It seems absurdly complicated and highly inefficient. It'll probably have it's place, but I don't imagine it'll ever go mainstream in the same way the current Web is.
@@SecondFry Haha yes. Good point. But Web3 seems even more so complicated. Like at least you can do web dev today in a non complicated way if you want to. Doesn't look like that's an option with Web3.
@@SecondFry Web 2 made life easier for majority of people. But Web3 doesn't do anything specific, if it's just p2p. If it's related to blockchain, it makes thing even more complicated. So I don't think that it will be popular (in the current state).
@@SecondFry yeah ... "almost" .... because it isnt. At all. You can get started with web development within a few weeks - and also earn a lot of monies. This web3-BS : no, not even close.
@@ololh4xx "This web3-BS" I wonder how you can say something like that as someone who works an industry which constantly changes and where devs have to adapt. It's like 30 years ago when people said "This internet? What BS" Extremely ignorant. I mean yeah it is overhyped right now but there some serious use cases in which I dont see why it shouldnt succeed - like passiv income with a simple web browser addon. People crying about their data and want companies like Facebook disrupted and web3 is a possible solution to gain back control and earn even passive money with that.
As an experienced developer, it's humbling because it feels like you suddenly know nothing once again; As a student like me, it's overwhelming as well as inspiring to know there's much more yet to come :)
@@nzuckman i suspect there's many orders of magnitude more benefit from being experienced than there is in the number of things needing to be unlearned. The weakness with being older is slower learning rate and the cognitive decline
@@nzuckman There is not really anything you need to "unlearn" in order to get started with Web3 development. That's like saying you need to unlearn js web development in order to start learning building embedded systems in C. Regular web development, game development, embedded systems development or smart contract development are just different topics, that require similar skills. So my advice for newer devs is to not push the "boring regular web development" that uses a java backend + postgres aside just to dive fully into Web3 smart contract development. You are going to need and use both types of applications in the future :)
This video deserves a follow-up. Many commenters have pointed out that it is a bubble. However, the Web itself is not a bubble. How are large masses of people supposed to benefit from the addition of blockchains and off-chains? We, your humble viewers, are asking a simple question: if Web 1.0 allowed us to get information online (download cat GIFs) and Web 2.0 allowed us to put our content online (upload memes), what quality-of-life improvements can we reasonably expect from Web 3.0? How will practical, real information exchange benefit from it?
There's too many problems with considering Blockchain as Web3 itself; From a large ecosystem transition to questions like how do I get paid. Relying on a system where rich people buy NFTs or FOMO people gamble with crypto (on abstracted crypto investing platforms) to get rich on fiat money (which is where all the hype/adoption is) doesn't feel like an actual transition. Ultimately, we'd need crypto to actually replace fiat money (not launder it) and the public to understand crypto enough to even have a chance of this Web3 vision. That's decades off, if at all. ALL THAT SAID, love the channel and the right-to-the-point explanations in a digestible amount of time. It's a weird balance that actually works and somehow far better than the lengthier videos you'll find. I'll still watch the Web 3 tutorial regardless if I'll apply it or not, cause it's still good to know what's going on.
Crypto will never replace fiat currency, because no sane government will ever give up the fiscal policy space that having their own currency provides for dealing with economic downturns (the EU being a cautionary tale, in that regard). And why would anyone want to replace fiat currency with crypto? It solves exactly none of the problems of fiat currency, while introducing scads of new ones. Crypto is not a sensible or even tenable general use currency. I know the video said fiat is as much a ponzi scheme as crypto, but that's just meme nonsense. We blame our money for the economic mismanagement of our financial system's leaders and the political malfeasance of our governments, but crypto doesn't fix any of that because the money system isn't the actual problem. Changing to crypto just means that when the dingy capsizes we have one less tool to right the ship. Crypto, on the other hand, *is* a giant ponzi scheme. Not that the block chain tech doesn't have useful applications, but crypto currency can never be a primary currency, which means that unless someone makes it super convenient to exchange for a *stable* amount of some state backed currency, it'll never be a secondary currency for online transactions, either. Right now, everyone "investing" in crypto is just hoping the next guy buys the hype enough that they aren't the one left holding a nearly valueless asset.
@@Chris-ce8oc Well said. And beside I'm not sure if anyone pays attention to that but migration web3 every transaction would require a gas fee so every update, fetch..etc. I already pay my ISP why I should pay again to surf the web. Given that ads would still exist, no sane person would replace that source of income
@Zero Arguing for crypto by saying that I don't understand blockchain, then pointing out one of the biggest reasons crypto fails at being money, is a God-tier expression of cluelessness. Is it possible you don't even have 1 idea about what money actually is? Seriously, though, it is a speculative bubble. None of it is worth anything outside the bubble. The bubble will not be allowed to grow to the point it infringes on government powers. The bubble will burst. It is inevitable.
If you’re a dev for a company you can still choose to be paid in fiat, or stablecoins that are fully liquid and backed by cash reserves that maintain the price of $1 that u can cash out to ur bank within 5 mins. Also, people gamble in the space and I honestly don’t see a problem with that. Why can’t that co-exist with everything else web3 promises to offer? This vision isn’t decades off either, I highly suggest you research the decentralised finance space beyond shitcoins and HYIPs and what this could offer the world in the next 5 years when things fully start to come to fruition. The potential is insane and any developer worth their salt knows that, which is why a lot are flocking to the industry en masse at the moment.
@@TechdubberStudios but it is a small light in a completely dark room I didn't even know those frameworks where existed... And probably only know if I take a long route of learning everything in cripto world
@@TechdubberStudios Basically he broke down how web3.0 works. How to develop for the frontend, which that doesn't change from what we currently do besides authentication, and how to develop for the backend (dapps).
I have one big doubt about why Web 3.0 is unlikely to pan out in its ideal form. 1) People not in tech don't REALLY care about where their data goes and who has them. It's this abstract, intangible thing that just flies into the "aether" of Google and it gives them free services for it, so they don't care. _"After all, what's the worst they can do with this data? Show me ads, lol so what"._ Thing is, most people's data is in-fact just going to be used like this only, which is also manipulative but not too bad for most people. It's those Snowdens, journalists and activists of the world, who'll face the actual horror of the power of data in the wrong hands. It's these very few people, that keep the power in check. I think it's worth the problems for the rest of us to ensure they're safe in doing what they do, otherwise no-one is gonna do it.
I think youre partly right in that people usually don’t care if Google has their data but I would argue we are seeing a shift in how people percieve the notorious user-data collectors like Facebook and Google that track their online activity wherever they go. If the trend continues I see big potential in properly positioned web3 apps to take their share of market or even eventually dethrone these giants.
i would like to add that there is a larger politically aware subset of the public which has been affected by algorithm censorship for speaking freely on politically controversial issues , either directly through algorithm based deletion of content or through censorship against their favored content creators/personalities. this makes us annoyed with the power of corporates and supportive of an alternative.
Hell, I work in tech and I don't particularly worry about where my data goes. If the internet decides it wants to find you, being difficult to get at is way less of a viable defence than not being percieved as worth the effort.
With Web2 centralized and Web3 as decentralised, we've come full circle. I think there's place for both. Not all apps can be decentralised and vice-versa.
Thank god ! Imagine how painful how painful it would be to deal with unhappy players because a decentralized game doesn't have an authoritative server that prevent cheating. A lot of projects are just not meant to be decentralized by design. The best we could do is to have the ethics of transparency and respect our users' privacy.
@@charlesm.2604 "Well, we can't do anything about those cheaters, because it's all decentralized, see? But we *can* offer you these new in-game NFTs for only $69.69!!!"
@@charlesm.2604 what if you have to bond $200 to your account to be able to play (and it still earns interest so you're not losing out on opportunity cost), and if you cheat the money is forfeited? crypto is more than just decentralisation. it gives you the tools to build incentive mechanisms.
@@TolkiCasts Yeah, totally unlike how it is when the government controls the money, amirite? Do you realize that the elites spend their entire day trying to avoid having to participate in the market and instead hope to kill off competition by lobbying and outright buying politics? I find it peculiar to suggest that in order to prevent the richest ones from abusing the system we should give them even more power.
@@TolkiCasts Oh yeah taxation is what solves this problem of the richest ones lol. I've noticed recent popular talking points on capitalism where you literally can disprove a lot of it by just looking at the real life examples lol. The richest are barely affected by taxes. This is like the least beneficial reason to support making these transactions taxed. From personal experience it can be argued that they affect the middle class a lot more simply because every dollar counts. So it's harder to build up wealth in that lower bracket because after taxes you are left with just enough to pay for rent and what not. This is coming from experience.
Feels like for ordinary people there are no significant reasons to get into web3, unless there is some big social push to get rid of the "big bad" middleman. (if that's even possible)
@@tycooperaow He's trying to sound smart and philosophical, but fails to understand that decentralisation is not 'all or nothing' but lives on a spectrum. He is one of those losers who missed out to get on board early and is pissed off to see people becoming rich while he is miserable. People like him will jump into every crypto related discussion and leave useless and snarky comments just to take the edge off.
@@inversebrah It's clear you don't get the joke. Web 2.0 is very clearly marked by the observation that functionality is to be given by throwing a library at the problem. The joke is that Web3.0 as of now is doing the same thing to handle interfacing with the blockchain. It wasn't philosophical and it's not sour grapes. It's called a joke, which you somehow needed to have explained.
Ok sooo ... I had to subscribe!!! I've been watching content from this channel, at random. And I always checked "what channel is this?", but never subscribed (I don't want to add another channel to my list!), BUT ... when you watch 20 videos, and 19 of them make you think about subscribing ... you have to, is that simple! Great content!
Current state of web development: How to overcomplicate everything. There is so much option overload and "latest and greatest" that it makes making a large scale project, seem like an impossible task. "We're one month in, and now 230 versions behind, start over!"
I think the term "Web 3.0" is HIGHLY misleading, though the name stuck so I use it. That implies it's somehow a successor to 2.0, which it really isn't. It's something entirely new and has its place but there's no way everything needs to be or would be done in decentralised infra. In the best case scenario, it would co-exist with 2.0 (and in worst case get buried in the ground). Only the absolute most important piece of infra that is susceptible to power corruption and abuse like data handling or vote counting (???) should be done on this.
This video was extremely helpful for me. I still find all of the new libraries/apps/paradigms confusing but I love that you have grouped them together here
Why call it web 3 when you can keep calling them dapps? Web 2 is not going anywhere. Dapps are just an additional tool to do specific stuff in Web Development. Btw. Would appreciate if you do a video with the most popular existing dapps that are done with blockchain tech. All I see around is a bunch of exchanges to trade shitcoins or NFTs... would be cool to see examples of serious stuff (if such a thing exists).
00:00 Web1 vs Web2 vs Web3 00:48 Is Web 3.0 all hype? 02:05 Do you need crypto to build dapps? 02:38 How do dapps work? 03:42 How does user authentication work? 04:12 What is a token or NFT? 05:33 How to build a Web3 Frontend? 06:45 How to build a Web3 Backend? 07:41 How do I test a dapp with Ethereum? 08:11 Do I store all data in the blockchain? 08:47 Where to start?
In the end, the question is how easy it is for the regular non-tech consumer. If it is just a little harder than today's internet it had no chance. So no, my parents will never move to Web 3.
i mean few years ago it was almost absurd when someone's mom had a Facebook, now its very common because of peer pressure. I think similar thing might happen here
@Danny L Amazon, Google and Facebook are only able to peer pressure because they have the monopole of their market. If your mother's entourage didn't had Facebook, your mother would have never opened her own account and taught herself how the fuck a keyboard/mouse works. I don't know if this is confusing to read hope you get the gist.
I'm still not sure why we need that much complexity, and relying on a variable cost network that is very inefficient, while cloud services are actually getting cheaper 🤷🏽♂️
In my experience projects that use a completely new lingo usually do that to make themselves incomparable to existing solutions - that might be just as suitable. This is why my alarm bells went off big time watching this video. So - why would I want to do all of that? What's the benefit for me as a developer? And even more important - what's the benefit for me as a user?
Yeah, my question exactly. It seems like web3 is about Ponzi scheme builders. Be the first to be on top of the pyramid of crypto "cards" and hope the house of cards below you doesn't come crashing down, until you've gotten at least your investment (i.e. work put into an app) back.
@@MindForgedManacle probably to get away from centalized stuff and be transparent.A golden sword to slay the big Tech that relay on ads and user data like FB. It will be next to imposible to data mine you without your consent when you don't depend on them ,but on a public datacenter called "blockchain" to run your app.
I'd love to see a video explaining an actual use case for web 3.0 in depth. It seems to be a way to track a bunch of databases with owners for virtual ids. Kind of a ledger for made-up virtual ids that costs at least $3 to perform a transaction and is pretty inefficient to check compared to a standard database. IPFS seems cool, but doesn't really have anything to do with the blockchain other than you can use those ids as part of an IPFS 'address' to find content. I could maybe see it as some sort of authentication mechanism, such as buying an NFT to create an account and verifying the account using your wallet, then you could sell your account to another wallet...
Cannot be weaponized like the FIAT/central banking system, e.g. freezing/forfeiture of assets. Cannot be inflated to infinity (the case for good coins). No CB to manufacture boom and bust cycles and devalue/decimate people's savings. Permissionless access to a world computer and Database. Peer to peer money transfers without a 3rd party. Real and verifiable ownership of digital assets. Ownership of content / data / art and being able to monetize it. etc.
The whole crypto scene so far is absolutely absurd. Even if existing systems are problematic, crypto bros end up creating something severely worse. Leveraging FOMO and pulling out scams and pump and dumps in an unregulated environment.
the problem is that people think crypto is big. i mean.. yeah it is... but the vast majority only cares about money they can make with crypto and nothing more. they talk about blockchain and the technology but in a lot of cases doesnt have any idea of how it really works.
