Surprised you are not more bullish on web3 social. IMO that will be the ultimate catalyst. As Creators become the new Movie Stars, they are going to want a protocol that gives them a favorable monetization structure, that even regular Users of platforms can get a piece of. Flips the “users are the product” narrative in favor of collective ownership and incentives participation, increasing network effects. I just wrote an article on this if you click my face. Love the article tho P
Still don't see how an NFT can grant ownership of anything real in even the digital world, let alone the physical one. To own something means to have control over it. If the NFT merely holds a pointer to the thing you own and what lives behind that pointer is not under your control then you do not own it full stop.
Problem #2
The "world wide web" (forget version numbers) was about quickening the dissemination of information. "Information wants to be free" was the promise. The lie was that while information may "want" to be free, the substrate in which that information is created, modified and persisted most definitely does not "want" to be free. We can argue economic angels fitting on heads of pins but the true problem here lies with the laws of thermodynamics that govern our universe.
Web3 on the other hand seems to be built on a foundation of ownership and monetization. Perhaps this can be seen as a nod to the fact that the utopian vision of web 1.0 was impractical?
But without a way to store immense volumes of information directly in a blockchain I fail to see how web3 can really do anything useful to justify being associated with web 1/2 technologies?
To Problem #1: It can if the system that holds the thing you own is fully decentralized and the data is encrypted. The combination of your private key and NFT is the only way of accessing it. No one else in the world can as there is no admin key. And therefore you truly own whatever data is in your digital safe that your NFT is the only key to.
How do you truly decentralize the system that holds the thing?
To do so means that that system must hold onto all things in perpetuity forever or until the true owner of that thing decides it should be destroyed. What are the costs of that? Are they even quantifiable? In a world were Moore's law (bounded by the laws of physics) eventually gives out such a system will fail.
How do you, as the true owner of that thing, tell this immortal system to actually destroy that thing? Can you even know if the thing was destroyed given that the decentralization involved means that there is no central authority to ask if the thing has even been truly destroyed?
And of course, you could not trust a centralized authority anyway. To truly own a thing, you must be able to destroy it, personally and without any doubt in your mind that the thing has been destroyed.
I am debating semantics here. Perhaps the concept of what ownership actually will have to be softened, made less.
But then the concept of ownership itself is made less. This is rooted in the fact that when pushed against a wall you can make the final decision, and that gives you power. Without that power does ownership even mean anything anymore?
It is uncertain whether web3 will justify the hype surrounding it. Several factors, including technological development, regulatory environment, user adoption, industry collaboration, and real-world use cases, will determine its success. It is important to remain cautious and observe how web3 evolves over time.
The first problem is that owning an NFT does not necessarily grant control over the underlying digital or physical asset, rendering the concept of ownership incomplete. The second problem is that Web3 appears to prioritize ownership and monetization over the free dissemination of information that was promised by the earlier versions of the internet.
The #DeSci movement is global. In fact, it started globally before Silicon Valley and their reps started paying any attention.
We also have a science publishing platform FrontierRegistry. We minted the deck as a NFT on Opensea.io / search FrontierRegistry back in February after floating it around VCs and developer grants for 6 months. Happy to continue the conversation!
There are so many cool projects that sometimes it's hard to make mental order and list them all. Great job in doing that, and thanks for highlighting all the references, they all seem foundational essays!
In Response to "When crypto touches RWA – when small business owners can source cheaper capital, when homeowners can get more competitive home equity loans, and when users can seamlessly own a piece of the products they use – regulators will be motivated to find solutions that protect people without restricting access.
As Zach Weinberg highlighted in our debate on DeFi and housing, there’s a lot to figure out to bring real world assets (RWA) online. For one, what happens in the case of default? While defaults are a rare occurrence that happen on less than 2% of loans, they will still need to be settled on paper, in courts. There will need to be hybrid solutions that mirror some analog workflows. But dealing with legacy processes for a small minority of cases in order to make the majority of cases faster, cheaper, more efficient, and more composable is a feature, not a bug."
Using web3 for won't fix "governmental corruption" .... for us to think that is as naive as thinking that have a police will stop any crime from happening.
It’s hard concept to understand how to use to the tools properly. Think more of like how police cams reduced brutality and corruption by leaps and bounds. Transparency is the enemy of corruption. Web 3 is just the best decentralized tool we currently have to run on.
Web3 is essential a public blockchain. Yes, can can create a public record ... but it can easily be manipulated to do fraudulent things (just like how it is already currently being used by bad actors - aka BTC scammers).
Just like how fraudulent activity is being "hidden" by offshore bank accounts and fake name identities (which by the way are all "public" info easily accessed by police etc), the blockchain will be just like that.
We will end up with the same governmental corruption as before :)
Please convince me how you see it solving that problem.
Web 3 will simply be hosting the decentralized open sourced software that the people make and force the politicians to use.
Do you know what The Sunflower Revolution is? It’s a lot to explain in the comment section but the gist of it is here. They keep the CCP at bay with decentralized radical transparency in government using open sourced software. If Taiwan falls it won’t be from the inside. It will only be a physical attack.
Surprised you are not more bullish on web3 social. IMO that will be the ultimate catalyst. As Creators become the new Movie Stars, they are going to want a protocol that gives them a favorable monetization structure, that even regular Users of platforms can get a piece of. Flips the “users are the product” narrative in favor of collective ownership and incentives participation, increasing network effects. I just wrote an article on this if you click my face. Love the article tho P
Problem #1
Still don't see how an NFT can grant ownership of anything real in even the digital world, let alone the physical one. To own something means to have control over it. If the NFT merely holds a pointer to the thing you own and what lives behind that pointer is not under your control then you do not own it full stop.
