Who Is Going To Own #Web3? – (Chris Coney) WCSS:027

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November 16, 2023


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Talking points: I’ll define all the various terms as we go but… This discussion is going to explore the paradox between: The fact that Web3 development needs funding (we can't expect it all to be done by volunteers)
Large VC funds create a point of centralization
How can we still make money as individual investors? You know how we do this by now, to make sure your understanding is thorough we start general and then go specific.
So let’s lay down the basics. When we say Web3 what do we mean?
Web1 was the static web, which would be more akin to a broadcast media where major media companies simply used the web as another way to distribute their content.
Web2 is what we are on now, the interactive web which consists of a co-creative process between vendor and user.
We used to formally refer to this as ‘user generated content’.
Facebook contains mostly user generated content but you can also post links to professional generated content from an external blog or media company.
The comments section at the end of most news articles would be considered user generated content because those people are effectively adding additional content to the same page the article appears on.
Then users can also create their own content as a simple Facebook post or more formally as a blog.
Web3 is all of that but decentralized. It’s often referred to as the decentralized web.
This is yet another step away from Web1 where the web was just a broadcast media used by large corporations with a traditional ownership structure.
Web2 is largely still powered by large corporations but 2 elements of control started to slip away from them.
One was the monopoly on the content (since users could add to and even challenge what was said by posting their own comments)…
And the other was that the web provided a billion dollar infrastructure for new companies to start up and compete with the large corporations.
The flaw in that model is that many of the big tech companies who run the web today became that way by buying up the successful startups and centralising power in one place.
Investors made money off of this by privately funding these tech startups or by investing in the IPOs of Google and so on.
So that’s a quick bit of back story.
What’s starting to rumble now though is a conversation about who is going to own web3?
How can you have a decentralized system if you have a bunch of early investors controlling a load of shares and making the decisions?
It’s the old adage that “whomever pays the piper calls the tune”, meaning any given organisation is accountable to whomever pays them.
For Facebook that would be their shareholders and their advertisers, not their users.
And I’m not just picking on Facebook it’s the same for other big tech companies as well.
And I’m not saying there is any evil intent going on, it’s simply a function of the system they exist within and the incentive structure that existed at the time.
The joker in the pack here seems to be Jack Dorsey, the CEO of Twitter, because he keeps talking about funding things like a decentralized open source social network, building innovations on top of Bitcoin and so on.
And that’s leading people to question how a silicon valley CEO can funnel research and development money into a new infrastructure that makes people like him and his investors less powerful?
VC funds have always been a big deal when it comes to tech startups, everyone knows that.
It’s traditionally been considered a high risk, high reward play, because hell, you might end up with a share in the next Google, and all you have to do is put your money in a VC fund and then let the experts find the next unicorn.
With Web3 though the VC fund is being re-imagined using crypto and blockchain technology.
Depending on how long you’ve been in crypto, you may or may not have heard of “The DAO” which was the first major attempt to create a decentralized VC fund.
The short version of the story is that $150m was invested using the Ethereum network, a hacker exploited a flaw in the code and started draining it of all it’s money.
That ultimately led to Ethereum splitting into two networks, Ethereum and Ethereum Classic.
Ethereum Classic is the original version of Ethereum with the flaw and the so called ‘theft’ left in tact, with the belief system that code is law, and the Ethereum network we have today is the version of Ethereum that was rolled back to before The DAO was drained in order to recover everyone's money.
So that one didnt even get off the ground.
The idea though was to pool everyones money into this decentralized VC fund instead, make investments and share the profits, rather than all the individual investors doing their own thing.
The concept isn’t new, there are investment clubs all over the world, but the innovation was doing it all with smart contracts. The Cryptoverse features reading the news from various sources. Each episode lasts approximately 15 minutes and includes my moral, ethical and philosophical interpretation of current events. If you’d like to be kept up to date on Bitcoin, cryptocurrencies and blockchains by someone who believes in the free market, equality of opportunity and the value of education then subscribe to The Cryptoverse today. Video Source https://www.youtube.com/watch?v=9fwRpNErGRw

Crypto Currency Resources & Recommended Products

The following lists are tools and resources that I put together to help anyone that is interested in crypto get a head start. It can be quite daunting when you first get into cryptocurrencies. There is some much information out there and some much uncertainty.

