Login
Forgot Password?

OR

Login with Google Login with Twitter Login with Facebook
  • Join
  • Profiles
  • Groups
  • SuicideGirls
  • Photos
  • Videos
  • Shop
Vital Stats

nonsensetwice

Southern California

Member Since 2021

Followers 45 Following 291

  • Everything
  • Photos
  • Video
  • Blogs
  • Groups
  • From Others

Web3 Isn’t Ready for a Billion People

Dec 5, 2022
8
  • Facebook
  • Tweet
  • Email

I work in crypto. One thing that gets thrown around a lot is this idea of onboarding a billion people to crypto. There’s a lot happening “on-chain”—communities, platforms, applications—that is available for innumerable people to participate in. And much of this is already changing commerce as we know it. The collapse of centralized exchanges aside, more brands are coming aboard and finding innovative ways to extend real life into the metaverse—open worlds and games that are built on blockchain technology. From Vayner Sports creating new experiences in sporting events to Starbucks upgrading their loyalty program, more and more brands are finding their way into web3. And while I’m excited about this, the simple fact is that for anyone to truly involve themselves in web3 and decentralized finance, there are a number of hoops to jump through as they learn to navigate and participate in the space.

As such, web3 isn’t ready for a billion people.

Exhibit A: I have tokens sitting in a liquidity pool on one network, or blockchain, that I moved there from another network, or blockchain. Let’s call the current blockchain I’m on “Polygon,” and the original blockchain “Ethereum.” Because why the fuck not? That’s what they’re actually called. Anyway, in order to move the funds over, I had to use a bridge: visit the bridge’s web app, connect my wallet, determine the tokens and the amounts of each, and then submit the transactions. Once my funds were bridged, I had to visit the finance app’s web app, connect my wallet, deposit my tokens, and then stake the LP tokens I was given in exchange for my tokens in order to gain a larger return. And this is a simple transaction.

Now, if you have absolutely no idea what the fuck I’m talking about, that’s my point. This shit isn’t simple.

I think for security reasons, much of this is necessary because you are solely responsible for your funds. If you do crypto right, the only use you’ll have for a centralized exchange is to change fiat for crypto—what we call “onramping”—and changing crypto for fiat—what we call, you guessed it!, “offramping.” Decentralized exchanges and liquidity pool providers do not hold custody of your tokens the way banks will hold custody of your fiat. Brokers take your fiat that’s stored in the bank and deposit and lend it elsewhere while you’re not using it. And the bank can cut off your access to your fiat at any time at the behest of another legal entity. Decentralized crypto protocols don’t do that. You are the one in charge of moving your tokens around. As a result, many of these protocols undergo stringent scrutiny of their smart contracts by numerous developers and auditors.

However, regarding self-custody of funds, that's all a whole other blog post for another day. Perhaps.

The main idea is that this shit isn’t simple, and it shouldn’t be this complicated to do everything on the blockchain. But it is, and we’re working on it. Eventually, I think much of the process will be abstracted, though we have a long way to go. As things currently stand, however, we are not yet ready for a billion people.

As many like to say in this space: “It’s still early.”

helynn:
Cool !!!
Dec 6, 2022
nonsensetwice:
@helynn right? I find this shit fascinating. Challenging, but fascinating.
Dec 6, 2022

More Blogs

  • 12.11.23
    2

    Always a Cornflake Girl

    She knows what's going on Seems we got a cheaper feel now All t…
  • 12.10.23
    0

    Wrangling My Timeline

    When everyone has access to a platform and the freedom to say whate…
  • 12.09.23
    0

    Curb Your Enthusiasm

    Death and taxes are inevitable. So is crushing disappointment. This…
  • 12.08.23
    2

    Procrastination, Deadlifts, and Design

    Hey Perverts, This is not your captain speaking, but I am on the…
  • 12.07.23
    0

    Welcome Back

    It’s been a minute since I’ve written here. I was set on writing ev…
  • 02.07.23
    1

    Valentine’s Day is for the Weak

    Valentine’s Day is approaching. A global hallmark holiday, incited …
  • 01.17.23
    4

    Playing With AI Copywriting

    Oh this is hilarious. I’m taking AI writing for a spin, using nons…
  • 12.27.22
    0

    A Fancy Silmarillion

    Barnes & Noble is having a massive sale on their hardcover…
  • 12.26.22
    0

    (Don’t) Go Back to Sleep

    One thing I find absolutely fascinating are the myriad of theories…
  • 12.25.22
    0

    Irony

    I have a friend who spends a lot of time watching tv, sharing the b…

We at SuicideGirls have been celebrating alternative pin-up girls for:

23
years
10
months
6
days
  • 5,509,826 fans
  • 41,393 fans
  • 10,327,617 followers
  • 4,598 SuicideGirls
  • 1,116,294 followers
  • 14,937,563 photos
  • 321,315 followers
  • 61,436,624 comments
  • Join
  • Profiles
  • Groups
  • Photos
  • Videos
  • Shop
  • Help
  • About
  • Press
  • LIVE

Legal/Tos | DMCA | Privacy Policy | 18 U.S.C. 2257 Record-Keeping Requirements Compliance Statement | Contact Us | Vendo Payment Support
©SuicideGirls 2001-2025

Press enter to search
Fast Hi-res

Click here to join & see it all...

Crop your photo