Are different layer 1 chains competitive or complimentary?
+ Is Amazon more web3 than "meta" or Microsoft? & Is web3 ready for mainstream adoption?
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Hey gang! Saw a tweet recently that effectively said we should all get comfortable with people copying our work because that’s just part of web3. Which I get — I mean, it does run on open source mechanics. Still… as a YouTuber I very much appreciate not being copied — even though, honestly, it happens all the time. Hey! I’m ready for web3! Haha… jokes aside let’s explore whether or not web3 is ready for primetime along with some other super-interesting stuff (of course!).
In this issue:
Are different layer 1 chains competitive or complimentary?
Is Amazon more web3 than “meta” or Microsoft?
Is web3 ready for mainstream adoption?
NITRO! (3 can’t-miss things)
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Are different layer 1 chains competitive or complimentary?
It’s not a common occurrence to see an upcoming podcast and really, really want to see/hear it (almost like you would after seeing the trailer for an upcoming blockbuster movie). Well, that happened recently when I heard about Bankless getting the founders of 3 chains together (Solana, Avalanche and Terra) for a chat. Kind of a cool, unique event I’d say considering how many people have wondered what separates these chains from each other (and a fun opportunity to see what they all have to say for themselves in one place).
If you can’t watch the whole thing and I could only share one takeaway with you I think it would be this quote from Emin (Avalanche) on whether different chains are competitive or complimentary:
In general it’s not one against the other. So all of these chains have a different vision and they have far more in common than they have in opposition against each other. For example: Avalanche and Ethereum are working in the same EVM space. The more we have in the EVM space the better it is for both of those ecosystems. So Solana is pushing the envelope in a variety of different areas in terms of engineering, in terms of building a community, in terms of appealing to a different set of programmers (you know their programming language is quite different)… So there are all sorts of different approaches to this whole thing that are essentially going to compliment each other and it’s not a, “I win a dollar by taking it from you,” type of environment. There is so much out there that isn’t digitized that hasn’t come into blockchains that that’s where the real battles ought to be and are actually.
I think gives some really good insight from a builder on whether or not we will be living in a multi-chain world in the future (yes). At the same time, Anatoly (Solana) said there were actually areas of overlap (NFT environments on different chains) and that competing to offer the best option was good for the overall community. So… at the end of the day… maybe layer 1’s exist in both a competitive and complimentary environment (which… sounds good to me!).
Is Amazon more web3 than “meta” or Microsoft?
Saw an intriguing article (paywall) by the Wall Street Journal recently which noted an interesting way to invest in crypto without actually investing in crypto. It was something I’d never considered before — the so-called “picks and shovels” method of investing. Essentially, the author said that back in California’s gold rush days you could profit off of the gold craze without actually doing any mining by selling equipment to the minders and notes that there are similar opportunities in the crypto world.
And then today I ran into this tweet:
Interesting.
Is web3 ready for mainstream adoption?
It seems like everyone has been talking about web3 over on crypto Twitter for months. How big it’s going to be, how important it is, which avenues the masses will be onboarded through and the list goes on. Above all I think I’ve seen the most complaints centered on whether or not web3 needs an interface overhaul before it will be acceptable for mainstream adoption. Enter the tweet I mentioned earlier which simply states that web3 is not ready for mainstream adoption. This reply caught my attention:
What is your take on this? I tend to think that it’s just going to be a messy process but that people are generally as “ready” as they’re going to be. I do think that more projects that are less “niche” in appeal would help and I also don’t think UX needs to change almost at all in web3 vs web2.
More than anything, however, I think that web3 needs to live it’s values… I’ve seen what was supposed to be decentralized centralize and the supposedly uncensorable censor. If web3 builders and stewards don’t live up to their own hype this whole thing is sunk before it leaves the dock.
NITRO!
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