The issue is that people like you think that's all that crypto and blockchain is without having done proper research on what kind of projects are out there. It's way more than just pump and dumps and scams, but that's what makes headlines, so the people outside of the crypto space think that this is all it is. It's just a matter of time until it's socially acceptable but it's like this with anything new not a lot of people understand, so we just have to wait.
Its literally money laundering in its current state, or at least incentivises fraudulent behaviour, we should fix that before even trying to make Web3 a "mainstream" thing
@@hurricanemeridian8712 there are bad actors who use it for bad things, just like any asset of value - this does not mean it's universally used or made for bad things.
@@laurenz1337_ Stop being part of the problem and provide some examples of projects that are actually using the technology to benefit people as opposed to just parting fools from their money. Just saying they exist isn't very helpful. You must be able to rattle off at least a few for people to look into.
My question is: why would average consumer care about web3? What consumer values are we getting from web3 especially when blockchain is being attacked for its environmental impact the same way big techs are being attacked for breaching privacy?
Ethereum is moving to proof of stake which does not requires heavy computing power, so it will not have any environmental damage, unlike bitcoin which uses proof of work.
There are plenty of usecases that could potentially impact everybody. Most notable to me is transparent banking where saving accounts have 10 or even 100x higher APYs than traditional banks. Also the fees are much lower and sending money internationally is practically instant and almost free.
I really enjoy the way your videos are visually put together. Helps me grasp concepts a little faster with the visual tools, illustrations and photos to accommodate the information you are presenting. Looking forward to watching more in the future!
All the buzz words people have thrown around about NFTs and Web3 for the last couple years have told me absolutely nothing about why i should care. You come along and make this video where I could select maybe 3 core sentences that say more than everybody else has been saying this whole time. Thanks for being the person who actually explains things instead of bs-ing them
IMO, this web 3 should be regulated, but it should not by goverments or any corporations. we need some people we can give our trust to regulate this, so we can no longer worries about our data for the time being. but your opinion also the good one, as long as this web 3 decentralized thing, it needs some improvements to patch some holes.
@@joshuachristianto6888 Honestly having it regulated by ANYONE would directly link the stability of the entire system with that persons capability and behaviour. Way too risky, lets not do that
@Deborah Hearne That's not entirely true. If I'm remembering correctly, it IS possible to regulate this space, via DAOs (decentralised automated organisation), which basically is just code, which is unambiguous, everybody (that knows code) can understand it, and you know it won't take bribery or do shady sh*t because the code does exactly what you ask it to do. It's hard to change, and you still have to trust the ones who implement it, but IMO it's a nicer solution because once implemented, you know what's being implemented and there's not gonna be gotchas.
There's no way a decentralized infrastructure would get monopolized by a few rich people that put servers in a Chinese warehouse and end up being exactly as it is today (the big 3), except without the competition, oversite and stability.
And after all the way the tech giants became giants was not mainly due to their tech but due to society. Crypto is not going to change anything about that.
"decentralized infrastructure would get monopolized by a few rich people that put servers in a Chinese warehouse" that just means what you are describing isn't "decentralized" lmao.
Web1 - Bulletin Boards - Read only. Web2 - User interactive - Enter personal information. Web3 - Personal Data sold and controlled. You become a number and only get selected feeds. Users no longer have free thoughts. Pavlovian controlled users rely on Web for everything.
Love your honest and insightful opinions. Personally I think web3 is a marketing buzzword created by VCs to push their products and make money. Don’t get me wrong there are merits to crypto and decentralisation. But lots of these shitcoins and NFTs are people trying to make a quick buck off of others. So when Web4 and Defi 3.0 to fix them?
Web 1.0: on-disc DLC Web 2.0: our gaming-as-a-service authentication server is down and you aren’t allowed to play your $70 game until we get it back up Web 3.0: we’ve just minted another 10 tokens to allow you to play as anything but an Ewok in Battlefront 3, bid with your ETH before they’re gone!
While I believe in the emergence of dapps, I don't personally think blockchain is a good idea in a general sense for the web. The smarter people have already mentioned this as said in the video, but the scalability of it wouldn't really be that practical. Also think about the scepticism about bitcoin mining, if blockchain would be the main focus of Web 3.0, it's sure to outdo the "negatives" of something like bitcoin. To me the next step for the internet has always been the merging with normal life. We see it in a basic form by the use of smartphones which is our direct link to the internet in day-to-day life. My own vision is closer to that of Meta's metaverse. A larger focus on changing how technology interacts with our life, this extending from the hype of smart glasses, to artificial intelligence. At some point we'll have these things introduced more widely in our daily lives. But that's still a ways away, probably.
It would have great because it would ease so many lives but it will never happen. We already have the technology for it, it's not the issue. The issue is that our world isn't made for it and it wouldn't be practical as opposed to the current ways for the average Joe.
@@RAFMnBgaming wasn't really my point. My idea was closer to if you could think of actually smart classes on the level of cyberpunk. Not whatever we have right now.
@@mikkel3135 What does that even mean? What more things could these things provide than they already could have that wouldn't be only useful to you if you were a video games character?
@@mikkel3135 I mean, I guess it would allow everyone to abuse facial recognition software on people in public, not just corporations and governments so... that doesn't make things better, it makes things worse because more people are able to do it, but hey, it makes things fair?
I'm gonna have to rewatch this a couple of times... first time I feel like I'm being pushed out of my job hahaha every other tech I get it immediately, this, I'll have to dig in a little more seriously I reckon! Thanks for this video!
Really enjoying how much this seems mostly unnecessary, and yet it's pervading so much of the space I exist in, only providing value to the lucky or privileged. We live in the dumbest timeline.
You people keep forgetting that you arent the only people in the world and that there are millions who live in third world countries without proper banking infrastructure or hyperinflationary currencies. Blockchain is changing and improving lives for millions. Just because lucky people like yourself dont have much to gain from it, doesnt its unnecessary.
I live in a 3rd world country with hyper inflation (argentina), and the eth network dont do much for us. We prefer to have free services by giving our info to fb or Google. Now im building my own NFT Centrilized service for a project. Not even touching crypto, just straight money for the NFTs, without all the crypto crap.
@@tomich20 Dont know about Argentina, but I read that projects like RSR and Terra have millions of users across multiple South American and Asian countries. As for Ethereum, even if you're from a first world country it makes no sense to use it at this point as the fees for a single transaction are absurdly high.
i think web3 and web 3.0 are different, Web3 is a decentralized internet based on peer-to-peer technologies(like blockchain) where as web 3.0 refers to semantic web written using RDF, OWL etc to make web data more machine-readable to be shared and reused across applications, devices
A reminder that Stephen Diehl has been the cto of a private blockchain startup since 2015 and has tried to launch numerous crypto projects before but didn't gain attraction.
