered the rest of Solana Conf highlights in great detail.
You can see the summary thread here:
You can see the summary thread here:
https://twitter.com/sallywang666/status/1458481584315584517?s=20
Back to the thread.
Alexis also bought cryptopunk #2950 for wife tennis legend @serenawilliams, who I have to mention because I love her, the sport and her cryptopunk.
Already you can see Alexis is a champion of sorts for crypto adoption. WAGMI.
Alexis also bought cryptopunk #2950 for wife tennis legend @serenawilliams, who I have to mention because I love her, the sport and her cryptopunk.
Already you can see Alexis is a champion of sorts for crypto adoption. WAGMI.
https://twitter.com/alexisohanian/status/1437572963495206916?s=20
Alexis starts by telling us "This is big. You know, the building of a new internet...".
Probably nothing.
They then talk about how @rajgokal got banned from @twitter for responding how any of us would if someone challenged our sacred "gm" ritual to our face.
Probably nothing.
They then talk about how @rajgokal got banned from @twitter for responding how any of us would if someone challenged our sacred "gm" ritual to our face.
This episode illustrated the trade-off of using centralized Web 2.0 social media: censorship.
Another trade-off is how current social media products are designed to maximize ad revenue.
They are designed to reel you in to as many ads as possible. Users harvested for revenue.
Another trade-off is how current social media products are designed to maximize ad revenue.
They are designed to reel you in to as many ads as possible. Users harvested for revenue.
This is where this new partnership to build decentralized social media apps comes in.
New decentralized protocols can be something different. They can be built around & reward user and community needs instead.
There's only 5-10 companies doing this but there should be 100 alrdy
New decentralized protocols can be something different. They can be built around & reward user and community needs instead.
There's only 5-10 companies doing this but there should be 100 alrdy
Why are they building it on Solana? Well Alexis highlights that great user experiences almost end up winning.
How a product makes customers feel is key. Then the punchline:
"We can do more things on Solana... I'm not a maxi but...
How a product makes customers feel is key. Then the punchline:
"We can do more things on Solana... I'm not a maxi but...
...we can do things that make so much more sense to create that amazing user experience people have come to expect. And that's what wins at the end of the day."
It's true, once you use Solana its incredibly difficult to go back to $200 gas fees and 1-5 minute confirmations.
It's true, once you use Solana its incredibly difficult to go back to $200 gas fees and 1-5 minute confirmations.
This is coming from someone who invested in Ethereum, owns Cryptopunks and highlights something I am a big believer in: keeping an open mind, trying new things even if they are built on different blockchains. I've said as much on previous threads:
https://twitter.com/sainteclectic/status/1437381461083107329?s=20
Now for the inspirational part. Alexis tells us that the Web 3.0 era will define the internet. This is the phase where users get rewarded for the time and effort.
Where people buy things on the internet that they own.
Where content creation and community building get rewarded.
Where people buy things on the internet that they own.
Where content creation and community building get rewarded.
Farewell Web 2.0, we hardly knew ye.
This concept of combining community & capital & building products that support that is ultra powerful. Wall Street Bets is the most visceral example but Web 3.0 is the next wave.
This concept of combining community & capital & building products that support that is ultra powerful. Wall Street Bets is the most visceral example but Web 3.0 is the next wave.
Already we are seeing a power shift from top down to bottom up where people gather online, communicate @ scale for free and when aggregated can move markets, if coordinated.
Now we get to rethink that system.
Now we get to rethink that system.
Indeed when we think back to the Raj example, we saw a flurry of community members change their pfp and rally the troops demanding his release with cries for #freeraj #justice4raj & #rajagainstthemachine
Power to the people / @degenapeacademy apes indeed.
Power to the people / @degenapeacademy apes indeed.
Crypto is a huge part because it provides an incentive & reward for people's effort & creativity that wasn't there before. It will lead to better money, better art and as Alexis eloquently puts it: "we will see a literal rnaissance happening because of what's being built here."
At the very least, it'll help @rajgokal get off twitter & centralized social media.
@LadyBossApe @c0inmatrix @realcryptotem @munkionpluto @blocmatesdotcom @mcmanager @mdudas @sallywang666 @thugbirdz @pablocorrea @blokculture @gmoneyNFT @BoardApes @jmt_nft @kidfromcruces @solboyz @NewDumbMoney @0x1dad @vladtoni @timsamoylov @rawrXBT
@DigitalxMisfits @jakeudell @TheDeadstockOG @boredgentleman @CapetainTrippy @degen_inc @jemmmyjemm @MilstGuga @CryptoMagellan @0xCelon @0x1dad @vladtoni @0x_thug @CamTuff_ @SollyTheSolApe @solboyz @whyteuk @allaboutdatass @DegenArmstrong @SolanaLegend
• • •
Missing some Tweet in this thread? You can try to
force a refresh
