Weekly learning round up 🕸️🕸️🕸️
Theme: Web3 for dummies like me
- I found the best video explaining how web3 apps are built
- decentralized apps have been around before blockchain, like BitTorrent
- but cryptocurrency is essential to facilitate the economy of dapps
- web3 front end is built the same as web2 apps, apart from the user authentication
- web3 transactions can be authenticated through the user’s crypto wallet, so the users own all their data
- web3 backend is deployed on smart contracts instead of centralized servers like AWS
2. Web3 is bullshit by Stephen Diehl
why is web3 bullshit
- 1. Blockchain network is too expensive to become the new backbone of internet. details on cost here
- 2. A scaled blockchain network will eventually need a centralized team to manage the logistical issues, which defeats the purpose.
- 3. Web3 services are still owned by vendors.
What I took away:
- One irrefutable good web3 can bring is a paradigm shift in financial deregulation. Focus on that to avoid “hype products”.
- Some web3 builders’ promises on an equalitarian utopian future is not a feature of the technology, but a cultural phenomenon.
- There’s a communication problem in this whole web3 debate, and I think if everyone goes with William Belk’s definition, we would have an easier time with it-
Web3 is the new layer of applications which require access to a blockchain wallet in order to transact.
Thanks for reading!
