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This weekâs post mixes up the usual offerings of Crypto Sundays. I want to share a curation of 5 select articles on web3 that Iâve read over the past two months.
Itâs a wide basket of readings. Some explain crypto, some argue for or against it, and others analyze certain elements of it. For each article, Iâve included a Whatâs it about, a TL;DR, and relevant snippets.
I hope these articles push the boundaries of your opinions on web3. Happy reading!
#1: The Latecomerâs Guide to Crypto
Whatâs it about?
Kevin Roose from the NY Times writes a (very) comprehensive piece to explain what crypto actually is and correct common misconceptions.
TL;DR
Kevin claims that itâs important to understand how crypto works because it is polarizing and has a huge culture around it. Understanding the culture gives you a âgenerational skeleton keyâ:
if you do learn some crypto basics, you might find that a whole world opens up to youâŚ[It is] the single fastest way to freshen your cultural awareness and decipher the beliefs and actions of todayâs young people.
He then does an âexplain it to me like Iâm 5â for blockchains, crypto use cases, crypto regulation, etc.
#2: My first impressions of web3
Whatâs it about?
Moxie Marlinspike, co-founder of the messenger app Signal, talks about some âhidden truthsâ of web3 as they relate to centralization and infrastructure.
TL;DR
Moxie feels that, architecturally, web3 is actually more centralized than people thinkâŚ
âfrom the very beginning, these technologies immediately tended towards centralization through platforms in order for them to be realized.â
He gives examples of apps like MetaMask relying on others like OpenSea to function.
He also thinks chunks of the web3 ecosystem have taken off primarily because of a gold rushâŚ
âThe people at the end of the line who are flipping NFTs do not fundamentally care about distributed trust models or payment mechanics, but they care about where the money is.â
#3: I was wrong, we need crypto
Whatâs it about?
David Heinmeier Hansson, creator of Ruby on Rails, talks about why he flipped his stance on crypto after the Canadian trucker protests in February.
TL;DR:
David initially raised many concerns about crypto, like its price volatility, lack of decentralization, and energy usage. Then, he read about the Canadian prime minister freezing peopleâs bank accounts to quell the protest.
Authoritarian acts like these made him realize that even western Democracies need the financial freedom that crypto offersâŚ
âit's clear to me now that I was too hasty to completely dismiss crypto on the basis of all the things wrong with it at the moment. Instead of appreciating the fundamental freedom to transact that it's currently our best shot at protecting.â
#4: The Missing Link Between Web2 and Web3: Custody
Whatâs it about?
Mahesh Vellanki, co-founder of the web3 platform Rally, shares a framework to improve onboarding for new crypto users.
TL;DR
Mahesh talks about some big pain points that users new to crypto face: getting a wallet, storing secret phrases, etcâŚ
âmost people will take one look at the screen where they are prompted to write down a 24-word âseed phraseâ ⌠and decide it isnât worth it.â
He then suggests an alternative: web3 platforms should start with web2 log-in, educate users on web3 concepts like wallets, and only then bring in elements like âConnect Walletâ.
That way, you create a more comfortable user journey for those new to crypto.
#5: Planet of the Billion Dollar Bored Apes
Whatâs it about?
Evan Armstrong from Napkin Math does a deep dive into whatâs next on the roadmap for Bored Ape Yacht Club, the creators of the Bored Ape NFT collection.
TL;DR
Evan first talks about the rapid growth that Bored Ape Yacht Club, or BAYC, has experienced since inception.
He then dissects the pitch deck they used to raise $450m in March. He also shares his thoughts on their vision for creating an âinteroperable gaming metaverseââŚ
And here it is! The grand vision! Itâs a videogame metaverse! This isâŚnot new. But this video game metaverse will be interoperable! This is new!âŚmaybe.
Thatâs it for this week!
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