Problem #2
The "world wide web" (forget version numbers) was about quickening the dissemination of information. "Information wants to be free" was the promise. The lie was that while information may "want" to be free, the substrate in which that information is created, modified and persisted most definitely does not "want" to be free. We can argue economic angels fitting on heads of pins but the true problem here lies with the laws of thermodynamics that govern our universe.
Web3 on the other hand seems to be built on a foundation of ownership and monetization. Perhaps this can be seen as a nod to the fact that the utopian vision of web 1.0 was impractical?
But without a way to store immense volumes of information directly in a blockchain I fail to see how web3 can really do anything useful to justify being associated with web 1/2 technologies?
+1
To Problem #1: It can if the system that holds the thing you own is fully decentralized and the data is encrypted. The combination of your private key and NFT is the only way of accessing it. No one else in the world can as there is no admin key. And therefore you truly own whatever data is in your digital safe that your NFT is the only key to.
How do you truly decentralize the system that holds the thing?
To do so means that that system must hold onto all things in perpetuity forever or until the true owner of that thing decides it should be destroyed. What are the costs of that? Are they even quantifiable? In a world were Moore's law (bounded by the laws of physics) eventually gives out such a system will fail.
How do you, as the true owner of that thing, tell this immortal system to actually destroy that thing? Can you even know if the thing was destroyed given that the decentralization involved means that there is no central authority to ask if the thing has even been truly destroyed?
And of course, you could not trust a centralized authority anyway. To truly own a thing, you must be able to destroy it, personally and without any doubt in your mind that the thing has been destroyed.
I am debating semantics here. Perhaps the concept of what ownership actually will have to be softened, made less.
But then the concept of ownership itself is made less. This is rooted in the fact that when pushed against a wall you can make the final decision, and that gives you power. Without that power does ownership even mean anything anymore?
It is uncertain whether web3 will justify the hype surrounding it. Several factors, including technological development, regulatory environment, user adoption, industry collaboration, and real-world use cases, will determine its success. It is important to remain cautious and observe how web3 evolves over time.
To know more - https://dappfort.com/
The first problem is that owning an NFT does not necessarily grant control over the underlying digital or physical asset, rendering the concept of ownership incomplete. The second problem is that Web3 appears to prioritize ownership and monetization over the free dissemination of information that was promised by the earlier versions of the internet.
https://blocktechbrew.com/web3-development-company/
There are many of us in #DeSci.
Citing only the most centralized, funded or aligned with a16z keeps the rest of us unsung.
At FrontierDAO we are committed to fusion energy and the mitigation of climate change usin
DAO tooling and Web3 integration. Whitepaper is clickable at frontierdao.xyz
And my thesis on DAOs & Science from 2021 is here, published as a NFT on Mirror.
Why Science, Why Blockchain, Why a DAO Now? https://mirror.xyz/0x4A35674727c44cf4375d80C6171281Ba2f764213
The #DeSci movement is global. In fact, it started globally before Silicon Valley and their reps started paying any attention.
We also have a science publishing platform FrontierRegistry. We minted the deck as a NFT on Opensea.io / search FrontierRegistry back in February after floating it around VCs and developer grants for 6 months. Happy to continue the conversation!
- A Fan Of Your Writing @FrontierDAO (Paige)
There are so many cool projects that sometimes it's hard to make mental order and list them all. Great job in doing that, and thanks for highlighting all the references, they all seem foundational essays!
For protecting wallet info using zk-proofs, also see https://www.sismo.io/
In Response to "When crypto touches RWA – when small business owners can source cheaper capital, when homeowners can get more competitive home equity loans, and when users can seamlessly own a piece of the products they use – regulators will be motivated to find solutions that protect people without restricting access.
As Zach Weinberg highlighted in our debate on DeFi and housing, there’s a lot to figure out to bring real world assets (RWA) online. For one, what happens in the case of default? While defaults are a rare occurrence that happen on less than 2% of loans, they will still need to be settled on paper, in courts. There will need to be hybrid solutions that mirror some analog workflows. But dealing with legacy processes for a small minority of cases in order to make the majority of cases faster, cheaper, more efficient, and more composable is a feature, not a bug."
Check out baconcoin.com
Puts US Residential real estate onto the blockchain with stablecoin HOME and governance token BACON. Great discussions happening on discord
We should use Web3 to govern.
We could fix everything by fixing governmental corruption and regulatory capture. Let's use Web 3 for this noble cause:
https://joshketry.substack.com/p/do-we-need-to-re-infiltrate-our-own
Using web3 for won't fix "governmental corruption" .... for us to think that is as naive as thinking that have a police will stop any crime from happening.
It’s hard concept to understand how to use to the tools properly. Think more of like how police cams reduced brutality and corruption by leaps and bounds. Transparency is the enemy of corruption. Web 3 is just the best decentralized tool we currently have to run on.
Web3 is essential a public blockchain. Yes, can can create a public record ... but it can easily be manipulated to do fraudulent things (just like how it is already currently being used by bad actors - aka BTC scammers).
Just like how fraudulent activity is being "hidden" by offshore bank accounts and fake name identities (which by the way are all "public" info easily accessed by police etc), the blockchain will be just like that.
We will end up with the same governmental corruption as before :)
Please convince me how you see it solving that problem.
Web 3 will simply be hosting the decentralized open sourced software that the people make and force the politicians to use.
Do you know what The Sunflower Revolution is? It’s a lot to explain in the comment section but the gist of it is here. They keep the CCP at bay with decentralized radical transparency in government using open sourced software. If Taiwan falls it won’t be from the inside. It will only be a physical attack.
https://joshketry.substack.com/p/the-case-for-building-a-new-open