The decentralized part sounds awesome for authentication/authorization. The payment part will have a hard time being successful with the volatility of crypto markets. But for good old data, this sound counter productive with its speed. This might be amazing to backup stuff you never want to loose though
Payments can still work with relative ease; There's a reason why multiple governments around the world have started CBDC initiatives + building policy frameworks already.
@@cosmicfantastic As a business owner I wouldn't want to be paid with in a currency that can crash and loose 50% of its value overnight, that's all I'm saying
@@Ked_gaming it’s probably a good idea to first read what cbdc’s are before proclaiming the same risks that standard cryptocurrency face, apply to them as well. Especially useful as a business owner to know what’s around the corner, if you wish to not get left behind by competitors later on.
@@Ked_gaming here's the thing though, if you have that worry you can simply automate it to instantly swap for any of the stablecoins out there that peg to usd
@@cosmicfantastic CBDC looks like regular money with extra steps like you have the marvelous blockchain with all its benefits, but a solution for volatility is a virtual currency backed by "real" currency, like it surely works but we will still rely mostly in government centralized currency
I think we'll just have both centralized and decentralized apps. None of them will take lead, but some apps will be much better suited towards one of them, e.g. (new) social medias will very likely be all decentralized.
Great video and introduction to Web3! It's important to understand the hype vs. reality in this space. Web3 isn't just a trend; it's a transformative shift. Platforms like SubQuery are testament to this, making data more accessible and empowering dApp developers. It's more than hype; it's the future unfolding right before us!
Thanks for the explanation. The only gripe I have with Web 3.0 is the crypto “currency” as a base layer for transactions, which complicates taxable events even more for the end user. Not only is it based on an asset deemed as property and possibly a security, it is highly volatile. The base layer needs to be officially sanctioned money by the government. Otherwise the economy based on crypto is going into gambling territory with each transaction. I don’t want to gamble for a pair of crocks based on the hourly shifting price of ETH. That’s just idiotic.
"Decentralized but secure internet (...) without unnecessary middleman" - Only middleman left I see is the ISP. If we only had a separate network not needing "Internet Service Provider" that could work with wifi/bluetooth communication between mobile devices, this would be the future. In the beginning of the internet we didn't have so much connectivity. Today this seems possible in theory, well not maybe transfering data between continents but don't you think it would be a good direction for future?
That sounds horrendously worse than using what we have now. Imagine how high your ping would be for everything if it has to be received, processed, and re-transmitted by 500 smartphones to get between you and what you're communicating with, not to mention the power/bandwidth/processing costs of not taking advantage of economy of scale in how the infrastructure works, or the ultimate problem of "what happens if someone walks into a starbucks and breaks the connection. There's also the fact that if it's going through an unknown and uncontrolled chain of devices, any step of that process could be a wiretap. You're not gettin rid of the middleman. You're inviting a crowd of middlemen with little to offer and unknown motives to help, big question mark, you, instead of one big one that at least has to mantain a reputation if it wants people to still use it.
@@RAFMnBgaming That's what I call "reinventing the wheel as an octagon". ;) Though I do believe off-the-grid, swarm, p2p networks have their just place: natural disasters/wartime.
Web3.0 is said to be all about bringing data back to the consumer but can you imagine how easy it will be for google and facebook to track all of your activities when you use the same token literally everywhere, they don‘t even have to do probability analysis anymore to match activities to the same user. This is the same as apple not wanting to provide device ids with app tracking transparancy all over again, just on a whole other scale.
imagine paying for a beer with bitcoin and having the seedy bar tender immediately be able to see how much you have in your account because its a public ledger
Performance isn't the value proposition of web3. It's decentralization and censorship resistance. The complexities of web3 exist for good reasons, and a LOT of work is going towards mitigating them
No, I don’t get it. Say I wanna build a simple todo list CRUD app, what does it mean for the user to “own their data” in that context? Do they have to have a wallet of the underlying crypto I’m building my app on? And then does each “record” in my “database” become a token of the underlying crypto, or..? I’m very confused :(
@Deborah Hearne okay okay, I hear you. So the individual "records" become tokens on the blockchain? But then how does it work when there's different types of data? Like a todo list and bookings, say?
I think you would still store aspects of the user’s data like bookings in a centralised db but the user may have personal data and settings that could be kept on the blockchain that would aid in authentication/authorisation and just not having to consistently enter the same data in different websites.
Web3 exists in general (so far): to reduce inefficiencies involving monetary transactions that would usually involve human third parties; to extend ownership of digital assets to users; Web3 seeks to correct for the human interaction problem of trust (as far as that is possible). It is more about optimizing transactions (in the context of trust) rather than a purely optimal technological approach.
Half of today's economy is about a 3rd party company offering a low added value service, and taking a hefty fee for that service. If web3 is going to eliminate the middle man in the finance, law, insurance, and so forth, industries, it may put a lot of people out of jobs lol
@@noratrieb I believe that this inefficiency is mostly due to the relative young age of the technology in general, when compared to the traditional framework of fiat finance that has decades of maturity behind it. Once major blocking problems are resolved, the security, privacy and speed of these new systems will be much improved in the future. We can witness this advancement in each new blockchain project that comes out, they all try to innovate and add new features that the next wave of projects will get inspired from and then improve some more and so on. We can see this in effect with the OG cryptos that are all bitcoin-like, then comes a 2nd wave with ethereum and the many clones and slight variations that try to add their own value, then a 3rd wave will come, maybe with eth2 or something else entirely, and who knows what we'll see by then.
@@charnet3d207 Speed isn't really optimizable here. Proof of work being done faster means the computations have to become more complex to prevent counterfeit, making the speed increase nonexistent. I'm not even sure sharding avoids this with coins like Ethereum, which are already energy intensive by design in a way that doesn't look avoidable. The fact it began it's life and continues to be a near entirely speculative market just makes it unworkable as currency replacement. Even in principle the above weaknesses are necessary for them to function.
This is so exciting that the second internet is coming. I'm 36 but this stuff still makes me just as excited as when I first saw a regular nintendo as a kid.
Like all unnecessarily complex things in our field, it will rot. This is pure perversion. An uneffective and cost inefficient one at that. I really appreciate that article by Stephen! I agree wholeheartedly. I think people are misguided.
Thanks for making a video to present this info. Question for the creator: "everything is a ponzi scheme, so no need to worry about ethics" is this a typical shrug off, or do you believe in doing things just because everyone else is? Could something better come along, or would it receive no support because the way it is is actually preferred?
This is my issue with the video. I really wished he addressed the ethical concerns in Web3. It all feels like a get-rich-quick scheme, and I don't get a different impression from this video either.
I'm very pessimistic about web 3. I don't think that letting your application depend on crypto coins is a very smart idea. I have no idea how regulated the crypto market is, but to me it currently seems barely regulated at all. Having people use an app and pay with a coin that can lose half it's value at any given time does not sound like a great idea to me Crypto coins are way too unpredictable in my opinion. I think that web 3 is an interesting concept for a new way to handle your money, but not for much else.
