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â ãã ð¯ðµweb3ðºCryptwriter (@youchan777) December 30, 2021
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The problems with web3. ð§µ
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
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Web3 is imperfect, but there is a vein of defensiveness and maximalism from its proponents that turns off would-be entrants to the space.
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
If we want to take the technology mainstream and establish a less volatile narrative, we must acknowledge and speak to its shortcomings.
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Does web3 receive unfair criticism? Absolutely. But these dialogues are not zero-sum games.
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
Letâs be real: It has weaknesses. To onboard people, we must validate and share their concernsâthen work on solving them.
There is no room for us vs. them in web3.
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Regulatory
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
Web3âs greatest existential threat lies in the power of governments to disrupt its proliferation.
For example, Chinaâs recent Bitcoin ban triggered a 2021 bear market.
Regulation isnât a universally bad thing. It can result in consumer protections. But it is coming.
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Pumping
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
With $$$ to be made off short-term pumps, we have 1000s of accounts sharing biased info, encouraging others to FOMO in.
Whatâs worse, many of these are undisclosed paid advertisements.
The result? Distrust. I canât overemphasize how bad this is for the space.
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Lack of Trust Centers
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
Web2 has a robust ecosystem of developer communities and review sites. From GitHub to Rotten Tomatoes, we mitigate trust gaps with user contributions.
To date, there is no authority for auditing project and token contracts. Getting an airdrop can be scary.
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Multi-Chain Confusion
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
Understanding Ethereum is hard enough. The uncertainty and debate around the future of alt L1s and L2s is necessary, but a barrier to adoption.
Bridging to L2s and managing multiple L1 wallets=pain.
Itâs a problem we must persevere and build through.
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Distribution Relies on Web2
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
To learn about web3, you go to web2ânamely Twitter and Discord.
Not enough media lives on web3, because incentives and platforms are not yet strong enough.
Not everything has to be web3âbut there will be big unlocks for those that pull it off.
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Bad Actors
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
Weâve all seen it. People losing thousands to scams, then Twitter makes fun of them.
Thereâs a steep learning curve to protecting your assets. The result is people opting out, leaving their assets in legacy institutions.
We need better security tools and education.
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Developer Shortage
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
It presents a real problem when there are simply not enough capabilities to build out the incredible ideas the ecosystem is producing. Not only does that shortage lead to premium hiring costs, it stifles the network effects of innovation.
We need more talent.
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Whoâs Winning?
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
So far, the biggest winners have been whales and legacy investment funds. The rich get richer.
However, the question is not whether web3 is a perfect equalizer today, but whether it will ultimately become net better for society.
We must build towards equality.
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Vague Policy
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
The SEC and IRS remain vague around crypto tax and securities policies.
This allows us to move with less deterrence, but there will be a reckoning for those that are pushing the limits.
Without clear boundaries, DAOs and token raises remain on shaky ground.
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Financial Barriers
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
Blockchains cost money to operate, itâs true. Transactions have to be validated across a distributed network of computers.
And some of those network fees are prohibitive, especially when floods of transactions are bogging down the system.
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But we're making progress.
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
-Emergent low-fee networks: $SOL, $MATIC, $AVAX, $XTZ (many more)
-Increased cross-chain compatibility ($DOT, $ATOM, etc)
-Ongoing Ethereum upgrades to minimize gas fees
Web3 will eventually be supported by an abundance of affordable blockchains.
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Sustainability
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
Validating the network today costs too much energy, period. But technological revolutions require investment.
If we halted all progress due to energy concerns, we may as well shut down the entire economyâfrom Apple to Amazon.
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Still, we canât dismiss these concerns. We must make quantifiable progress here, and in fact, we are. Ethereumâs deflationary mechanisms and transition to a proof of stake model, e.g., will significantly reduce consumption.
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
Every day the technology gets more efficient.
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Inaccessibility
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
Accessibility is perhaps the most valid critique of web3.
The learning curve is steep. Developers have not figured out how to mainstream skeptics. There are many obstacles to overcome, and it is early days.
If you donât admit this, youâre playing yourself.
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If more of us can present even-handed information about this ecosystemâwithout resorting to defensiveness or toxic maximalismâadoption will spread, and weâll establish a solution-oriented mindset.
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
Letâs start to look at our âproblemsâ as âsymptoms of success.â Letâs build.
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Thx for reading and exploring a considerate mindset. Lmk what other barriers we should seek to address.
â cantino.eth â€ïžâð¥ (@chriscantino) January 2, 2022
And follow me @chriscantino for more nuanced takes on the future of web3.
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