Why does "Web3" need venture capital. More specifically, why are VC pushing for Web3.
Why Web3?
521–530 of 706 posts
Re: Why Web3?
#522Earlier quoted context omitted.
Huh? If you can’t verify that the public key is the author’s then you wouldn’t consider the message to be signed by the author.
Why wouldn't you be able to verify the public key?
You seem to be suggesting that a problem with NFTs is that the artist can mint multiple copies of their artwork, possibly using secret additional private keys.
The answer is that this is not a problem, because the whole point is knowing who the creator of the NFT is, and beeple trying to create additional copies using a secret wallet but not telling anyone will be treated by the market the same as me minting a copy of a beeple piece.
Re: Why Web3?
#523Why does "Web3" need venture capital. More specifically, why are VC pushing for Web3.
I can only assume they have invested a lot in ETH mining because gas fees are insane
Re: Why Web3?
#524Earlier quoted context omitted.
You can also spend money and get a star named after you. I suppose you could assign an NFT to the stellar coordinates and sell the stars as well.
I'd totally buy a star NFT sold by God, which is the correct equivalent.
And how would you verify that the address the NFT is sign with belongs to god?
Re: Why Web3?
#525This is trying to solve a social problem (capitalism concentrates power and is anti-democratic) with a technical solution. Just provision services using tax dollars with democratically accountable boards and you get "permissionless data" by posting the database online with additional support provisioned on a sliding scale based on ability to pay with a large free tier.
Re: Why Web3?
#526I'm not convinced. People talk grand about "permissionless data" but I fail to see any practical applications. NFTs are a scam and are retroactively obsoleted by digital signatures. All of the ideas about logistics tracking, deed tracking, etc etc are all rendered pointless by the oracle problem, you can get identical guarantees with digital signatures minus the blockchain. DeFi is DOA. Gas fees are insane, "layer 2"…
> None of this is about giving power back to individuals
Artificial scarcity is the aspect of web3 that bothers me most.
The web is all about abundance; reducing the marginal cost of software and information to zero so as many people as possible can have access. It seems like web3 advocates seek to do the opposite and lock software and information inside the digital equivalent of diamond mines.
Re: Why Web3?
#527I've been noticing this web3 buzzword picking up steam on here for months now. And it all feels very manufactured (much how metaverse has been co-opted and tainted by Facebook). I suspect this web3 push is just cryptobros shoehorning their schemes into relevance. https://trends.google.com/trends/explore?q=web3 On the other hand, if you're paying attention, you might have noticed a push back to web1 and even older tec…
web3.js is the name of the Ethereum API since 2017.
It didnt become a marketing term until last year. At least, in public perception.
And the way "web3" is used by marketers today is disconnected from ethereum's api
Re: Why Web3?
#528Earlier quoted context omitted.
Largely agree with this. The big promise of defi was to “bank the unbanked”, but Eth is - slow (15 txn/sec, 22-23 with the move to proof of stake) - expensive (I read somewhere that globally Eth users spend more on 30M USD in fees per day!) - too volatile to be reliable for everyday banking use cases - bad for the environment Blockchain technology is interesting and very powerful, but VCs and founders have all too of…
>>- slow (15 txn/sec, 22-23 with the move to proof of stake) - expensive (I read somewhere that globally Eth users spend more on 30M USD in fees per day!) - This is no longer the case with L2 solutions, like zk-Rollups. See what StarkEx, which is one particular Validium/zk-Rollup L2 solution, is doing: https://twitter.com/EliBenSasson/status/1475206185762578437?... >>Past week, @ethereum ~ 9M txs. StarkEx ~ 6.25M TWO…
> Ethereum's energy consumption declines by 99.95% upon the completion of the transition to Proof of Stake.
Why do Ethereum fans keep using this example as if it’s already done, when it still isn’t?
Re: Why Web3?
#529Earlier quoted context omitted.
This isn't what users want in general, and you don't need crypto to get it. What you're asking for exists with things like mastodon. No one advocating how/why they think crypto will succeed when things like mastodon failed. Hell, RSS failed. The average user wants easy to use, easy to connect, free, and fast services. Crypto fails at all of these.
The narrative driving Web3 is that people don't want to be treated like cattle. Or in your parlance, "the average user." Just because people are slow to wake with the contracts they made with centralized platforms doesn't mean they are so dull as to not care when they finally figure it out.
People want things to be cheap and convenient. Convincing yourself otherwise is a mistake.
Re: Why Web3?
#530Earlier quoted context omitted.
It sounds to me like what you are suggesting would be taking the awful inequality we're already suffering and would transpose it to the web. Why would we want that?
You can't provide services for free without exploiting people. I recommend reading "Who Owns The Future" for a for discussion on inclusion.
Doesn't need to be free. Could be public and tax-funded.