"My first impressions of web3"

Sandman

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I found this to be a really well-thought-out, nuanced take, without any hype, that helped me better understand Web3 and how it works under the hood. Recommended reading.

Its written by Moxie Marlinspike, a very well-known cryptographer (and other things). To read more about him, check out his Wikipedia page.

 

LucaMs

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I found this to be a really well-thought-out, nuanced take, without any hype, that helped me better understand Web3 and how it works under the hood. Recommended reading.
First I should try to decrypt the first paragraph:

Despite considering myself a cryptographer, I have not found myself particularly drawn to “crypto.” I don’t think I’ve ever actually said the words “get off my lawn,” but I’m much more likely to click on Pepperidge Farm Remembers flavored memes about how “crypto” used to mean “cryptography” than I am the latest NFT drop.

:confused:

I hope the rest, which I haven't read yet, is clearer.
 

LucaMs

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"In order to get a quick feeling for the space and a better understanding for what the future may hold, I decided to build a couple of dApps and create an NFT."

dApps: I was hoping it was a typo :p

Example of dAPP: CryptoKitties

CryptoKitties is one of the most famous examples of decentralized applications that sells digital kittens, unique and inimitable, even for crazy figures. From the site you can buy and sell cryptofelins as well as mate them to generate new kittens (there are over 1.1 million digital kittens in circulation).
😳
 
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LucaMs

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After reading most of that blog, I got tired.

It seems to me that I can summarize the blogger's opinion about web3 by taking an image from his own blog:

1641606658401.png
 
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Peter Simpson

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So basically Web3 (Web 3.0) refers to a decentralised online ecosystems which are based on public blockchain, from what I've read in the past. The main word here is decentralised.

Edit: Just quickly added this video, I've not watched it myself but it appears to be short enough to keep peoples attention...
 

Tecuma

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@Sandman
Thank you for sharing this. Very interesting.

I did not understand everything in my first reading but it helps to get a better view into web3
 
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Num3

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Web3 = decentralized network that lives on centralized high end servers and that requires centralized access points because of the size of the database and the computational power needed to run it is not for the simple desktop or phone. Sounds like a script for a bad movie.

I don't trust it, because it requires us users to trust what someone else is saying, because we simply don't have hard drive space to download the entire chain and the computational power to test all of the blocks to confirm it's all legit.

What could go wrong, right?

Just a few examples:

a) What if "someone" has >51% share/control of the chain traffic?
b) What if there is a design bug that can be exploited and renders the entire chain useless?
c) What if someone uses the chain for illegal purposes and some court or country shuts it down?
 

rabbitBUSH

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Web3 = decentralized network that lives on centralized high end servers and that requires centralized access points because of the size of the database and the computational power needed to run it is not for the simple desktop or phone
so, does that translate as Big Business muscling in on the "independent" internet structure in order to monetise it for its own profit - we're doing fine as we are thanks.

We've just seen publication of an interim report on State Capture by the Commission of Enquiry into State Capture - looks like Web3 is the internet version of the same. [i'm sure if you do a news search you will get the general idea of what and how state capture works (versus plain old corruption) - with particular reference to this country.
 
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