In the Web of trust code written in smart contracts are law.
Web3 will in time provide transparency of historic behaviour and with that the ability for systems to assess trust and automatically trigger decisions to create managerless workflows that will:
- Improve auditability and compliance
- Eliminate human error
- Reduce procedural delays
- Reduce operational costs
- Eliminate fees to middlemen
Operational processes will need to evolve to leverage the opportunity.
But standards need to be established to enable piping intruments together and trust they will work as expected.
Requires an overarching solution that provides risk free utility to move money and information to chain together complex decision path to provide capital and know how where needed most.
It is hard to get to the signnal through the noise.
A lot of content spewing out of hype merchants aka types you cross the bar to avoid, talking up crypto.
The onboarding journey into Web3 is confusing with a whole new language to learn.
A journey needs a roadmap selling the dream of possible benefits for overcoming obstacles on the path to mastery. Progress needs to be recorded and rewarded.
- What do all these terms mean?
- Why do crypto evangelists only sell services in USD? No subscription services?
- Why do I have to KYC?
- Why is it so expensive to make a transaction?
- How do I spend it?
- Why do I need to approve before I transact?
A distributed database that is kept up to date across multiple computers where a historical data (chain) cannot be altered and new transactions processed only after consensus of the network.
A block stores the state of data after a each transaction where special data types store:
- Monetary Value
The rules making transactions of value are written in Smart Contracts.
Each transaction costs a Gas fee.
It costs money to for people to run the decentralised network of computers. So each transaction has gas fee which is paid as incentive to those providing a machine to provide a node in the network.
Stores of Value
The purpose of capital is to organise the tranformation of materials and relocation of products for accessibilty by customers.
Are tokens just branded money? Sam's Club NFT's are uniquely tradeble assets.
- Chain Native
- Token (ERC20)
What is the web of trust built upon?
Principles of Trust
- Payment Guarantee
- Automated Decision Making
- Personal Security Practices
Layers of Trust
- Blockchain Engineering
- Smart Contract Logic
- Data Integrity
Cryptography and Decentralisation increases security and protects trust at a foundational level incentivised through gas fees for transactions.
The importance of Decentralisation is a bit controversial.
See blockchain for more information.
The path to creating functional code is not restricted. Anyone can write a contract, there is no ring fencing.
Smart Contract Logic
Contract logic has to be audited.
- Humans make mistakes
- Humans attempt to capitalise on mistakes
- Some humans try to hide mistakes to exploit later
The hardest part of any system is maintaining the integrity of reliable data.
Any contract makes decision of real value require multiple data inputs.
Providing data to the blockchain requires use of an trusted oracle that will ensure data is not tampered with to manipulate condition.
Hype seems to outweigh value. Capital and software should exist for the purpose of funding work on real world projects that make positive impact more effectively and efficiently.
Humans can't survive eating metaverse sandwiches.
Payment most people that seamingly could accept crypto are taking payment in USD for their services/subscriptions?
Is this just a generational (informational) rug pull? Full of speculators?
If blockchain is more like the property ladder what happens to those that join late?
If so could the next generation invent their own chain and system?
How much does money follow fashion?
The winning blockchain will most likely be the ecosytem that creates the best developer experience that helps developer teams fall into a pit of success.
- Smart Contracts must have strict security checks
- Enforcing Strict security checks takes strong domain knowledge
- Dev tools that enforce strict security checks are essential
- Running tests must be as fast possible to save money
- Testing in the same Smart Contract language
- avoids context shifting
- shortens time to language mastery
Decentralised Autonomous Organisations for deciding which future bets to make and how to allocate capital for business operations.
How do you create decentralised organisations that have soul?
- Business incorporation
- Capital allocation (Retroactive)
Use blockchain tools to enable people to form into organisations to solve specific problems and share governance of decisions that drive growth strategy.
How granular into business processes should DAO governance operate?
Blockchains create an immutable decision log that will enable analysis that can determine those that have proven record in anticipating future trends. But we also need the ability to save the decision process that was used at a time of critical decisions to avoid hindsight bias.
Could DAOs be like Docker/Kubernetes for business organisation to provide microbusiness administration architecture?
Decentralised Finance - The future of money.
You can use financial instruments that are not commonly available outside larger financial instuitions and do so without needing to pay transaction fees to a bank.
Metaverse & Gaming
Metaverse: a digital third place the future of social work, learning and gaming and advertising.
The Future of Management and Education?
Use cases to leverage Web3 technology in the real world.
- Product Authenticity
- Real Estate Sales
- Medical Records and Identity Verification
- Intellectual Property and Patents
- Academic Credentials
- Supply Chain
How do you start a Web3 Business?
Dapps that can used to run business processes with Web3 infrastructure.
Job boards show demand for Web3 developers is outstripping supply, this trend will only continue to grow.
What processes do you need to follow to think like an investor and not a speculator?