Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Why Web3?

avc.com

Post reply on HN
Print view View original

421–430 of 706 posts

Re: Why Web3?

#421

Post by hooande »

jsemrau wrote: post #350
davidhariri wrote: post #84

> Frankly, it is all too much for me. Same. I've been actively unfollowing people on Twitter every day to clean my feeds of it. I'm not anti-web3 or anti-crypto, but I definitely don't need to read the same rhetoric from 100 people a day. Decentralized trust could be great, but I wonder how much time actually needs to be spent talking about it vs. actually building it...

Don't want to appear as spammy, but please have a look at my project finclout.io. Here people are incentivised to moderate and curate content. Thus supporting the build-up of trust and clout. The incentivces are coming through the monetary policy of the participating proof-of-stake chains, so it's not necessary to put money in to get money out. It's simply taking some of the economic value away from Google/FB. If you…

scanned your home page, have no idea what this is or how it can help me

Re: Why Web3?

#422

Post by scyclow »

gameswithgo wrote: post #375
scyclow wrote: post #342

Earlier quoted context omitted.

The critical innovation of blockchain is that it takes your digital signatures and orders them in a way that's byzantine fault tolerant .

if you are trying to be persuasive you should know that what you said is complete gibberish to tech saavy people who are not already bought in to whatever you are talking about.

I mean, if you don't know what byzantine fault tolerance [1] is, then that's fine. It's not gibberish to people who are into distributed systems. And I'm not claiming it's a silver bullet or trying to persuade anyone either. BFT is overkill for most use cases, but sometimes it's useful. ¯\_(ツ)_/¯

[1] https://en.wikipedia.org/wiki/Byzantine_fault

Re: Why Web3?

#423

Post by girvo »

nfw2 wrote: post #401
girvo wrote: post #382

Earlier quoted context omitted.

> I still think NFTs are a bubble that will come back down to Earth eventually. But I also find sneaker and stamp collectors equally perplexing, and people don't discuss these phenomena with the same sort of skepticism. While I agree with basically all of your comment, I'd like to point out that plenty of people in the online space look at the sneaker market with the same skepticism... but that skepticism isn't stopp…

Skepticism was a poor choice of words on my part. I think skepticism is absolutely the right response for both sneakers and NFTs. What I should have said is that it seems a lot of people dismiss NFTs with a certainty that doesn't seem justified considering there are other collectibles like baseball cards without any inherently valuable physical properties that have retained their value long-term. I honestly don't kno…

> I honestly don't know anything about the sneaker world besides that it exists, so that shouldn't have been my example.

Fair enough! As a neat entry point into it: the sneaker reseller world is incredibly high tech: the bot platforms make huge amounts of money and have quite good UX these days. Impressive bits of tech, even if I despise what they're used for.

Re: Why Web3?

#424

Post by scyclow »

ShamelessC wrote: post #396
gameswithgo wrote: post #375

Earlier quoted context omitted.

if you are trying to be persuasive you should know that what you said is complete gibberish to tech saavy people who are not already bought in to whatever you are talking about.

This shit is so pervasive. Honestly seems more like they're trying to get up-votes from fellow crypto enthusiasts than trying to convince anyone; except perhaps themselves.

I don't really care about upvotes, I just think that it's an important point to understand the technology. I'm not saying anything positive or negative about it. I'm just that blockchains are about more than logging cryptographic signatures -- they're also about ordering those cryptographic signatures.

Re: Why Web3?

#425

Post by ncfausti »

everfree wrote: post #171
selljamhere wrote: post #110

> financial applications have been built on top of Ethereum that all share the same database and users can move from application to application, keeping their data (and their login credentials stored in their wallet) as they go. Does anyone have examples of this in the wild? I often hear data portability listed as one of the great benefits, but I don’t have a grasp on what that actually means. In my mind, the data ne…

Some examples of dApp data sharing in the wild: For example if you have Ether, you can use a decentralized exchange (e.g. Uniswap) to swap it to stablecoins like USDC and DAI, deposit that USDC and DAI into a collateralized lending market (e.g. Compound), then deposit your deposit tickets into a stable pair exchange (e.g. Curve) to earn maker fees when others trade against your liquidity, while ALSO earning interest…

This is the most elucidating comment I’ve read in regards to real-world examples of crypto projects. Thank you.

Do you by any chance have a blog, or could you recommend some top resources to learn from?

Re: Why Web3?

