Thread by @JessicaShieh

Tuned in to "Build Crypto: Year in Review & Outlook" w/@naval @cdixon hosted by @coinbase
@sanchans covering the following topics:

1. What is Web3?
2. Why does token matter?
3. What are NFTs?
4. Other comments on regulations, composability, zero-knowledge proof, etc.

Thread👇

1/What is Web3? (1/2)
"Open source, the user owns data (instead of being the data), contributor-owned web." - @naval

1/What is Web3? (2/2)
•Web1 - Internet governed by open protocols
•Web2 - programmable, but at the price of centralization; owned by private companies who get to make the rules
•Web3 - best of Web1&2; internet owned by users/builders orchestrated by tokens

- @cdixon

2. Why does token matter?

•Replacing individual corporations/dictators with markets
•Blockchain needs to have control over the money and have a mechanism to reward the contributor and punish the cheaters

3. What are NFTs?

Programmable objects that can be bought/sold with scarcity that is enforced by -
•Off-line enforcement entity
•Onilne enforcement by blockchain
•Online community

This area is still evolving, so NFT is going to be unrecognizable in a few years. - @cdixon

4/Regulations, Composability & Zero-Knowledge Proof (1/2)

•Regulations will impact innovation
•Composability will result in exponential growth - ability to solve it once + build on the shoulder of giants will enable growth by leaps and bounds

4/Regulations, Composability & Zero-Knowledge Proof (2/2)

•Zero-knowledge proof - A way to reveal specific properties of data without revealing the data itself.

This enables privacy, anonymity, scalability, control over your own data while enabling trust.

Very exciting space.

Quick Summary:

1. Web3 is about openness and ownership
2. Token matters because it's the mechanism that enables the market
3. NFTs are programmable objects that can be bought/sold and have enforced scarcity

Takeaway: the future is already here; it's just unevenly distributed.

Side Note: my notes on @naval's definition of NFTs are a bit shaky, knowledge was dense, and I wasn't able to capture the full quote at the moment.

Feel free to comment and add the full definition.

That's it for now! If you found this to be valuable:

1. Feel free to follow me for more: @JessicaShieh
2. If you enjoyed this, here is another similar tweet that you might find helpful on the topic of Web3:

https://twitter.com/JessicaShieh/status/1454223487766196228

Straight from @naval:

"An NFT is a unique digital object.

Scarcity is either enforced offline (like a ticket to an event), by a smart contract (like a .eth domain), or by a social contract with a community (artists, fans, punks, apes)."

https://twitter.com/naval/status/1470861425405050880?s=12