Collision Course: Web3 Ideals vs. Reality — Ohnahji U Syllabus for December 2, 2023

🎼 “Welcome back / We always could spot a friend / Welcome back / And I smile when I think how you must have been” 🎵

Good day, ONJU scholars, and welcome to the Study Hall! I’m Dean BOSS, inviting y’all in to learn what had our University buzzing this past Saturday. Grab Jamal and Lena and let me catch you up right quick! We got some excellent discourse going on: everything from Binance’s troubles to crypto gaming blowing up to using AI for positive change.

That’s compelling stuff right there, so come gather around!

This ⁠space⁠ was live on 12/2/23 at 10 am PST, hosted by Ohnahji U Chancellor ⁠⁠Ohnahji B⁠⁠, and cohosted by Dean of Communications ⁠BOSS2.0⁠ and Dean of Business ⁠EyeSeeThru⁠. The Ohnahji fam is back after Thanksgiving break, feeling the momentum in Web3 building despite some uncertainty around new projects. Hot topics include Web3 gaming and the inevitable tension between ideals and reality in crypto.

“We are back. We are back! How are you guys feeling out there? Good to see you! Thank you all for popping up and tuning in again for another Ohnahji U Saturday. Let’s go! Yes! We are back! December’s here.”

Ohnahji B warmly welcomed everyone back to the weekly Ohnahji University Saturday discussion after a Thanksgiving break. The group is excited about the latest developments in Web3, with many new projects emerging. B believes this is a time of momentum building, although there is still some uncertainty.

WHEN CRYPTO GIANTS FALL

Binance Settlement Shows Ideals Buckling to Reality

A major topic of discussion was the recent settlement between Binance and its CEO Changpeng Zhao (CZ) and U.S. authorities over allegations of money laundering and lack of regulatory compliance.

As ONJU Dean of Security Bubbly Orca explained, this has been a long time coming: “I feel like a lot of people are surprised by what happened. I’m not, only because the talks about CZ getting taken down have been going on for the past few years.”

Bubbly then outlined the key issues:

• In similar behavior to Arthur Hayes of BitMEX that led to legal action in 2022, Binance allowed users to exploit VPNs to trade from restricted areas, avoiding KYC rules
• The creation of Binance.US was an attempt to resolve this, but problems persisted
• Violations of KYC/AML rules left them vulnerable to authorities

As part of a settlement with the DOJ and CFTC, Binance has agreed to pay $4.5 billion in fines. CZ himself will pay $50 million separately and step down from leading Binance. The company will keep operating, but with the loss of some of the bold public personality that CZ brought.

This conversation highlights the tension between decentralization ideals and centralized entities in crypto. But it also shows that no one, not even foremost industry leaders, is above the law.

Dean EyeSeeThru advises we balance ideals with reality:

I don’t have any expectation beyond these types of outcomes when it comes to things that become incorporated and become centered around humans…it’s an inevitable outcome because greed will find its way in at some point. It might not be everybody that works there, but it’ll be somebody that will mess it up.”

PORTAL COIN SPEARHEADS CROSS-BLOCKCHAIN GAMING

Hiding Crypto Complexity Could Propel Mainstream Adoption

Saturday’s conversation then moved to Portal Coin, a new token built with Solana, Polygon, Avalanche, and Klaytn functionality trying to create a cross-blockchain solution for Web3 gaming.

The minds behind the game have shaken up social media timelines through a marketing technique requiring users to sign up on their website to participate, automatically populating a tweet sharing that the user joined the presale list.

Web3 gaming continues to gain steam, with major players like Ubisoft launching Web3 games. There is speculation around potential crypto and Web3 functionality in highly anticipated mainstream gaming titles like Grand Theft Auto 6.

Companies are working to make crypto functionality in gaming as seamless as possible, sometimes even hiding the blockchain component so people don’t feel overwhelmed.

Pondering on whether this technique of masking crypto/blockchain from average users is good or bad, Speaker Erica M. shares that, given the current sentiment around NFTs and blockchain, making games easy for average users is key:

”I think that would be huge because people hear ‘NFTs’, just like back in the day when people heard credit card, Internet, they thought it was bad. Oh my gosh, rugs, or a scam. But nowadays, those are household names. So it’s gonna take these initiatives right here that, you know, make this type of tech a household thing.”

Though there is still work to be done around security, many speakers feel that finding inroads for easier blockchain incorporation in games enables wider adoption and brings more builders into the space.

AI & IDEALISM: AN UNLIKELY PAIR DRIVING CHANGE

10 Years in Trucking Sparks Ideas for Reform

We wrapped up ONJU Saturday by encouraging everyone to continue innovating and chasing their ideas in Web3, collaborating with others whenever possible. He highlighted WTF in A Truck’s The Convoy NFT Collection, leveraging AI technology to address real-world problems related to fairness and efficiency.

Truck explains his background — he has nearly ten years of experience in transportation/logistics. He sees major efficiency issues in the industry related to greed and lack of technological advancement.

He aims to “unionize” truck drivers to empower them, improve conditions, and fix supply chain problems using blockchain transparency.

He outlines his current project — a 500-piece NFT collection minting for only $40, created completely using AI. A portion of proceeds will provide liquidity for a future utility token pegged to freight industry pricing. The goal is to boost trucker pay while cutting out go-betweens.

Ohnahji B shares his enthusiasm for Truck’s mission of cutting out intermediaries and the process of using AI for the art. He sees Truck on the right track and encourages continuing to collaborate with valuable contacts like our own Bubbly Orca, who integrates AI into her cybersecurity firm RektifyAI.

Truck also shares some pushback he’s getting for using AI as a cornerstone of his project. EyeSeeThru quickly tells Truck not to worry about AI critics — they aren’t his target customer base. The focus should be on executing his vision rather than getting distracted.

This Saturday’s ONJU discussion covered developments like the Binance settlement, innovative blockchain gaming projects, and mission-driven ideas leveraging technology.

As tech continues evolving, our ideals face reality, but by supporting builders and focusing on real progress, the future remains bright.

There are always new obstacles, but collaboration paves the way forward!