@@bilbobeutlin3405 Good question, do they exist? I'm not invested in the whole crypto world. To me, it just seems like a barely regulated stock market. So if there actually is a way of sending money, that is not going to lose it's value at any given time, then that would change my mind about that part of web 3 for sure.
@finance I don't know man. Just a nitpick, but I'm not sure about the legality of the service you just proposed. I however do see a few problems in your pitch (Most of this is coming from pure ignorance and probably not understanding crypto and peer-to-peer networking). Wasn't the whole point of web 3 to decentralize everything? How is it different than web 2 when we have people that now own (not by, but actually own) a special crypto coin? What if an application becomes very popular and the owner becomes as big as a major tech corporation (very unlikely, but you hopefully get the idea). What would stop them from actually asking for some of your data before you can buy a coin? Also, the sharing of the actual movies is going to be through a peer-to-peer network right? Aren't they famously unreliable? I don't find it appealing that a service is going to be fast or slow depending on where I live, and how much people in my own country use that service in order to share the movie.
@Deborah Hearne It's definitely more aimed at crypto founders, I'm not that sure about venture capitalists since web 3 does not offer them anything else besides crypto.
I think calling blockchains 'Web3' is a bit silly and just hype-building, marketing type flimflam. Web2 is not going to be replaced at all, although blockchain technology is revolutionary, it will not become the standard for every kind of web application. It has it's uses definitely but it's not as if it's going to just replace our current model.
@@thegoldenatlas753 Agreed, the web isn't really something that progresses in major releases, how could it be? Various technologies come and go, new standards are implemented while old become deprecated but it's always a gradual process. You're right, much of the web is fundamentally using 'web1' technology still. Even since the early days of Netscape, we're still using HTML to write our markup and CSS to change it's look. HTML & CSS have been around for decades but they're now a 'living standard' so their specs are constantly evolving and browser developers are racing to keep up with it.
@@fredhair no, but the zeitgeist kind of does. Web 2.0 is all about profiting off of the contributions of end users rather than having to contribute anything other than the site. Whereas with web 1.0, you had to make some sort of contribution if you wanted to get paid.
@@thegoldenatlas753 nope, Wikipedia is web 2.0, nearly all the content on it was user generated, hence web 2.0. The Merriam Webster dictionary site is basically 100% their creation, which is typical of web 1.0 thinking.
When can I buy some FireCoin??
first
CodeCoin 😅
Is there a whitelist?
It seems absurdly complicated and highly inefficient. It'll probably have it's place, but I don't imagine it'll ever go mainstream in the same way the current Web is.
@@SecondFry Haha yes. Good point. But Web3 seems even more so complicated. Like at least you can do web dev today in a non complicated way if you want to. Doesn't look like that's an option with Web3.
@@SecondFry Web 2 made life easier for majority of people. But Web3 doesn't do anything specific, if it's just p2p. If it's related to blockchain, it makes thing even more complicated. So I don't think that it will be popular (in the current state).
I have exactly the same feelings
@@SecondFry yeah ... "almost" .... because it isnt. At all. You can get started with web development within a few weeks - and also earn a lot of monies. This web3-BS : no, not even close.
@@ololh4xx
"This web3-BS" I wonder how you can say something like that as someone who works an industry which constantly changes and where devs have to adapt. It's like 30 years ago when people said "This internet? What BS"
Extremely ignorant. I mean yeah it is overhyped right now but there some serious use cases in which I dont see why it shouldnt succeed - like passiv income with a simple web browser addon. People crying about their data and want companies like Facebook disrupted and web3 is a possible solution to gain back control and earn even passive money with that.
As an experienced developer, it's humbling because it feels like you suddenly know nothing once again; As a student like me, it's overwhelming as well as inspiring to know there's much more yet to come :)
Hopefully it should level the playing field for us noobies too, since we won't have a bunch of stuff to un-learn :)
@@nzuckman i suspect there's many orders of magnitude more benefit from being experienced than there is in the number of things needing to be unlearned. The weakness with being older is slower learning rate and the cognitive decline
stu, you learn about distributed networks in undergrad
@@nzuckman There is not really anything you need to "unlearn" in order to get started with Web3 development. That's like saying you need to unlearn js web development in order to start learning building embedded systems in C. Regular web development, game development, embedded systems development or smart contract development are just different topics, that require similar skills. So my advice for newer devs is to not push the "boring regular web development" that uses a java backend + postgres aside just to dive fully into Web3 smart contract development. You are going to need and use both types of applications in the future :)
Overwhelming and exciting/inspiring are the perfect words to describe as an experienced developer myself as well.
This video deserves a follow-up. Many commenters have pointed out that it is a bubble. However, the Web itself is not a bubble. How are large masses of people supposed to benefit from the addition of blockchains and off-chains? We, your humble viewers, are asking a simple question: if Web 1.0 allowed us to get information online (download cat GIFs) and Web 2.0 allowed us to put our content online (upload memes), what quality-of-life improvements can we reasonably expect from Web 3.0? How will practical, real information exchange benefit from it?
Web 1 - Encyclopaedia, read only
Web 2 - Data from users, Interactive
Web 3 - wtf?
web3 : furries, NFT, "creator's content"
Web 1 + Web 2 = Web 3
On a serious note, it is a decentralized self-regulated Web 2
web 3 - the twitter cryptobro’s wet dream
Web 4: happily rubs Its' hands 😂
Web 3- Money
There's too many problems with considering Blockchain as Web3 itself; From a large ecosystem transition to questions like how do I get paid. Relying on a system where rich people buy NFTs or FOMO people gamble with crypto (on abstracted crypto investing platforms) to get rich on fiat money (which is where all the hype/adoption is) doesn't feel like an actual transition. Ultimately, we'd need crypto to actually replace fiat money (not launder it) and the public to understand crypto enough to even have a chance of this Web3 vision. That's decades off, if at all.
ALL THAT SAID, love the channel and the right-to-the-point explanations in a digestible amount of time. It's a weird balance that actually works and somehow far better than the lengthier videos you'll find. I'll still watch the Web 3 tutorial regardless if I'll apply it or not, cause it's still good to know what's going on.
Crypto will never replace fiat currency, because no sane government will ever give up the fiscal policy space that having their own currency provides for dealing with economic downturns (the EU being a cautionary tale, in that regard). And why would anyone want to replace fiat currency with crypto? It solves exactly none of the problems of fiat currency, while introducing scads of new ones. Crypto is not a sensible or even tenable general use currency. I know the video said fiat is as much a ponzi scheme as crypto, but that's just meme nonsense. We blame our money for the economic mismanagement of our financial system's leaders and the political malfeasance of our governments, but crypto doesn't fix any of that because the money system isn't the actual problem. Changing to crypto just means that when the dingy capsizes we have one less tool to right the ship.
Crypto, on the other hand, *is* a giant ponzi scheme. Not that the block chain tech doesn't have useful applications, but crypto currency can never be a primary currency, which means that unless someone makes it super convenient to exchange for a *stable* amount of some state backed currency, it'll never be a secondary currency for online transactions, either. Right now, everyone "investing" in crypto is just hoping the next guy buys the hype enough that they aren't the one left holding a nearly valueless asset.
