Thread by @dominic_w

Some Internet Computer | #ICP blockchain aims are less well known.

One such aim: Creating an equivalence between a bitcoin token and a social network ∞

This requires some explaining👇

A bitcoin on the Bitcoin ledger has some important key properties:

1. It's autonomous (no dependence of central parties, it just exists)

2. Ownership and control is sovereign to the key holder(s)

3. It's tamperproof & unstoppable. No hackers, govt. etc can stop it👇

Ethereum showed us that we can put more than tokens on a blockchain ledger. We can put code and data on a ledger too using smart contracts

Systems & services constructed using smart contracts – and smart contracts alone – can gain the same magical properties as a bitcoin👇

To achieve autonomy, smart contracts must either be immutable (i.e be non-updatable w/o a controller), or controlled by a DAO

A DAO is a bit like a multi-sig. It can confer true sovereignty over systems/services built using smart contracts it controls to a community👇

Sovereignty is possible because smart contracts are tamperproof & unstoppable. Autonomous code cannot be circumvented

A community can have sovereign possession of a social network built from autonomous smart contracts controlled by their DAO/democracy

Like bitcoin ownership👇

This is the true paradigm of Web3 and future of the open internet...

Users, developers and investors will share sovereign ownership of "open source" SocialFi, GameFi, metaverse and DeFi services. Many will become part of the team helping these services succeed

The challenges👇

To be like a bitcoin, a Web3 service must live entirely on-the-blockchain. If it's partly on Amazon Web Services/AWS, say, the community DAO does not have full control (whoever pays for AWS can switch if off, destroy it..)

It's not autonomous, tamperproof or unstoppable👇

So the challenge for a blockchain wishing to support Web3 services that are like bitcoins, is to host those services entirely on-the-blockchain itself

i.e... Gen III blockchains must be World Computers. They must be able to host a social network 100% on-chain, moreover👇

They must support super advanced DAOs, which are capable of autonomously configuring, updating & fixing the sophisticated smart contracts involved in creating e.g a Web3 social network, via community proposals

Complex DAOs themselves demand much of the blockchain network too👇

Once supported, Web3 services can fully decentralize, be like a bitcoin, tokenize themselves, incentivize users and developers, create richer experiences, truly create a new paradigm, and go to the moon

But how can this exciting, fully on-chain, autonomous world be enabled?👇

Enabling this essentially defines a large part of the Internet Computer project, and the multi-year R&D effort that comes from the heart of old crypto. It can only be done with true World Computer blockchain

The ICP blockchain now has the power. We inch forward re autonomy...👇

The Internet Computer blockchain is the only blockchain running under the full control of an advanced permissionless DAO - the "Network Nervous System". Community proposals that get adopted configure the blockchain, and update the Proof-of-Useful-Work machines that run it👇

This same technology is being adapted to run advanced Web3 services. There will be a new breed of DAOs called "Service Nervous Systems"

These will make it possible to make a Web3 social network, say, autonomous, tamperproof & unstoppable like a bitcoin. We are almost there...👇

The first test service, called SNS-1, was recently taken over by an SNS, and ran a decentralization sale to distribute its governance tokens. The proceeds are held by its SNS, under the control of its community

In early 2023, a new blockchain revolution will start👇

Developers of Web3 services running 100% on the Internet Computer blockchain, will propose to the NNS their services be taken over by SNSs

When successful, an SNS will take over & they'll lose ownership to the community the SNS creates. The service becomes like a bitcoin👇

This will realize objectives that have been pursued by DFINITY for years. It will unleash Web3 on an unprecedented scale

Web3 devs in places like India and China, who cannot access venture funding easily, will pursue this route, along with others - algo funding👇

Developers of services fully decentralizing won't receive the funds raised – that would be an ICO. The community/SNS keeps them. But they will be given governance tokens, and become "contractors" of the SNS DAOs that took over their service. This is imminent and will be atomic👇

DFINITY was always about using hardcore cryptography & computer science to drive blockchain efficiency, scalability, performance & capabilities

But there was also a hardcore crypto vision for updating the internet paradigm – an enduring vision predating the phrase "Web3"👇

My personal belief: this can work, and it can work big. Mass-market Web3 internet services that run in the mode of bitcoins will soon start changing the world, and we are almost there🏁🚀∞ thanks to the dedication of so many

Hold tight :) #WorldComputer #Web3 #Crypto