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Phil's avatar

When you write with so many buzzwords rather then layperson explanations you hinder rather then help your case. Your writing on Braintrust is a great example. Again, you hawk out "user owned" as if everyone should nod their heads when you say it.

I still can't figure out the crypto angle.

By using and referring talent to the platform, users can earn tokens. It’s never clear, however, what these tokens gate or purchase. Users on the platform may price services in terms of the token, but they’d only do so if the token has purchasing power in real terms. You write that Braintrust may offer “hints at future benefits for token holders; these might be things like educational content, free software, or coaching.” If so, the token’s price reflects the value of these services. I find it excruciatingly difficult to believe these services are worth much, so, in turn, the token isn't worth much.

You're resting the web3 use case on a tradeable loyalty program?

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Ritesh's avatar

Good overview of use-cases, and looking forward to next chapter...

One big deficiency of Web3 though, as it stands right now, is that by definition, blockchain and all the associated Web3 infrastructure (including IPFS etc) are all based on publicly publishing the information to the entire world for transparency. In real-life, while this provides some benefits with data authenticity, etc, only some very limited use-cases can be realized on top of public information alone. Data privacy/confidentiality are necessary elements for realizing most of the use-cases with real-world utility value - with or without data authenticity.

In Web2, this data confidentiality for private information is always enforced through centralized services, and there is no equivalent model available in decentralized web3. No wonder that even Web3 services prefer centralized model for any kind of confidential or sensitive information. And in spite of degenerating to a hybrid web2/web3 model, they still suck at it, and are far worse than their web2 counterparts (including most of the wallets themselves - the supposed gateways to web3 world!).

If web3 wants to realize its true potential (which is indeed enormous!), and really get ahead of web2, this is the best time to address some of these foundational elements by adopting a decentralized model for data privacy/confidentiality (which is feasible, and even better for web2 itself). Web3 really needs to take the lead on data confidentiality in decentralized way, as its a necessity there due to its decentralization promise, rather than just a nice-to-have for centralized web2.

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