Thread by The Reading Ape | Podcasts to Notes
- Tweet
- Feb 20, 2023
- #Web3
Thread
Are we re-creating Web2 in Web3? 🤔
What happens in a few years when projects run out of funds and the largest players consolidate and monopolize the industry? 😈
@tommylower and @chaserchapman discusses this very important topic in this week's episode 👇
What happens in a few years when projects run out of funds and the largest players consolidate and monopolize the industry? 😈
@tommylower and @chaserchapman discusses this very important topic in this week's episode 👇
Background
• Part of the content marketing, product-facing department at @tallyxyz
• Involved in a lot of DAOs
• Part of the content marketing, product-facing department at @tallyxyz
• Involved in a lot of DAOs
Tweet On DAO Tooling
• Predicting that the different DAO tools would consolidate into a couple of players in a few years’ time
• Thinks that we are all part of one large tech company called Web3 LLC
• Predicting that the different DAO tools would consolidate into a couple of players in a few years’ time
• Thinks that we are all part of one large tech company called Web3 LLC
• We have all these silo-like R&D departments which are individual DAO tools
• Unsure whether his thesis will pan out
• Unsure whether his thesis will pan out
Do Moats Exist In Web3?
• At some point, projects need to be profitable and not rely on VC money
• In Web3, the lines are blurred between competition and collaboration
• These lines will still be there as some projects succeed while others fail
• At some point, projects need to be profitable and not rely on VC money
• In Web3, the lines are blurred between competition and collaboration
• These lines will still be there as some projects succeed while others fail
• Moats should exist, but he’s not sure whether they should exist
• Still trying to find out how centralized players could co-exist with decentralized players
• Still trying to find out how centralized players could co-exist with decentralized players
• Have to think about this issue otherwise bigger players can just copy the product and replicate the monopolistic landscape we see in Web2
• Have to build a better system to prevent us from ending up in the same place we started from
• Have to build a better system to prevent us from ending up in the same place we started from
Monopolies In Web3
Worst Case Scenario Of Monopolies
• Monopolies are not inherently bad if they are operating in the best interests of the community
Worst Case Scenario Of Monopolies
• Monopolies are not inherently bad if they are operating in the best interests of the community
• It’s the corruption that is enabled by monopolies that are bad
• The monopolization and consolidation of DAO tooling are against the Web3 ideals of decentralization and trustlessness
• The monopolization and consolidation of DAO tooling are against the Web3 ideals of decentralization and trustlessness
The Plurality Of Protocols
• The best in the space are idealistic thinkers
• Tries to counter it with realism (e.g. what’s the 5-10 year plan? How sustainable is it?)
• The best in the space are idealistic thinkers
• Tries to counter it with realism (e.g. what’s the 5-10 year plan? How sustainable is it?)
• Right now, everything except a few large protocols is venture funded
• Either waiting for time to run out or for these protocols to achieve profitability
• Either waiting for time to run out or for these protocols to achieve profitability
Longevity Of The DAO Structure
• DAOs are not meant to last forever
• However, this does not mean that we are not trying to achieve the goal
• The emphasis should be on empowering contributors and making opportunities for them
• DAOs are not meant to last forever
• However, this does not mean that we are not trying to achieve the goal
• The emphasis should be on empowering contributors and making opportunities for them
Onboarding People To Crypto
• Layer 2 is helpful
• @VitalikButerin has mentioned before that institutional investors are not ready to have exposure to ETH at scale yet
• Have to self-police a bit and be aware of other people’s downside
• Layer 2 is helpful
• @VitalikButerin has mentioned before that institutional investors are not ready to have exposure to ETH at scale yet
• Have to self-police a bit and be aware of other people’s downside
• For people who are semi-interested, it’s important to go the extra mile and take the time to educate them
• Got a friend who is interested in crypto
• The friend was burnt by FTX
• Got a friend who is interested in crypto
• The friend was burnt by FTX
• Not only have we lost someone who could have been part of the Web3 ecosystem, but we end up actively creating people who are against the system
• Nowhere near ready to onboard the majority of people into crypto
• Nowhere near ready to onboard the majority of people into crypto
Where Can People Find Him?
• Can find him on Twitter
• Can find his work at @tallyxyz, a DAO operations platform
• Can find him on Twitter
• Can find his work at @tallyxyz, a DAO operations platform
Links:
Podcast: open.spotify.com/episode/6kImEkvLWoCW3fBkmMqJet
Thanks to @chaserchapman for this episode
Podcast: open.spotify.com/episode/6kImEkvLWoCW3fBkmMqJet
Thanks to @chaserchapman for this episode
I hope you've found this thread helpful.
Follow us @The_ReadingApe for more.
Like/Retweet the first tweet below if you can:
Follow us @The_ReadingApe for more.
Like/Retweet the first tweet below if you can:
