?? Welcome to Web3 Decoded! ?? - Vol. 5
Embark on an exhilarating exploration of the decentralized frontier with Web3 Decoded, your go-to source for staying informed and inspired in the crypto realm. Every week I will uncover the latest breakthroughs, trends, and innovations shaping the landscape of Web3. Together let's explore the untapped potential of Web3, beyond the buzzwords.
Three major players in the crypto AI space, SingularityNET, Fetch.ai, and Ocean Protocol, have announced a merger to create the ‘Artificial Superintelligence Alliance’, a decentralized AI network. The alliance merges $FET, $OCEAN, and $AGIX tokens into one - $ASI. This groundbreaking move aims to accelerate the path towards Artificial General Intelligence, provide an alternative to Big Tech's AI advancements, and facilitate more ethical AI development and utilization.
Memecoins blend internet culture with digital currency. Tracing back to the early days of cryptocurrency, with each cycle introducing new iterations, they gained momentum through early Bitcoin alternatives, ICO crazes, DeFi summer, and meme stocks, evolving to include NFTs which brought visual representation to these tokens. Memecoins, such as Dogecoin and Shiba Inu, have often been regarded as cultural tokens, gaining value from their associated memes and community engagement. Despite their potential for high returns, they carry risks of volatility and regulatory uncertainty.
The emerging trend in the crypto space involves leveraging the popularity of memecoins for innovative go-to-market (GTM) strategies. Rather than following traditional methods of product-first approaches, some projects are integrating with existing memecoin communities to bootstrap attention and engagement.
This strategy capitalizes on the high engagement and tribalism of memecoin communities, potentially leading to a virtuous cycle of increased token usage and application adoption. Additionally, integrating memecoins into GTM strategies parallels other web3 growth tactics, offering benefits to both projects and memecoin communities. Despite skepticism, memecoins are proving to be a viable component of GTM strategies, allowing users to invest in internet culture and community currencies.
Crypto wallet Zerion is developing an Ethereum-based L2, ZERO Network, anticipated to launch in late Q2 or early Q3 of this year. It aims to offer free transactions to improve the user experience and accessibility for newcomers. Zerion believes the cost of subsidizing transactions will decrease over time with technological improvements and the network will increase its wallet's visibility, generating additional revenue to offset expenses. It expects to share the cost of subsidizing transactions with dapp developers.
Degen Chain is a pioneering Layer 3 (L3) platform designed for the Degen community. It is built upon Arbitrum Orbit with Base for settlement and AnyTrust for data availability. Degen Chain uses $DEGEN as its native gas token, making it one of the first community tokens to operate with its own L3 infrastructure. This innovation, offering ultra-low-cost transactions and new scalable solutions for the EVM ecosystem, represents a significant step in onchain internet evolution.
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Vitalik Buterin breaks down the next steps in the “Purge” – the plan to simplify the Ethereum protocol. The idea of the Purge is to remove complexity caused by underutilized opcodes and precompiles, consequently adding security guarantees. One significant upcoming change is EIP-4444, which removes Ethereum blocks from nodes after a certain time, similar to blobs today. These upgrades will make client development easier and node operation more achievable.
In this post, Vitalik Buterin discusses the success of blobs in bringing Ethereum from a zero-to-one problem to a one-to-N problem. Scaling Ethereum will have incremental progress and will see blobs get bigger and rollups more efficient at using them. Security standards for rollups need to become stricter as only Arbitrum has reached stage 1 of decentralization. While protocol development is decelerating, it is accelerating on the application layer.
This article discusses the concept of data ownership and freedom to exit - the ability to transfer personal data from one service to another. Currently, many Web 2.0 platforms do not allow this and have even been known to deplatform individuals, leaving them without their followings. Three potential solutions include decentralized protocols that distribute data across multiple peers, local-first data which stores data directly with the user, and legal agreements that ensure a user's right to access their own data.
This article offers an insider's perspective on market manipulation, specifically in the crypto markets and with a focus on the phenomenon of 'Whale Watching.' It explores the role of influential or wealthy market manipulators, known as 'whales,' who cause significant market movements. The article lays out the various stages of market manipulation, including building positions, suppressing prices, testing, and implementing pump-and-dump strategies.
Monolithic blockchains like Bitcoin and Ethereum integrate all functions — execution, data availability, consensus, and settlement — within a single chain, which offers simplicity and security but struggles with scalability and flexibility. On the other hand, modular blockchains distribute these functions across multiple layers or components, allowing for a customizable and scalable system. This architectural evolution aims to balance security, scalability, and decentralization, offering solutions like Celestia for data availability and the Fuel Network for independent modular protocols, despite the complexity and potential interoperability issues that come with modular designs.
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