@@Chris-ce8oc Well said. And beside I'm not sure if anyone pays attention to that but migration web3 every transaction would require a gas fee so every update, fetch..etc. I already pay my ISP why I should pay again to surf the web. Given that ads would still exist, no sane person would replace that source of income
Watch video called "Line Goes Up" by Folding Ideas here in UA-cam if you really want to know what Web 3.0 is.
@Zero Arguing for crypto by saying that I don't understand blockchain, then pointing out one of the biggest reasons crypto fails at being money, is a God-tier expression of cluelessness. Is it possible you don't even have 1 idea about what money actually is?
Seriously, though, it is a speculative bubble. None of it is worth anything outside the bubble. The bubble will not be allowed to grow to the point it infringes on government powers. The bubble will burst. It is inevitable.
If you’re a dev for a company you can still choose to be paid in fiat, or stablecoins that are fully liquid and backed by cash reserves that maintain the price of $1 that u can cash out to ur bank within 5 mins.
Also, people gamble in the space and I honestly don’t see a problem with that. Why can’t that co-exist with everything else web3 promises to offer?
This vision isn’t decades off either, I highly suggest you research the decentralised finance space beyond shitcoins and HYIPs and what this could offer the world in the next 5 years when things fully start to come to fruition. The potential is insane and any developer worth their salt knows that, which is why a lot are flocking to the industry en masse at the moment.
Sir, thank you for having legit - practical dev content. It’s so refreshing to listen to your breakdowns.
don't act like you understood anything after this video. lol.
@@TechdubberStudios but it is a small light in a completely dark room
I didn't even know those frameworks where existed... And probably only know if I take a long route of learning everything in cripto world
and fast info delivery without bullshit, tldr style
@@TechdubberStudios Basically he broke down how web3.0 works. How to develop for the frontend, which that doesn't change from what we currently do besides authentication, and how to develop for the backend (dapps).
What the theme of text editor in video ?
I have one big doubt about why Web 3.0 is unlikely to pan out in its ideal form.
1) People not in tech don't REALLY care about where their data goes and who has them. It's this abstract, intangible thing that just flies into the "aether" of Google and it gives them free services for it, so they don't care. _"After all, what's the worst they can do with this data? Show me ads, lol so what"._ Thing is, most people's data is in-fact just going to be used like this only, which is also manipulative but not too bad for most people. It's those Snowdens, journalists and activists of the world, who'll face the actual horror of the power of data in the wrong hands. It's these very few people, that keep the power in check. I think it's worth the problems for the rest of us to ensure they're safe in doing what they do, otherwise no-one is gonna do it.
I think youre partly right in that people usually don’t care if Google has their data but I would argue we are seeing a shift in how people percieve the notorious user-data collectors like Facebook and Google that track their online activity wherever they go. If the trend continues I see big potential in properly positioned web3 apps to take their share of market or even eventually dethrone these giants.
i would like to add that there is a larger politically aware subset of the public which has been affected by algorithm censorship for speaking freely on politically controversial issues , either directly through algorithm based deletion of content or through censorship against their favored content creators/personalities. this makes us annoyed with the power of corporates and supportive of an alternative.
Hell, I work in tech and I don't particularly worry about where my data goes. If the internet decides it wants to find you, being difficult to get at is way less of a viable defence than not being percieved as worth the effort.
Snowden didn't get caught for posting on social media or googling "how to blow whistles".
You mean trusting thieves and scammers with my data is a bad idea? Damn who'da thunk
With Web2 centralized and Web3 as decentralised, we've come full circle. I think there's place for both. Not all apps can be decentralised and vice-versa.
Thank god ! Imagine how painful how painful it would be to deal with unhappy players because a decentralized game doesn't have an authoritative server that prevent cheating.
A lot of projects are just not meant to be decentralized by design. The best we could do is to have the ethics of transparency and respect our users' privacy.
@@charlesm.2604 "Well, we can't do anything about those cheaters, because it's all decentralized, see? But we *can* offer you these new in-game NFTs for only $69.69!!!"
@@bierrollerful Bro that's on point ! 🤣
@@charlesm.2604 what if you have to bond $200 to your account to be able to play (and it still earns interest so you're not losing out on opportunity cost), and if you cheat the money is forfeited?
crypto is more than just decentralisation. it gives you the tools to build incentive mechanisms.
@Deborah Hearne I mean the way we build our apps in Web2 and Web3 would be different.
I haven't seen better video on the topic so far, no bs no ads just pure info and resources, thank you maaaaan!
So you're telling me that a bunch of geeks excited about new technology are promising utopia? I think I've heard this before and I know the ending.
uhhhhwhatstheendig?
@@pagenotfound_code_404 death
@@andregt4561 good
@@pagenotfound_code_404 A bunch of rats come out of the sewers.
one of them losing their pen drives
Thanks for breaking it down a little more for us
loved the part : "So no need to worry about ethics or anything" 😂😂😂
we will have another laugh when the government start taxing those transactions
@@daleryanaldover6545 which they should. A capitalist system without taxes spirals out of control in favor of the richest ones very fast.
😂
@@TolkiCasts Yeah, totally unlike how it is when the government controls the money, amirite? Do you realize that the elites spend their entire day trying to avoid having to participate in the market and instead hope to kill off competition by lobbying and outright buying politics? I find it peculiar to suggest that in order to prevent the richest ones from abusing the system we should give them even more power.
@@TolkiCasts Oh yeah taxation is what solves this problem of the richest ones lol. I've noticed recent popular talking points on capitalism where you literally can disprove a lot of it by just looking at the real life examples lol. The richest are barely affected by taxes. This is like the least beneficial reason to support making these transactions taxed. From personal experience it can be argued that they affect the middle class a lot more simply because every dollar counts. So it's harder to build up wealth in that lower bracket because after taxes you are left with just enough to pay for rent and what not. This is coming from experience.
Feels like for ordinary people there are no significant reasons to get into web3, unless there is some big social push to get rid of the "big bad" middleman. (if that's even possible)
Glad to see web 3 is the same as web 2. "Just import a bunch of libraries"
It's web 2.0 all the way down
Umm care to explain?
This made me spit take. lol
@@tycooperaow He's trying to sound smart and philosophical, but fails to understand that decentralisation is not 'all or nothing' but lives on a spectrum. He is one of those losers who missed out to get on board early and is pissed off to see people becoming rich while he is miserable. People like him will jump into every crypto related discussion and leave useless and snarky comments just to take the edge off.
@@inversebrah It's clear you don't get the joke. Web 2.0 is very clearly marked by the observation that functionality is to be given by throwing a library at the problem. The joke is that Web3.0 as of now is doing the same thing to handle interfacing with the blockchain. It wasn't philosophical and it's not sour grapes. It's called a joke, which you somehow needed to have explained.
