For the last few months, I’ve been deeply involved in Web 3.0 rabbit holes, especially the basics of NFTs and blockchains. As a lifelong learner, I am particularly excited to be able to apply my newly discovered knowledge to my lifestyle. There were two reasons why I jumped into the Web3 space. Skilling digital project managers / producers and moving to new digital spaces for work opportunities, it (my partner), sculptor Michael Binkley expanded his creativity and made the collector base Increase.
I want to record my Web3.0 trip every month. This is the first installation.
First, let me explain a little about me so that I can get into my headspace and understand the approach and perspective of prejudice in my research and learning. Michael and I are Boomer generations, Generation X, and have worked hard to curate life to march to another drummer (thanks to Thoreau’s insights). Michael has been a professional full-time artist for over 40 years and I wear a lot of hats. Florist and event designer, Michael’s sculpture marketing director, gardener, waitress, digital producer, project manager and much more.
In 1999, he built Michael’s first website in Dreamweaver. We dialed up to access the internet. We had a “brick” analog phone as our first mobile device. We’ve been talking about wine and beer for a long time to decide if we need to buy a domain and thank you for its goodness. There have been many times when we felt we were reaching the limits of major lifestyle changes, as we now feel in the world of Web 3.0.
This time it’s different to navigate some very new and undefined space. Unlike the first round of the late 90’s, the information to sift is much larger and once you go, you need to know what is true. We are still in the early stages and are pleased to be on the verge of another technology shift. I have listed the top 5 learnings of my journey so far. This is a high-level first can summary and my main focus on NFTs is on the next installation.
1. Web 3.0 is overwhelming and a little confusing
What exactly is NFT (Non-Fungible Token) and how will the technology behind Web 3.0 (Blockchain) change the world? I still understand it. I know that the amount of information can overwhelm my thinking process and when planning an afternoon study, it will be lifted at the end of the day due to information overload. In addition to this, there is a chicken or the egg scenario. To understand NFTS, you need to know that the blockchain is based on the ledger in which transactions are recorded and is primarily based on the current web system running on the database. Next, to understand the use cases of blockchain technology (that is, NFTs), we need to understand a little about how to create NFTs and add unique identifiers. Well, for those who know I don’t understand this example 100% correctly, this is the closest thing I can get without making things overly complicated (and I’m a beginner). So my knowledge is limited-please feel free to refine my example comments).
The closest definition of NFT I have is that it is a digital representation of XXXX (tickets, memberships, works of art, photos, videos, etc.) like a unique unit with a unique identifier on the blockchain. .. Of the data. This unique identifier allows artists to collect an infinite number of royalties, but this is not always the case. Think of Picasso, Michelangelo, Canova, and other masters who would have benefited from the royal family as their artwork changed. We’ll discuss this aspect of NFTs in more detail in the next article, but if you want to understand how artists can use this space, see “Five Ways NFTS Can Change the Art World” by friend Hussein. please give me. Haraku.
2. Web 3.0 is on the verge of cultural transformation
The more you read about Blockchain, Crypto, NFT, and the transition to Web 3.0, the more you realize that it can affect many parts of our lives. Imagine where you can use / assign unique tokens to control your data. You don’t really need big fish that “own” most of your data on aggregators such as Facebook and Google. Things are decentralized and Big Brother takes a step back. I could be wrong, I only know the time, but there could be significant advances in this technology.
Fellow medium author Johannes de Waal describes “new opportunities for Web 3.0” here. He says it much more succinctly than I do.
3. There are concerns about the impact on the blockchain and its environment
When I started my journey, I asked my colleague how to see this space. He was very straightforward and immediately said, “I’m not a fan. NFT [Art] Ugly, blockchain is environmentally harsh. I was surprised for two reasons. One didn’t know about the environmental impact, two are one of my recourses to repel ideas because he now has an innovative and growth mindset. His reaction caught my attention.
To understand the environmental impact, you need to worry about Proof of Work (POW) and Proof of Stake (POS). Both of these are models used on the chain to validate transactions. POW uses complex computations and massive computational power when miners add information (transactions) to the blockchain. They need fast computers to get their work done and compete with each other to do so. In a New York Times article, they said: “The Bitcoin network uses about the same amount of electricity that Washington uses each year …” Talk about extreme carbon dioxide emissions!
With POS, there is a better and more environmentally friendly way in front of us. At point-of-sale, miners “bet” all or part of their (owned) coins to complete a transaction on the chain. If you do not complete the transaction correctly, you may lose all or part of your stock. This additional layer enhances the security of the entire transaction and provides incentives for miners. In other words, it’s a scenario that benefits both parties.
4. A digital wallet is required to fully explore Web 3.0
I have to admit. I’m just getting started with this, but I’ve finally set up my wallet. Rainbow Wallet and MetaMask. They are free to set up, but unless you have a friend who will send you some, trying to incorporate cryptocurrencies into them is not easy (I’m lucky I have a friend like this). .. I’m still checking this as there are exchanges that can convert dollars to crypto and then link to a digital wallet.
I know there are public and private keys, and storage and non-storage wallets. Digital wallets allow you to hold NFTs, access Web 3.0 apps, bet and store tokens, enter DEFI (Decentralized Finance), and much more. There is an avatar in Decentraland (Metaverse), and the interaction ability is limited until the wallet is connected.
I may extend this in future installations, but I wanted to mention it for those who are just getting started like me.
5. There are pros and cons to decentralization
Decentralization is central to blockchain and Web 3.0, reducing the need for centralized regulatory, decision-making, and hierarchical functionality. Bankless has a very good introduction to the nature of DEFI in the Web3.0 economy.
Anyone can see the information that exists on the blockchain — 100% transparent. For example, my friend (who sent me the code) is now “looking” at my wallet. He has my public key (I gave him to send him the cipher first) and he what I “buy” and “hold” in my wallet Will see. Imagine the same friend accessing my regular bank account and seeing how many times I bought a garden plant.I don’t want anyone to access That As for information, it seems that there is no problem with digital wallets so far. As Web 3.0 grows, do we need to change our way of thinking about transparency?
Without a central regulatory body, there is some freedom to accelerate technology and creativity in the space. However, accountability is also limited and there is no Plan B (ie consumer protection) if you make a mistake in your wallet. Responsibility shifts to the individual.
