Web3: The Next Evolution of the Internet
The internet is changing, and Web3 is leading this shift. But what exactly is Web3, and why does it matter?
At its core, Web3 is a decentralized internet powered by blockchain technology. Unlike the current version of the web, where large corporations control data and platforms, Web3 focuses on user ownership, security, and transparency.
Key Features of Web3
🔹 Decentralization: Instead of relying on central servers, Web3 operates on a distributed network.
🔹 Blockchain-Based: Transactions and interactions are recorded on a secure, tamper-proof ledger.
🔹 Smart Contracts: These self-executing agreements eliminate the need for intermediaries.
🔹 Digital Ownership: Users control their own data, assets, and online identities.
🔹 Enhanced Privacy: With cryptographic security, Web3 minimizes the risks of data breaches and unauthorized tracking.
While Web3 is still in its early stages, its potential to reshape industries—from finance and gaming to social media—is undeniable. However, challenges like scalability, regulation, and user adoption remain.
Do you think Web3 will revolutionize the internet, or is it just another tech trend? Share your thoughts!
#Web3
some personal news: we're having our first baby
we expect him (!!) to come in early march and i'll be more offline than not for the month after, then reducing travel this year. excited to bring another builder into the world.
the @base core team is full steam ahead.
Excited to formally announce @AbstractChain to the world.
We're working alongside some of the best teams in this space to build the infrastructure that will push the next wave of consumer crypto applications forward.
Mass cypto adoption coming soon.
Pro tip for the bull market:
Don't get upset because someone else has made more money than you from crypto
We're all running our own race and comparison is truly the thief of joy - just enjoy the ride instead of coping over things that have no relevance on your life
While I'm ranting:
- crypto's issue is not UX, regulation, or interoperability — it is misaligned incentives. I have 100% conviction on this.
- this incentive problem then causes other downstream issues
- most notably people trying to sell the tech upwards from their bags vs. working backward from real problems that exist
- equally as important, people get rich from exploiting different ways to rotate money vs. actually creating any value. This is not exclusive to crypto but it is at least 90% of the industry vs. in other industries there's at least some production of goods and services
- 90% of crypto vcs are not vcs, they are mimetic swing traders with an office and 2 blog posts
- the incentive problem also causes mass mimetic syndrome where being consensus is valued more than being contrarian and right. This is made worse by tribalism (which again is downstream of incentives)
- actually good ideas rarely seem like good ideas at first and since everyone is mimetic, we just parrot around mediocre ideas because of bag alignment and no tie to reality
- this is particularly bad while we havent found a variety of use cases. it's the crazy founders with bad sounding ideas (at first) that generally create categories
- and even if those founders were to do that, they will get demotivated by everyone else getting insanely rich from subpar ideas that will die due to their inherent ponzi mechanics
- then what you have left are predominantly value extractors who parrot literal nonsense with 0 coherence
- which then makes it harder to attract new builders
- which then makes innovation much harder
To fix crypto, you have to fix incentives