Ok sooo ... I had to subscribe!!! I've been watching content from this channel, at random. And I always checked "what channel is this?", but never subscribed (I don't want to add another channel to my list!), BUT ... when you watch 20 videos, and 19 of them make you think about subscribing ... you have to, is that simple!
Great content!
Current state of web development: How to overcomplicate everything. There is so much option overload and "latest and greatest" that it makes making a large scale project, seem like an impossible task. "We're one month in, and now 230 versions behind, start over!"
True. As if web development didn't already become complicated enough with endless frameworks.
I think the term "Web 3.0" is HIGHLY misleading, though the name stuck so I use it. That implies it's somehow a successor to 2.0, which it really isn't. It's something entirely new and has its place but there's no way everything needs to be or would be done in decentralised infra. In the best case scenario, it would co-exist with 2.0 (and in worst case get buried in the ground). Only the absolute most important piece of infra that is susceptible to power corruption and abuse like data handling or vote counting (???) should be done on this.
@@comradepeter87 I think your best and worst case scenarios might be the opposite way around to mine.
"Everything is a God-damn ponzi scheme", 😂😂😂😂I just love the way you elaborate things Jeff.
This video was extremely helpful for me. I still find all of the new libraries/apps/paradigms confusing but I love that you have grouped them together here
Watch video called "Line Goes Up" by Folding Ideas here in UA-cam if you really want to know what Web 3.0 is.
I've been working in web3 for about 4 months and having an absolute blast
Blasting you rmoney out or this for real? 😅
@@kingundfaker lol no for real
could you say what have you been working on exactly?
@@datasow9493 did one NFT-gaming collection on my own, two for clients, gave courses to students, mostly worked fo a lending protocol in development
Why call it web 3 when you can keep calling them dapps? Web 2 is not going anywhere. Dapps are just an additional tool to do specific stuff in Web Development. Btw. Would appreciate if you do a video with the most popular existing dapps that are done with blockchain tech. All I see around is a bunch of exchanges to trade shitcoins or NFTs... would be cool to see examples of serious stuff (if such a thing exists).
calling it Web 3.0 helps hype it up and make it seem like a bigger deal so you can pump and dump crypto to scam people
old heads mad old heads mad welcome to the future!!
true lol
@@notusingmyrealnamegoogle6232 so true, i laughed so hard,
Is torrent a dapp? Blockchain and crypto are part of but not needed for Web3.
00:00 Web1 vs Web2 vs Web3
00:48 Is Web 3.0 all hype?
02:05 Do you need crypto to build dapps?
02:38 How do dapps work?
03:42 How does user authentication work?
04:12 What is a token or NFT?
05:33 How to build a Web3 Frontend?
06:45 How to build a Web3 Backend?
07:41 How do I test a dapp with Ethereum?
08:11 Do I store all data in the blockchain?
08:47 Where to start?
In the end, the question is how easy it is for the regular non-tech consumer. If it is just a little harder than today's internet it had no chance. So no, my parents will never move to Web 3.
Unless there are services that can lower the technical barrier of entry... and needs (eg. peer pressure in the case of FB and other social media)
i mean few years ago it was almost absurd when someone's mom had a Facebook, now its very common because of peer pressure. I think similar thing might happen here
Same happens with everything, With the internet too..
@Danny L Amazon, Google and Facebook are only able to peer pressure because they have the monopole of their market. If your mother's entourage didn't had Facebook, your mother would have never opened her own account and taught herself how the fuck a keyboard/mouse works. I don't know if this is confusing to read hope you get the gist.
The most problematic thing for them might be the crypto wallet. Heck, even I, a 25 yo don't know about that. +50 people will have problems for sure.
0:01 I almost spat the water I was drinking
I have been looking for a developer's explanation of web3 for months! Hands down, best explainer video out there. Thanks! 🙌
You can give Stacks Blockchain a look.
Watch video called "Line Goes Up" by Folding Ideas here in UA-cam if you really want to know what Web 3.0 is.
I'm still not sure why we need that much complexity, and relying on a variable cost network that is very inefficient, while cloud services are actually getting cheaper 🤷🏽♂️
@Deborah Hearne That's fine too
In my experience projects that use a completely new lingo usually do that to make themselves incomparable to existing solutions - that might be just as suitable. This is why my alarm bells went off big time watching this video.
So - why would I want to do all of that? What's the benefit for me as a developer? And even more important - what's the benefit for me as a user?
A solution in search of a problem. I've yet to see a single use case of crypto that this doesn't apply to.
Which lingo? Token? That's been around since the beginning of the internet.
Yeah, my question exactly. It seems like web3 is about Ponzi scheme builders. Be the first to be on top of the pyramid of crypto "cards" and hope the house of cards below you doesn't come crashing down, until you've gotten at least your investment (i.e. work put into an app) back.
Watch video called "Line Goes Up" by Folding Ideas here in UA-cam if you really want to know what Web 3.0 is.
@@MindForgedManacle probably to get away from centalized stuff and be transparent.A golden sword to slay the big Tech that relay on ads and user data like FB. It will be next to imposible to data mine you without your consent when you don't depend on them ,but on a public datacenter called "blockchain" to run your app.
I'd love to see a video explaining an actual use case for web 3.0 in depth. It seems to be a way to track a bunch of databases with owners for virtual ids. Kind of a ledger for made-up virtual ids that costs at least $3 to perform a transaction and is pretty inefficient to check compared to a standard database. IPFS seems cool, but doesn't really have anything to do with the blockchain other than you can use those ids as part of an IPFS 'address' to find content. I could maybe see it as some sort of authentication mechanism, such as buying an NFT to create an account and verifying the account using your wallet, then you could sell your account to another wallet...
Cannot be weaponized like the FIAT/central banking system, e.g. freezing/forfeiture of assets.
Cannot be inflated to infinity (the case for good coins).
No CB to manufacture boom and bust cycles and devalue/decimate people's savings.
Permissionless access to a world computer and Database.
Peer to peer money transfers without a 3rd party.
Real and verifiable ownership of digital assets.
Ownership of content / data / art and being able to monetize it.
etc.
The whole crypto scene so far is absolutely absurd. Even if existing systems are problematic, crypto bros end up creating something severely worse. Leveraging FOMO and pulling out scams and pump and dumps in an unregulated environment.
the problem is that people think crypto is big. i mean.. yeah it is... but the vast majority only cares about money they can make with crypto and nothing more. they talk about blockchain and the technology but in a lot of cases doesnt have any idea of how it really works.
The issue is that people like you think that's all that crypto and blockchain is without having done proper research on what kind of projects are out there. It's way more than just pump and dumps and scams, but that's what makes headlines, so the people outside of the crypto space think that this is all it is. It's just a matter of time until it's socially acceptable but it's like this with anything new not a lot of people understand, so we just have to wait.
Its literally money laundering in its current state, or at least incentivises fraudulent behaviour, we should fix that before even trying to make Web3 a "mainstream" thing
@@hurricanemeridian8712 there are bad actors who use it for bad things, just like any asset of value - this does not mean it's universally used or made for bad things.