Disclaimer This new crypto movement is an economic revolution. While it may be an exciting time to get started with crypto currencies, this digital gold rush has a plethora of bad information out there. The recommended products below are based on my own experience with my own personal use of these products.

Disclaimer: I am not a finical advisory. I do earn a small commission if you choose to purchase any of the recommended products below. Please make sure that you do your research before you purchase any Cryptocurrencies related products or services.


Crypto Currency Wallet & Coin Exchange

Coinbase is one of the worlds leading cryptocurrency wallets. It also gives people the option to purchase and trade digital currencies like that of Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum and Litecoin.

Coinbase popularity stems from its ease of entry and exit from the cryptocurrency world. It's pretty quick to get set up and start investing in digital currencies. Get $10 FREE Bitcoin {BTC} when you spend $100 with our referral link.

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Cryptocurrency Exchange

Binance is one of the worlds fastest growing cryptocurrency exchanges. Because of its trading volume and the number of altcoins it trades it will be one of the worlds biggest crypto exchanges in the world.

While Coinbase is still the easiest way to get into cryptocurrencies, Binance trades a lot more Altcoins compared to that of Coinbase. If you want to purchase Altcoins like Cardano ADA, Ripple XRP, Steller Lumens, TRON, Dash and Monero then Binance is your first port of call. 

In order to trade here, you must hold some cryptocurrencies first. So it's best to purchase some Ether or Litecoin from Coinbase and transfer it too Binance.

Click Here Watch A Tutorial Guide On How To Use Binance.



Cryptocurrency Hardware Wallets

One of the most popular Hardware Cryptocurrency wallets is that of

Ledger Nano S. The Ledger hardware wallet provides a secure offline solution for cryptocurrency traders to store their digital data. 

Commonly knowns private keys the Ledger hardware wallet gives users a multi cryptocurrency offline storage solution. Because of essential, these hardware wallets are similar to that of a USB key, it provides security by hosting the private keys offline making them difficult for hackers to access your cryptocurrencies.

It hosts some of the more common crypto coins but also some fewer know Altcoins Bitcoin Gold, Ark, Bitcoin, Bitcoin Cash, Digibyte, Dash Dogecoin and Ether.

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Digital Crypto Currency Wallet 

The Exodus Wallet is desktop cryptocurrency storage solution. It can be used with Mac and PC which has compatibility with a popular cryptocurrency exchange called Shapeshit. Which gives the user the ability to trade cryptocurrency with in the Exodus Wallet.  This feature alone makes the Exodus wallet a very popular choice with beginner crypto traders.

The interface is very intuitive making it very easy to understand and use for anyone that's starting out with investing in cryptocurrencies. The Exodus Wallet is one of the most popular lite wallets, even with a number of crypto storage assets, it doesn't require your system to download the complete blockchain.

While the Exodus Wallet is free to download and a very secure piece of software, please note that it does take between 1-3% fee with the exchange of cryptocurrencies. Click Here To Watch Walk Through Video On The Exodus Wallet.


Cryptocurrency Browser

The Brave Browser is just like most web browsers, it allows you to surf the web, find videos, websites and allows you to download content from the web. But with a few difference with it's set up compared to that of Google Chrome. It was set up by the same creators as that of Mozilla, basing their software on open source code similar to that of Google Chrome.

Brave has in built ad blocking technology to stop intrusive ads. It also integrates with the cryptocurrency Basic Attention Token {BAT} to pay users for their attention for displaying less intrusive ads.

Brave keeps 15% of the less intrusive ads, giving content publishers 55% per cent which is good for bloggers and vloggers, last but not lease even users of the Brave browser will receive 15% off the revenue. It also gives users the option to donate BAT to content creators or sites they love.

One of the striking features of the Brave Browsers is that it removes a ton of tracking pixels which cause websites to load slower. This gives you a much faster experience when visiting websites online


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