New York Times: Web3 is here. What do I need to know?

Crypto enthusiasts have successfully predicted that the future of internet-based blockchain is slowly turning from ideal to reality. Courageous trials have already started in some places.

At the start of 2020, the value of Bitcoin was only $ 7,000. Bitcoin is valued today at $ 50,000 USD, and all cryptocurrencies, including Bitcoin, have a market value of over USD 2.3 trillion. Such a development allows people to vaguely see the differences in the future of the financial industry, and for a long time began to question the social perception of price.

Bitcoin was the first cryptocurrency project that relied on open data storage through open source applications, including so-called blockchain technology, which later allowed people to pay friends - six untrusted peers. Thousands of cryptocurrencies based on blockchain technology are emerging on the market today, and these tokens are around 7 * 24 hours in many regulatory and stock markets.

Decentralized Internet-based encryption technologies are what people call "Web3".Supporters of his case have gone to great lengths to make the actual transcript of that statement available online.

If you still believe this statement is incorrect, check out the PitchBook document below. Investment firms have invested in cryptocurrencies and related activities this year to reach $ 27 billion, more than their total capital in the past ten years. .

Currently, large companies and blockchain industry experts are still working in Washington, hoping to influence policymakers to clarify existing trade policies. Good value for the future token market. And this so-called "token economy" has been widely used by many crypto communities.This shows that Web3 is not an abstract concept, but is an integral part of everyday life in the future.

in the TVN industry

An NFT, also known as an inconsistent symbol, is a small symbol of a number associated with an image, video, sound, or other part of a blockchain.In October of this year, artist Cam Rackam sold 10,000 NFTs based on memes on Reddit's "Wall Street Bets" chart, generating roughly $ 2.5 million in revenue. Cam Rackam says he worked “excellently” for 18 years, but was not invited to the Art Basel Miami Beach art exhibit. But last week he was invited to this presentation and said the performers still felt that the demand the NFT brought into the presentation made them forget.

According to data from Chainalysis, in 2021 people will spend around $ 27 billion in cryptocurrency on traditional NFT platforms, and by 2020 that data will only cost $ 114 million. What are people getting from NFT? DFTs can attest to public ownership and authenticity of a property, but it may or may not be legal. “It's like an artist can sell their work in the real world, while still retaining their investing skills,” said Frank Gerratana of the Mintz law firm.

Last month, Miramax Pictures sued famous director Quentin Tarantino (Quentin Tarantino) for auctioning off his critically acclaimed "Pulp Fiction" (a film directed by Quentin Tarantino). . Miramax argued that the use of commercial products and images in the film violates company policy. For Gerratana, this is one of the first trials with NFT, and the scale and impact of these trials can be. At the same time, consumers are still trying to figure out what NFT is and why people buy it. "Do these consumers really want to know if NFT is in the future? Do we need to sue?" said Gerratana.

But for an artist like Cam Rackam, a new revolution has arrived. “The funny thing is the baby boom generation, who still don't get it,” Rackam said. He points out that people have been reluctant to accept the commercial products published by Andy Warhol. This included the popular final print "Campbell's Soup Cans". .

Decentralized research on social networks

There is also the Web3 concept, which complements the existing concept of a multimedia platform that allows users to earn and trade cryptocurrencies.

In a blockchain application network called DeSo, users will be rewarded based on their reputation, collaboration, dynamism, and functionality. Former Google engineer and creator of the DeSo platform, Nader Al-Naji, believes internet users will end up capturing income directly, on platforms such as Twitter and TikTok which are more dependent on their income.

Al-Naji's first cryptocurrency project was Basis. This project is an attempt to "decentralize Bitcoin". However, due to a decision, he eventually abandoned the project and signed a contract with Sequoia Capital.

BitClout is Al-Naji's second project, where users can swap similar characters or interact with popular characters on this platform. The value of these tokens increases or decreases depending on the level of use. The project sparked controversy when it launched in March, and some have dubbed it the "dystopian social network."

However, BitClout developers and the community believe this is a long term “rebirth” for the money. Here, each user can benefit from it in the form of tokens or "frictionless instructions", depending on their mood, their music or their reality. If a user says something or does something to get another user, the user can send tokens to the user via tokens. The "Diamond" button in the BitClout app.

Al-Naji said, “The small manufacturers, which people have always hoped to support, will benefit the most from BitClout. Users can give freebies.” “Directly by investing or buying the tokens,” Al-Naji said. .

Is all this possible?

Gary Gensler's role at the United States Securities and Exchange Commission (SEC) is to ensure that cryptocurrency companies operate within the framework of regulation. However, SEC Chairman Gensler believes the existing rules still apply to the new cryptocurrency space, which could also pose problems for many Web3 supporters. This is because crypto assets are considered safe and must be registered with the SEC to ensure adequate disclosure and protection of information to investors, while bearing the full cost and inspecting it.

However, there are still conflicts today over the application scenarios of many blockchain systems, whether these operations are compliant or not. Gensler notes that "people like the information that is important to them," Gensler notes, noting that the data distribution products run by thousands of computers have "value."

Finance at the macro level, Gensler expressed his own agreement with Plato's view on money versus Aristotle. Aristotle believes that money has four characteristics: portability, durability, divisibility, and intrinsic value. Plato recognized the first three strokes, but felt the results were unnecessary and only "symbolic."

Prior to his position as SEC Chairman, Gary Gensler gave a presentation on Cryptocurrency Financial Education at MIT and asked students, "What are the benefits of cryptocurrencies?" Is the token worth it? Gensler believes the answer may be "potential", but it is difficult if not difficult for the market to adapt to more than 6,000 similar jobs.