What I'm Reading

📗 5 articles on web3 that I recently read and recommend

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This week’s post mixes up the usual offerings of Crypto Sundays. I want to share a curation of 5 select articles on web3 that I’ve read over the past two months.

It’s a wide basket of readings. Some explain crypto, some argue for or against it, and others analyze certain elements of it. For each article, I’ve included a What’s it about, a TL;DR, and relevant snippets.

I hope these articles push the boundaries of your opinions on web3. Happy reading!

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#1: The Latecomer’s Guide to Crypto

What’s 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 it’s important to understand how crypto works because it is polarizing and has a huge culture around it. Understanding the culture gives you a “generational skeleton key”:

if you do learn some crypto basics, you might find that a whole world opens up to you…[It is] the single fastest way to freshen your cultural awareness and decipher the beliefs and actions of today’s young people.

He then does an ‘explain it to me like I’m 5’ for blockchains, crypto use cases, crypto regulation, etc.

Here’s the full article.

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#2: My first impressions of web3

What’s it about?

Moxie Marlinspike, co-founder of the messenger app Signal, talks about some ‘hidden truths’ of web3 as they relate to centralization and infrastructure.

TL;DR

Moxie feels that, architecturally, web3 is actually more centralized than people think…

“from the very beginning, these technologies immediately tended towards centralization through platforms in order for them to be realized.”

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 rush…

“The 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.”

Here’s the full article.

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#3: I was wrong, we need crypto

What’s 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.

DHH @dhh

"I still can't believe that this is the protest that would prove every Bitcoin crank a prophet. And for me to have to slice a piece of humble pie, and admit that I was wrong on crypto's fundamental necessity in Western democracies."

world.hey.comI was wrong, we need cryptoTo say I’ve been skeptical about Bitcoin and the rest of the crypto universe would be an understatement of epic proportions. Since the early 2010s, some of my most ferocious Twitter battles have been against the HODL army with the laser eyes. There’s just so much to oppose: Bitcoin’s grotesque energ…

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 people’s bank accounts to quell the protest.

Authoritarian acts like these made him realize that even western Democracies need the financial freedom that crypto offers…

“it'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.”

Here’s the full article.

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#4: The Missing Link Between Web2 and Web3: Custody

What’s 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, etc…

“most people will take one look at the screen where they are prompted to write down a 24-word “seed phrase” … and decide it isn’t worth it.”

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 “Connect Wallet”.

That way, you create a more comfortable user journey for those new to crypto.

Here’s the full article.

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#5: Planet of the Billion Dollar Bored Apes

What’s it about?

Evan Armstrong from Napkin Math does a deep dive into what’s 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 “interoperable gaming metaverse”…

And here it is! The grand vision! It’s a videogame metaverse! This is…not new. But this video game metaverse will be interoperable! This is new!…maybe.

Here’s the full article.

That’s it for this week!

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