👀Essential Terms
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Web3 = digital ownership + community centric + decentralization
Tokenization refers to the process of converting ownership rights of a physical or digital asset into a digital token on a blockchain. These tokens can then be transferred, stored, and managed on a blockchain network, allowing for greater security, transparency, and efficiency in transactions.
Merge between web3 and social media
Censorship resistance
Building solutions that are future proof and allows for freedom of speech by design.
e.g. YouTube can ban an account at any time => loss of content & community for the creator.
Permissionless
A protocol that anyone can use and build upon.
e.g. Base smartcontract platform.
Centralization
When one or a few actors control a market.
e.g. Google.
Open source
When a project codebase is accessible and auditable by the general public (to avoid backdoors and exploits, data leaks.
Data ownership: if an app bans a creator, he does not lose his content nor his community.
New type of data => Onchain information linked to users' wallet.
Mint NFT in the app: new form of revenue for creators
Governance: every stakeholder in the app can vote for app upgrades
Token gated content: if we have the same NFT we are directly in the same group
Monetization: less intermediaries, more transparency, low cost => new economic model
Social identity refers to a concept that includes both the decentralized identity of individuals and a reputation mechanism. Linking reputation to identity allows individuals to define themselves in terms of the groups they belong to and their accomplishments.
Twitter Spaces are live audio chat rooms on Twitter/X, that allow users to host and participate in audio conversations.
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