Holy shit, this shit looks cool. I’m so happy I found this shit. That moon boy I follow says it's hot shit. This pump is crazy shit. Its community says it's the best shit. Trading is fun when I smoke shit. People not buying this shit have shit for brains. You can eat shit if you think this is horse shit. I’m just sorry I didn’t get enough shit. I don’t give a shit that there’s no use case. We can assume the CEO knows his shit. We need to get our shit together. We’ll get shit faced when you see it’s the right shit. So maybe the marketing is bull shit. The anonymous team is just weird shit. Not all memes are chicken shit. I can do any shit I like with my money. I really don’t give a shit. Today’s chart is scary shit. Shit happens in a volatile market. Did I buy the wrong shit? Everything I touch turns to shit. Oops, now I’m in deep shit. I can’t sell shit. I’m up shit creek without a paddle.
Musk says he is inspired by Douglas Adams, the author of the ultra-popular science-fiction novel, “The Hitchhiker’s Guide to the Galaxy.” Check out this interview.
Web2 refers to the version of the internet most of us know today. An internet dominated by companies that provide services in exchange for your personal data. Web3, in the context of Ethereum, refers to decentralized apps that run on the blockchain. These are apps that allow anyone to participate without monetising their personal data.
Many Web3 developers have chosen to build dapps because of Ethereum's inherent decentralization:
In Web2 Twitter can censor and account or tweet. In Web3 tweets would be uncensorable because control is decentralised.
In Web 2 a payment service may decide to not allow payments for certain types of work. In Web3 payment apps require no personal data and can't prevent payments.
Web2 servers for gig-economy apps could go down and affect worker income. Web3 servers can't go down - they use Ethereum, a decentralised network of thousands of computers as their backend.
This doesn't mean that all services need to be turned into a dapp. These examples are illustrative of the main differences between Web2 and Web3 services.
Web3 has some limitations right now:
Low network diameter (all participants are connected to a central authority); information propagates quickly, as propagation is handled by a central authority with lots of computational resources.
Usually higher performance (higher throughput, fewer total computational resources expended) and easier to implement.
In the event of conflicting data, resolution is clear and easy: the ultimate source of truth is the central authority.
Single point of failure: malicious actors may be able to take down the network by targeting the central authority.
Coordination among network participants is much easier, and is handled by a central authority.
Central authority can censor data, potentially cutting off parts of the network from interacting with the rest of the network.
The furthest participants on the network may potentially be many edges away from each other. Information broadcast from one side of the network may take a long time to reach the other side.
Usually lower performance (lower throughput, more total computational resources expended) and more complex to implement.
A protocol (often complex) is needed for dispute resolution, if peers make conflicting claims about the state of data which participants are meant to be synchronized on.
No single point of failure: network can still function even if a large proportion of participants are attacked/taken out.
Coordination is often difficult, as no single agent has the final say in network-level decisions, protocol upgrades, etc. In the worst case, network is prone to fracturing when there are disagreements about protocol changes.
Censorship is much harder, as information has many ways to propagate across the network.
Anyone can participate in the network; there are no “gatekeepers.” Ideally, the cost of participation is very low.
We recommend this One Article to Understand The Past, Present and Future of Web 3.0
Web3: Onboarding the next billion users - The road ahead is another article worth a read.
Marvin says, "In 2023 the integrated, interoperable Web3 metaverse is still a myth, a fairy story. It's what parents tell their kids about at night if they want them to grow up to become economists."