There will be centralized services in web3. Indeed, as we saw in web1, publicly-owned networks unlock a massive wave of innovation and entrepreneurship around them.

Entrepreneurs and investors in the 90s knew they could freely build and invest without fear that the network would change their economics or deprecate their access, as happens regularly with privately-owned networks.

A public park in a city attracts passersby which in turn helps nearby restaurants and other businesses. In the same way, publicly-owned networks unlock entrepreneurship and opportunity that wouldn’t otherwise exist.

Web2 is dominated by incumbents who spend vast sums of money extracting data and money from the networks they control. There is a serious risk the internet turns out like, say, broadcast TV with a few dominant corporate-owned services, and no room for startups and new ideas.

The good news is we are still early in the development of the internet and there will likely be many new networks built in the coming decades.

web3 provides a new way to build networks that combines the publicly-owned network effects of web1 with the advanced functionality of web2. x.com/cdixon/status/…

(I was referring to Zora’s website above; note that Zora is also a decentralized protocol).

Side note: DNS is the unsung hero of web1. A mapping between network layer (domain name) and physical layer (IP), controlled fully by users, enabling them to keep centralized services in check with a credible ability to exit.

What’s interesting is how little was actually kept (in web3 terms) “on-chain.” Possible architectural insight for web3 builders (?).

DNS was asked to step up one more time during the RSS vs closed social wars (circa 2007-9), but asking users to purchase and setup a domain didn’t work against ultra low friction web2 social networks.

Shoutout to Smart Nonsense 🌈 for finding this clip of my research process based on a Carl Jung quote:

instagram.com/reel/CZ4sjO9pg…

visualcapitalist.com/map-explainer-…

I devoured 50 years of Warren Buffett shareholder letters. The result? 12 timeless principles from the greatest investor in the world. Here are the golden nuggets🧵

1/ A thread on the rising trend of "VTubers" and what it implies for the future of NFTs and digital identity in crypto 🧵

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Wintermute was hacked for ~160m a few hours ago. I took a quick look and my best guess is that it was a hot wallet compromise due to the Profanity bug that was publicly disclosed a few weeks ago.

Proud to have been rated a B+ And a sign to keep your girlfriends close… youtube.com/shorts/15sNgca…

Putin Just Called Out The U.S. #shorts youtube.com/shorts/PPbyf6d… via YouTube

For the average, money buys: • Netflix • $10 coffee • Video games For the rich, money buys: • Rolex watches • Fancy dinners • Cars For the wise, money buys: • Time • Freedom • Experiences