📚This is what we learned teaching web3
Contents (3 min read):
- 📚 What I’ve learned teaching WEB3
- How far is web3 from mass adoption?
- How to make money with web3?
- What is the Real Value?
- How is this changing the tech landscape?
- 🏖️ IRAs, tax-sheltered accounts
- 📰 ICYMI
- 🙏🏻 Grateful for…
- 💸 Coupons
📚 This is what I’ve learned teaching Web3.
The majority of my students (~70%) think that web3 is about 10 years from having real use cases adopted by the masses.
They may be right about the timeline, perhaps we are years away from web3 being fully adopted. As the graph below from A16z states, it took 15 years to reach 1 Billion Internet Users.
We are not even at 100 Million crypto transaction addresses and we live in an era where internet access is ubiquitous, devices are connected at all times and most users are able to consume and create content at will. Adoption will exponentially accelerate.
Most of the students want to find a way to monetize web3 and help their kids understand it and make money from it
As of right now, video content seems to be the most profitable for creators.
Platforms such as youtube and Meta have the upper financial hand leaving creators earning meager amounts compared to what these companies make. It seems that we may be far from a solid blockchain, decentralized platform that can compete with these juggernauts, but we should be prepared to be able to adopt these upcoming web3 platforms when they become available.
Some current alternatives are:
- Youtube → D.Tube — Bitchute — Theta
- Patreon (Protocol creation) → LBRY
- NFT Creation — Opensea — Rarible — Mintable — Superrare
- Medium → Mirror
- Discord → SocialStack
- Social Token Minting → Roll
- Your Own Digital Economy → Rally
We believe that those who become more familiar with crypto wallets, tokens, minting, bridges, centralized vs. decentralized exchanges, DeFi, stablecoins, and web3 terms and definitions will be more apt to take advantage of web3.
Where is the Real Value of Web3?
While Web2 was a front-end revolution, Web3 is a back-end revolution: it has the potential to revolutionize agreements and value exchange on the internet. In simple terms, the Internet of Value refers to an online space in which individuals can instantly transfer value between each other, eliminating all third-party costs, and delivering a faster and more personalized user experience. In theory, anything that holds monetary or social value can be transferred between parties, including currency, property shares, and even a vote in an election.
Since this revolution is cooking in the back-end, it is hard to see the true potential and how it is redefining value, and shifting power, while revolutionizing the way we interact with technology.
Some of the promises of web3 are:
- Consumers will regain control of their data.
- Moving money and assets will be faster and easier.
- Improve access to banking and financial instruments for anyone with a connected device.
- Services could be uninterrupted and anyone could run a business and/or services in the background using on-chain smart contracts.
- Data transparency has the potential to be normalized.
- Decentralization will have the power to break corrupt centralized institutions.
The list goes on and will expand and shrink according to our needs and technological advancements.
They think that the way we are interacting with web3 today will not be the way we interact with it in the future.
This is a very interesting take as the way we interact with this technology today, is very different from the way we did in the past.
Bitcoin Market, the first official Bitcoin exchange was announced on Bitcointalk in 2010 and it launched the same year, offering a floating exchange rate for bitcoin. Buyers could purchase bitcoin by sending another user U.S. dollars via PayPal while Bitcoin Market would hold the seller’s bitcoin in escrow until the seller received their money.
Three years later in 2013, Mt. Gox was handling 70% of all global bitcoin transactions. Users predominantly deposited funds into Mt. Gox through two payment services — digital currency service Liberty Reserve and payment provider Dwolla.
Today, there are hundreds of exchanges worldwide where users can open an account, link their bank account, and trade thousands of coins at will. In the near future minting digital assets, participating in DeFi protocols, and other web3 use cases can become a very simple 1-click process.
Needless to say, there are many developers and entrepreneurs at work developing technologies that change the way we interact with the internet and the web. The way we use web3 applications today will not be the way we do it tomorrow.
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