Thread by @cryptodraris

I read @cdixon's interview with @thegeneralistco on #blockspace.

🧵Here are my takeaways

readthegeneralist.com/briefing/block…

1/
Blockspace is space on a #blockchain where you can run code & store data.

The main difference w. traditional computing: hardware owners are no longer in control - the software is in charge of the hardware.

2/ This means that you can now write code that makes strong commitments about how it's going to behave in the future.

This opens up te space for a new wave of entrepreneurs and developers who are building new classes of applications.

3/ Blockchains are both computers and social networks.

From the computing POV, their security and performance is important.

On the other hand, blockchains need to have healthy communities focused on building in order to thrive.

4/ Fabric of blockchains.

As you more and more L1 blockchains are developed, you are going to need a way for blockchains to interoperate, send assets and messages back and forth.

Bridges are extremely important for this - the goal is to be able to seamlessly move between L1's.

5/ Blockchains are the first way you can have "state" data on the internet that is owned by a community as opposed to a corporation.

This is extremely important to make switching costs as low as possible for users. @cdixon talks about this

https://twitter.com/cdixon/status/1479920741768261633?lang=en

6/ Blockspace is a new, emerging, critical computing resource alongside traditional computing resources like bandwidth, storage, compute, etc.

If the #web3 vision plays out, this could be the most important new computing resource of the 2020s.

7/ Blockchains can be expected to follow a pattern similar to previous computing waves:

As more applications are built, there is greater demand for infrastructure. As the infrastructure gets better, that unlocks new applications.

8/ Finally, with the current market probably heading into a recession, it might be the perfect time to actually focus on what is important and try to figure out what the next killer apps are that are going to drive this wave of computing forward.

BUIDL.

9/ To wrap it all up, there is a simple framework to think about public blockchains and tokens: they sell block space.

The last year, #Ethereum has sold over $10 billion worth of block space.

10/ To purchase block space, users pay with the native token of the blockchain. On Ethereum, users pay for block space using Ether.

Within the Ethereum blockchain, this native token serves as a digital commodity.

11/ Whether you want to build a DeFi app, earn yield on $AAVE, execute a trade on @Uniswap, play a game like @AxieInfinity or flip NFTs on @opensea - you always need to have some Ether for transaction fees.

12/ Today, tokens are being used in many different ways in the digital economy. This is likely to continue in the future. Tokens allow us to invest in apps and public blockchains with strong network effects, features, and user adoption.

That's it!

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