👀Essential Terms
Web3
Web3 = digital ownership + community centric + decentralization
Tokenization
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.
SocialFi / SoFi / Web3 Social
Merge between web3 and social media
Point of interest SocialFi:
Decentralization :
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.
Social Graph : (digital representation of social interactions):
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.
Leverage crypto primitive:
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:
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 Space:
Twitter Spaces are live audio chat rooms on Twitter/X, that allow users to host and participate in audio conversations.
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