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Web 3

 

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" I wish everyone was like Polygon... Truth is
They are the most widely adopted chain by enterprises... Why? " - Read more at Filippo Chisari

 

 

Credit: Filippo Chisari

(He/Him)  2nd degree connection2nd

Web3 Education for Enterprises | Linkedin Accelerator Alumni | Lecturer at Binance Master's in Blockchain & Crypto

 

WEB 3 :


Web 3 Use Cases:

  1. Metaverse

  2. Blockchain Gaming

  3. Creator Economy

  4. Decentralized Autonomous Organizations (DAOs)

  5. Decentralized Finance (DeFi)

Web3 Technologies:

Evolution of the Web3 Technologies:

  1. Web 1.0: Read (1989-2005)

  2. Web 2.0: Read-Write (2005-present)

  3. Web3 (or Web3): Read-Write-Own (Coming)

Key Features of Web3:

  1. Ubiquity

  2. Semantic Web

  3. Artificial Intelligence

  4. Spatial Web and 3D Graphics

  5. Decentralization through blockchain

Blockchain, bitcoin,

cryptocurrency, crypto, cryptography:

 

Blockchain : 

  1. Blockchain is the technology that enables the existence of cryptocurrency (among other things).

  2. A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.

  3. There are primarily two types of blockchains; Private and Public blockchain

 

Bitcoin :

  1. Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology, as we currently know it, was created.

  2. Bitcoin is a digital currency which operates free of any central control or the oversight of banks or governments. Instead it relies on peer-to-peer software and cryptography.

 

Cryptocurrency :

  1. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses cryptographic techniques and it’s protocol to verify the transfer of funds and control the creation of monetary units.

  2. Cryptocurrency, sometimes called crypto-currency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions.

  3. Cryptocurrencies don't have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units.

Crypto :

  1. Why is cryptocurrency called crypto?

  2. Bitcoin and other blockchain-based cryptocurrencies rely on cryptographic methods to maintain security and fidelity—putting the "crypto-" in the name.

Cryptography :

  1. Cryptography is the mathematical and computational practice of encoding and decoding data.

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If there’s one thing to take away from this crazy year, it’s that the biggest payments companies on the planet are embracing web3.

And building bridges connecting crypto with Wall Street and Main Street.

Web3 is here to stay. " - 
Michael Mouradian

References:

  1. Web 3.0 Explained, Plus the History of Web 1.0 and 2.0 - investopedia

  2. What is Web 3.0? Decentralized Internet Explained - coinmarketcap

  3. Making sense of bitcoin, cryptocurrency and blockchain - pwc

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Do not offer Staking Rewards! Staking is not a use case! - Sören Müller

" I know staking is very popular but in most cases it's simply a bad idea.

Yeah, I get it. Your community likes staking rewards. Lock up your tokens & receive more tokens for free. The higher the APY, the better.

What your community does not understand is that this dilutes the circulating supply with free tokens.
That results in sell pressure.
That results in a price decrease.

So your average retail investor might receive some tokens for free but whales are receiving way more supply & dumping it which leaves the retail investor with an overall loss despite more tokens.

If you offer rewards, at least connect it to a value-generating activity like referrals or similar. Anything that really benefits the project & community.
That's not a solution to completely prevent the dilution & likely sell pressure but at least it grows the community instead of offering something for nothing.

Your product is not ready? Come up with a different potential use case rather than diluting supply.

Your community demands staking rewards? Rather educate them instead.

And yes, real staking for POS is a use case. I'm talking about 1000s of projects that just reward you to lock up your token.

What's your take? " - Sören Müller

 

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