Chris Dixon and Naval Ravikant — The Wonders of Web3, How to Pick the Right Hill to Climb, Finding the Right Amount of Crypto Regulation, Friends with Benefits, and the Untapped Potential of NFTs - Deepstash

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Chris Dixon

What the smartest people do on the weekend is what everyone else will be doing during the week in 10 years

CHRIS DIXON

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84 reads

Frontier Of Innovation

Ideas start as fringe ‘culty’ clubs. Why was personal computing being talked about in Steve Jobs’ garage and not at IBM?

  • A lot of ideas stay as hobbies and don’t catch the exponential mainstream
  • Businesses of scale plan on the execution of incremental improvements, not disruptive innovations

Hill Climbing an algorithm that keeps building on itself to continue making incremental improvements. People apply this too literally in their careers, ending up at the top of the hill they didn’t even want to climb. Allow randomness into your life so you’re always climbing the right hill at the right time

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29 reads

The Evolution of Web

Web1

  • Dominated by protocols (http), built on top of the web, you controlled your platforms
  • Read-only

Web2

  • You created content under a closed network using a social media platform
  • Read & write under centralized ownership

Web3

  • Internet owned by builders and users, orchestrated with tokens
  • Read & write & own

Tokens are a mechanism to give value and control to the user rather than a centralized company.The tokens are self-marketing which is why it will eventually beat web2.

1

22 reads

Chris Dixon

Web3 has gotten twisted to be a political argument over centralized vs decentralized but the main utilitarian goal is to make the internet a better place for users and creators

CHRIS DIXON

1

22 reads

Benefits and Challenges of Web3

Benefits

  • Your data will be secured with private keys, where we can give selective access to our data to whom we choose
  • Contributors own the platform rather than corporations
  • Defeats the corporate selfish use of leverage on copyright and intellectual property
  • You want people to recompose your content!
  • The codebase is open-source, developers can co-opt creation in a way truly best suited for users
  • It is composable, use one piece of an application to help build another

Challenges

  • Security and storage – functioning correctly as your own bank
  • Maintaining your anonymity
  • Usability
  • Messaging of utility

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20 reads

NFTs

Anything that is in fashion can hold value through a community context. People are attaching their identity to their NFTs, large sentimental value.

Web2 companies convinced you to give away your creations in exchange for little hearts,

NFTs allow you to tokenize your value as a creator. NFTs are the core concept of ownership of the internet, there will be a broad utility. Creators can provide first access to products or exclusive services through the ownership of an NFT for accessibility.

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11 reads

NFT in gaming community

NFTs are creating a vibrant digital economy within the gaming community.

Games like League of Legends have monetized off of aesthetic add-ons, nothing that increased performance, a status flex. These virtual good purchases were being bought from the company, not individuals.

Axie Infinity: by playing the game, you create and improve NFTs which can be purchased by other players on a marketplace (like eBay) as an add-on

Yield Game Guilds : play-to-earn gaming, opportunity to get loaned access to a platform like Axie Infinity to participate in the marketplace without paying the entrance fee

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13 reads

Skeuomorphism

Steve Jobs coined this concept that applies aesthetic designs to innovations to make them feel more familiar. For example, the first automobile mimicked the horse and buggy.

But the native internet has taken over, people who use technology are comfortable embracing new ideas There is no point in packaging blockchain as a new ‘supply chain management’ tool.

Familiar products may work, but disruptive tech is what is going to last over the next 10 years You don’t need to replace products, people can adapt very quickly to the native functionality of products.

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14 reads

Regulation

Regulators regulate through policy or enforcement. We’ve only seen enforcement on Web3 so far because no one knows what to do. Policy needs clarity and goals need to be aligned.

There needs to be a balance from the SEC to crack down on obvious scams but also let true innovations naturally grow. Fairness must be defined before this is possible

1

20 reads

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