Web3
Web3 is the Decentralized Web based on blockchain concepts.
The term “Web3” was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, referring to a “decentralized online ecosystem based on blockchain.”[
DAOs
Companies are run by DAOs. No CEOs/Presidents.
Polkadot, Substrate, Polygon
Polkadot is a low level protocol to connect different blockchains.
Polygon: “Ethereum’s Internet of Blockchains”
Identity
DID - Decentralized Identifier
NFT - Non-fungible Tokens
Proves ownership of a thing.
EIP-721: Non-Fungible Token Standard - EIP is an Ethereum Improvement Proposals. ERC-721 Non-Fungible Token Standard
The main difference between EIPs and ERCs is that EIPs are defining mainly Ethereum Core functions and ERCs are defining decentralised application layer functions and designs
Networking
libp2p
Libp2p is a network framework that allows you to write decentralized peer-to-peer applications. Originally the networking protocol of IPFS, it has since been extracted to become its own first-class project.
Encryption
http://www.noiseprotocol.org/
DNS?
Ethereum Naming Service
This is a service that let’s you buy a “domain” and its put on the ethereum blockchain.
Pricing is interesting with that as you have to pay a gas fee, which are pretty volatile. So the domain might be $5 a year, but the gas price can fluctuate between $80 and $150 (at least as of 2/6/22)
dnslink
https://dnslink.io/#introduction
File Storage
IPFS
Interplanetary File System - Distributed Filesystem
https://blog.cloudflare.com/announcing-web3-gateways/
Browser plugin to make it easier to interact with IPFS content/links. https://github.com/ipfs/ipfs-companion#ipfs-companion-features
Pinata
Store your NFTs on IPFS. https://www.pinata.cloud/
IPLD
IPLD is the data model of the content-addressable web. It allows us to treat all hash-linked data structures as subsets of a unified information space, unifying all data models that link data with hashes as instances of IPLD.
Filecoin
DApps
Oracles
How can a dapp connect to a legacy database or any other source off the blockchain if needs it?
Using an Oracle like Chainlink or any other 3rd party oracle service. This introduces an intermediary so it reduces the decentralization of the Dapp
Chainlink
ENS
Yearly renewals cost $5/year for names that are 5 characters or longer. 4 character names cost $160/year, and 3 character names cost $640/year. Fees are paid in ETH. The ETH/USD exchange rate is set by the Chainlink ETH/USD oracle.
File Storage
Web3 Application Architectures
How do the applications we use today migrate to web3? What are their business models and architectures like?
Audio Libraries (ex: Spotify)
Audius (Soundcloud)
https://docs.ipfs.io/concepts/case-study-audius/#overview
Video Libraries (ex: Youtube)
Gaming (ex: Steam)
Play-to-earn
https://metroverse.com/overview https://opensea.io/Metroverse
Questions
There are no dumb questions, right? RIGHT?
What’s a DAO?
Decentralized Autonomous Organizations. Orgs run by tokens. Use tokens to vote on changes for the org.
What was The DAO
A sort of decntralize VC coin that was hacked.
Attack writeup here: https://vessenes.com/deconstructing-thedao-attack-a-brief-code-tour/
https://en.wikipedia.org/wiki/The_DAO_(organization)
Web3 Foundation
Polkadot, Testchain, Summit.
What about IPFS?
Online identity is no connected to the read person. Anonymous by default?
How does this relate to smart contracts?
Polygon
If polygon was trying to connect multiple ethereum blockchains, is polkadot just trying to expand on that concept and support more than just ethereum?
Polygon
What about decentralized routing? Is that where Yggdrasil comes in?
https://yggdrasil-network.github.io/
Glossary
| Term | Definition |
|---|---|
| DeFi | Decentralized Finance |
| NFT | non-fungible token |
| DAO | Decentralized Autonomous Organizations |
