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Alex Hernandez
Alex Hernandez

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A Quick Crypto/Web3 Primer

Want a quick start on Crypto and Web3?

Then keep reading!

Eras of the Web

  • Web1 - Google, Amazon
    • Users consume content
  • Web2 - Facebook, Uber
    • Users create content
  • Web3 - Ethereum, OpenAI
    • User own content

Where Web3 and Crypto align is they both seek to:

  • Use technology to help the disadvantaged
  • Fix what’s wrong with the internet today

Blockchain Architecture

Current:

  • Client <-> Server
  • Owned by Some Company
  • Monopolistic, Single points of failure

Blockchain

  • P2P Networks
  • Validators that keep the network honest
  • Decentralized governance & permissions
  • Global state
  • Multiple points of failure

Blockchain trades technical scalability for social scalability

4 layers to understand blockchain:

  1. Hardware & Networking (A Computer)
  2. Consensus & Settlement (Bitcoin and Eth)
  3. Smart Contracts (MAKER & UniSwap)
  4. Wallets & UI (MetaMask & Compound)

Last 10 Years of Crypto

3 waves of activity

  • 2010-2012: Bitcoin, Architecture(Miners + Exchanges)
  • 2012-2016: New L1 Blockchains, Privacy + Alt Coins
  • 2016-2020: DeFi, Layer2, Smart Wallet apps, NFT Marketplaces

Skepticism was rising after the 2018 crypto bubble crash.
But insiders realize each cycle brings the capital needed to invest in critical infrastructure

  • Decentralized Exchanges
  • Lending Protocols
  • L1 Blockchains
  • Stablecoins
  • Smart Wallets
  • Developer Tools
  • Storage Protocols

Rise of NFTs

Currently, when you upload a file

  • The file is copied to an organizations backend
  • Ownership is transferred to that org

Blockchains enable

  • Individual Ownership
  • Public access
  • Provenance
  • Composability

How can NFT's help Creators?

Content creators can use NFT's to

  • collect royalties from the trade of their asset
  • grant benefits to holders
  • create token-gated communities

Future of NFTs

Is it the McRib NFT? NO

Creator DAO's

  • Many ways of fundraising for projects
  • Community-led decision making
  • Transparent capital flows
  • Employees and customers share in the upside

Starting a global corporation will be as simple as creating a group chat

Curator Economy

Most people on the internet are curators, not creators

Traditional Curators (Magazines, Channels etc):

  • Opaque process
  • tiny % of the population

Future Curators:

  • More like angel investors
  • Invest in projects you care about

Currently, we have

  • Cryptocurrency
  • Cryptofinance

Soon we will have

  • Cryptosocial
  • Cryptocommerce
  • Cryptowork
  • Cryptofirms
  • Cryptostates

In Closing

Thanks for reading along.
I plan on writing more educational content on crypto. Thank you

This thread was my personal notes summarizing a presentation by Patrick Rivera
A summary of the presentation by Patrick Rivera
https://docs.google.com/presentation/d/1sUpk0gbvRQelH0MUIOqjNeGe8nwRH4mhrhDHmI6qh4M/edit#slide=id.g442eb61d9d_0_710

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