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Deep Thought

Other news

Project failure is common

Project failure is common

Project failure is common

This is why, if you become interested in the launch of a new coin or token, you should research some fundamentals such as whether or not there is a strong use case, do the tokenomics make sense, is there adequate funding to sustain development, etc.  

In memoriam

Project failure is common

Project failure is common

Howdoo gravestone

Zarniwoop had the foresight to post this image in Hyprr in September 2021 but as a Howdoo node owner Marvin said, "I think you ought to know I'm feeling very depressed." 

How to spot a shitcoin

Project failure is common

Recommended by Elon Musk

shitcoin

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.

Recommended by Elon Musk

Energy consumption comparison

Recommended by Elon Musk

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.

Energy consumption comparison

Energy consumption comparison

Energy consumption comparison

estimated annual energy consumption

If you think Bitcoin is bad because it wastes too much energy, check some facts

crypto saving expert is live

Energy consumption comparison

Energy consumption comparison

crypto saving expert logo

This is the only other great source for news and guides on crypto that Marvin is able to recommend.

What is Web3?

Web 3

WEB2 VS WEB3

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.

WEB3 BENEFITS

Many Web3 developers have chosen to build dapps because of Ethereum's inherent decentralization:

  • Anyone who is on the network has permission to use the service – or in other words, permission isn't required.
  • No one can block you or deny you access to the service.
  • Payments are built in via the native token, ether (ETH).
  • Ethereum is turing-complete, meaning you can pretty much program anything.

PRACTICAL COMPARISONS

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 LIMITATIONS

Web3 has some limitations right now:

  • Scalability  – transactions are slower on Web3 because they're decentralized.  Changes to state, like a payment, need to be processed by a miner and propagated throughout the network.
  • UX – interacting with Web3 applications can require extra steps, software, and education. This can be a hurdle to adoption.
  • Cost – most successful dapps put very small portions of their code on the blockchain as it's expensive.

TYPICAL CENTRALIZATION CHARACTERISTICS

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.

TYPICAL DECENTRALIZATION CHARACTERISTICS

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.

GLOSSARY

Past, Present and Future

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.


When Web3? Watch a presentation by Yaniv Tal of The Graph at LisCon 2021


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." 

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