Is web3 a scam? | Jan Liphardt | TEDxBostonStudio - Deepstash

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What is Web3?

What is Web3?

There are various opinions and definitions on what Web3 is, let's have a look to a few mentioned:

  • "A decentralized online ecosystem based on blockchain." - Gavin Woods
  • "An internet without Amazon, Google, and Microsoft." - Michael del Castillo, Forbes
  • "More a marketing buzzword than reality." - Elon Musk
  • "Something new and exciting which somehow involves blockchain."

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Blockchain Use

Blockchain Use

Blockchains are extremely painful to use for various reasons:

  • Limited transactions
  • Congestion
  • Cost
  • Limited compute
  • Limited storage

But despite that it has three features which make it absolutely unique:

  • Trustless event ordering
  • Transparency
  • Immutability

"Blockchain makes sense to use when trustless event ordering, transparency and immutability are absolutely essential."

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Where/when do Trustlessness and Transparency Matter?

Where/when do Trustlessness and Transparency Matter?

Let's have a look to different situations where Trustlessness and transparency really matter:

  • International borders
  • Powerful monopolies
  • War, disagreement, instability, mistrust
  • Employees and customers scattered around the world
  • Absence of courts and police
  • Corruptions, theft

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JAN LIPHARDT

"The more of these attributes come together, the more of a compelling blockchain and web3 usecase there probably is."

JAN LIPHARDT

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1st Practical Examples on Web3 Use

Let's say you spot a project which offers a 18% guaranteed returns using web3.

Now you should ask yourself:

  • What do high guaranteed returns have to do with trustlesness, immutability, and transparency?

Nothing... In this case we see a lack of basic connection.

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2nd Practical Examples on Web3 Use

In this case we have a Unicef project which aims to support internet access accross South America and Africa. And it operates as follows:

  • Smart contract disperses funds only to schools with a working internet connection.
  • Donors watch funds flow in real time to connected schools.
  • Blokchain allows having a transparent record system.

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3rd Practical Examples on Web3 Use

In this last examples let's imagine this scenario: Artist/Programmer/Refugees living in 18 countries want to start a company/collective/organization. The following doubts arise:

  • Which currency is the special one?
  • Which country is the special one?
  • Open bank accounts is 18 countries?
  • How to govern company?
  • Audit the books - employees, local tax authorities...
  • Blockchain makes all of these transparent.

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JAN LIPHARDT

"Smart contract built on a decentralized system which connects real world events to the flow of money begins to make a lot of sense."

JAN LIPHARDT

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Blockhain: Painful but Beatiful

Even with overwhelming rationale for blockchain, still need to deal with:

  • Scaling
  • Compute
  • Storage
  • Transaction/s
  • Congestion
  • Cost (inverse unit economics)
  • Carbon Footprint

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JAN LIPHARDT

"Summarizing, if someone comes to you and promises you a lot of cash quickly and easily that's not really a web3 project.

Instead what we're looking for are a combination of attributes that are forcing that project to use decentralized systems despite all their problems."

JAN LIPHARDT

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Is Web3 a Scam?

Is Web3 a Scam?

Web3 isn't inherently a scam, it all depends on the purpose, community and goal of the project.

In this TED Talks he gives us guidelines on how to make good project judgements without falling for scams.

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CURATED BY

maxpamies

CPO, CMO & Project Manager at SpaceRiders | Business Administration and Management Student | Blockchain, DEFI & Web3 | Social Worker | "Fix the money & fix the world."

In this brief but intense TEDxTalks Jan Liphardt gives us guidelines and tools to detect scams on the now famous Web3.

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