#426

Post by synapse_soap »

I think the focus on data openness is overly simplistic. Blockchains like Ethereum, Solana, and Tezos are attracting a lot of brainpower and capital. This is occurring because of price action, for sure, but also because of their ability to allow actors to interact with each other in a way that minimizes the amount of trust required from any single actor in the system. They do this by distributing trust among different actors in the system via an economic game that incentivizes actors to cooperate with the rules defined by the protocol.

To put it another way, you're using software, cryptography, and game theory to minimize (not replace) the need for rules and rent-seeking middleman, banks for example. The promise is that this technology will mostly (not completely) replace these middlemen, thereby cutting down on the negative impacts of monopolies, and will democratize the creation and use of financial assets.

Some initial use cases:

Lending and borrowing. Solend automatically matches borrowers and lenders, allowing lenders to earn interest on any asset on the Solana blockchain. You can currently earn 6% on USD-backed stablecoins, and withdraw at any time. Compare that to your current checking or savings account.

Purchasing and creating ETFs. TokenSets allows you to create a financial instrument, called a Set, backed by any tokens you want, in any allocation. The protocol will automatically buy/sell the underlying assets for you. Then, that Set can be traded as well. The possibilities are endless.

Distributed wireless infrastructure. Helium Network sells wireless routers, and distributes rewards to routers that provide coverage to the network. Tokens are used to purchase network bandwidth. They have nearly 400K hotspots worldwide.

Some more links if you're interested:

https://www.preethikasireddy.com/post/what-do-we-mean-by-blo...

https://www.simplilearn.com/tutorials/blockchain-tutorial/wh...

https://seekingalpha.com/article/4468835-solend-defi-lending...

https://www.tokensets.com/

https://www.helium.com/

Re: Why Web3?

#427

Post by schleck8 »

discardedrefuse wrote: post #330

I'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…

> On the other hand, if you're paying attention, you might have noticed a push back to web1

Exactly. Quite a few devs are fed up with the unnecessary bloat/performance issues oftentimes associated with web2 and like to stick to the web1 approach when they can. And I think the overall sentiment towards web3 shows well here on hn

At the same time, most internet users don't care about decentralization in the slightest. Many can't even be bothered to adjust their browser's privacy settings or use an adblocker.

So, who really cares about web3? I don't know a single person who does

Re: Why Web3?

#428

Post by everfree »

hooande wrote: post #413
everfree wrote: post #381

Earlier quoted context omitted.

Spending a few dollars on NFT "ownership" is worth it to me to have my name next to something, just like spending $10 on a League of Legends skin is worth it to some people to have their name next to a piece of artwork in a video game. I am literally interested in looking at a hash for fun, since it shows up online in NFT viewers with a little picture of it in my account. $10 is such a small amount of money to me, if…

so NFTs are Candy Crush lollipops, but not attached to a particular game?

That's probably the weakest of my examples, since lollipop hammers are at least valuable for their utility within a video game.

I would think of art NFTs as more like character or weapon skins - completely useless except that it's visually appealing and you can show off your "ownership" of it to other people within the game. With art NFTs, the "game" so far is just NFT viewing tools, social media profile pics, etc.

Actually, premium Steam profile borders might be an even more apt analogy, since they aren't tied to any game and are also useful solely for vanity.

Of course, then you have NFTs that actually do represent usable in-game items like with Axie Infinity or Gods Unchained, but that's an adjacent topic.

Re: Why Web3?

#429

Post by jsemrau »

hooande wrote: post #421
jsemrau wrote: post #350

Earlier quoted context omitted.

Don't want to appear as spammy, but please have a look at my project finclout.io. Here people are incentivised to moderate and curate content. Thus supporting the build-up of trust and clout. The incentivces are coming through the monetary policy of the participating proof-of-stake chains, so it's not necessary to put money in to get money out. It's simply taking some of the economic value away from Google/FB. If you…

scanned your home page, have no idea what this is or how it can help me

Noted. Will put an example on the page. That might make it easier. The main value proposition is that if you are investing, then you can earn extra money by providing context on recent news for other investors. Currently this is done for free on other social sites.

Re: Why Web3?

#430

Post by kinnth »

ChicagoDave wrote: post #403

The current state of web3 reminds me of people building new game engines well before any reasonable game could be built on the platform. This happened a lot in the 90's/2000's in the Interactive Fiction community. Smart people would find IF, play a bunch of games, build a game or two, then decide the existing platforms "didn't fit their style or the kinds of features they wanted" and start discussing how _they_ would…

A lot of them are happening right now. The most interesting thing about Web3 is just how much stuff is being built. Really innovative financial models, huge DAO that are beginning to work, NFT communities that actually help people.

It's happening right now, just join the discords.

Post reply on HN