@@laurenz1337_ Stop being part of the problem and provide some examples of projects that are actually using the technology to benefit people as opposed to just parting fools from their money. Just saying they exist isn't very helpful. You must be able to rattle off at least a few for people to look into.
"Now i know that sounds like a ponzi scheme, but everything is a goddamn ponzi scheme"
This is the best line i heard for today.
Will transition to web 4.0💯🎯 when quantum computers successfully destroy web 3.0 🔥💥💥
I do not know with what tech web 3.0 will be built, but web 4.0 will be built with sticks and stones - Einstein
@@Fireship This is likely one of my top 5 favorite youtube comments of all time
To be real.. quantum computer's need regular ones to work whit humans. You have to combine the 2. But ya its will fucked upp privacy
Quantum computers? Quantum phones!
By the way, I liked the "Curious emoji", which occurred many times at every question in this video !! 😂😂
As a developer, having the price of ethereum go down is actually good. Lower prices make projects cheaper and improves the quality of the platform.
what a stable system.
But with low incentives, the overall power of the network will inevitably drop as well and the security right with it.
@@seifenspender yeah, that is also true
I just started thinking about Web 3 and IPV6 and my mind started spinning faster and faster. Now I'm fibrillating! 🆘!
My question is: why would average consumer care about web3? What consumer values are we getting from web3 especially when blockchain is being attacked for its environmental impact the same way big techs are being attacked for breaching privacy?
Ethereum is moving to proof of stake which does not requires heavy computing power, so it will not have any environmental damage, unlike bitcoin which uses proof of work.
@@pewds337 i looked at how it works but that seems to give governing power to those with money unless the stake is so high compared to the reward
A consumer gains trustless exchange of monetary value over the internet
@@nathanbustamante1479 then the question would be whether that is really what average people care or if that's something silicon valley geeks care
There are plenty of usecases that could potentially impact everybody. Most notable to me is transparent banking where saving accounts have 10 or even 100x higher APYs than traditional banks. Also the fees are much lower and sending money internationally is practically instant and almost free.
Best video I've found that speaks to my boomer Web 2.0 dev brain. Thank you!
I really enjoy the way your videos are visually put together. Helps me grasp concepts a little faster with the visual tools, illustrations and photos to accommodate the information you are presenting. Looking forward to watching more in the future!
All the buzz words people have thrown around about NFTs and Web3 for the last couple years have told me absolutely nothing about why i should care. You come along and make this video where I could select maybe 3 core sentences that say more than everybody else has been saying this whole time. Thanks for being the person who actually explains things instead of bs-ing them
"Everything is a goddamn ponzi scheme" - Jeff 2021
With the US Dollar being the leader in this space.
I belly chuckled there.
There's definitely one of the best explanations on Utube!
"Everything is a goddamn Ponzi scheme" *Pure Gold* !! Huge thanks to you !! 🙏🔥👌
based
So true! lol
But not everything is a colossal waste of energy like PoW
So glad I clicked this! Loved the very first line. Instantly liked!
Web3 in a nutshell:
✅ more expensive
✅ more complicated
✅ more slow
✅ more environmental harm
✅ more culty
✅ more scammy
What am I missing?
✅ more worse
Fireship is definitely the anarchist we need
Web 3.0 Sounds exciting but I think we will have to wait before it becomes anywhere near mainstream. Web2 and Web3 should co-exist.
IMO, this web 3 should be regulated, but it should not by goverments or any corporations. we need some people we can give our trust to regulate this, so we can no longer worries about our data for the time being.
but your opinion also the good one, as long as this web 3 decentralized thing, it needs some improvements to patch some holes.
@@joshuachristianto6888 Honestly having it regulated by ANYONE would directly link the stability of the entire system with that persons capability and behaviour. Way too risky, lets not do that
@Deborah Hearne That's not entirely true. If I'm remembering correctly, it IS possible to regulate this space, via DAOs (decentralised automated organisation), which basically is just code, which is unambiguous, everybody (that knows code) can understand it, and you know it won't take bribery or do shady sh*t because the code does exactly what you ask it to do. It's hard to change, and you still have to trust the ones who implement it, but IMO it's a nicer solution because once implemented, you know what's being implemented and there's not gonna be gotchas.
Awesome that you menion the VC's! People need to be educated about this
There's no way a decentralized infrastructure would get monopolized by a few rich people that put servers in a Chinese warehouse and end up being exactly as it is today (the big 3), except without the competition, oversite and stability.
And after all the way the tech giants became giants was not mainly due to their tech but due to society. Crypto is not going to change anything about that.
"decentralized infrastructure would get monopolized by a few rich people that put servers in a Chinese warehouse" that just means what you are describing isn't "decentralized" lmao.
@@edwardroh89, I'm pretty sure he was being sarcastic.
“…one more stupid question you might have…”
This is why I’m subscribed.
"We live in interesting times"
>Orwellian dystopia footage
Checks out.
I love your sarcasm. It makes learning web stuff fun. 😄😄
2 years later, it was a hype.
Elon was right
Web1 - Bulletin Boards - Read only.
Web2 - User interactive - Enter personal information.
Web3 - Personal Data sold and controlled. You become a number and only get selected feeds. Users no longer have free thoughts. Pavlovian controlled users rely on Web for everything.
the irony
Love your honest and insightful opinions. Personally I think web3 is a marketing buzzword created by VCs to push their products and make money. Don’t get me wrong there are merits to crypto and decentralisation. But lots of these shitcoins and NFTs are people trying to make a quick buck off of others.
So when Web4 and Defi 3.0 to fix them?
Thank god you are in youtube❤️
you had me at "Everything is a God Damn Ponzi Scheme", here here good sir
Web 1.0: on-disc DLC
Web 2.0: our gaming-as-a-service authentication server is down and you aren’t allowed to play your $70 game until we get it back up
Web 3.0: we’ve just minted another 10 tokens to allow you to play as anything but an Ewok in Battlefront 3, bid with your ETH before they’re gone!
Best and most objective Web3 intro video I've seen! I believe Web3 will consolidate its use cases, but will not be the only path.
Being a part of the Web3 Infinity Token revolution thrills me. Let's change the world!
While I believe in the emergence of dapps, I don't personally think blockchain is a good idea in a general sense for the web. The smarter people have already mentioned this as said in the video, but the scalability of it wouldn't really be that practical. Also think about the scepticism about bitcoin mining, if blockchain would be the main focus of Web 3.0, it's sure to outdo the "negatives" of something like bitcoin.
To me the next step for the internet has always been the merging with normal life. We see it in a basic form by the use of smartphones which is our direct link to the internet in day-to-day life. My own vision is closer to that of Meta's metaverse. A larger focus on changing how technology interacts with our life, this extending from the hype of smart glasses, to artificial intelligence. At some point we'll have these things introduced more widely in our daily lives. But that's still a ways away, probably.
It would have great because it would ease so many lives but it will never happen. We already have the technology for it, it's not the issue. The issue is that our world isn't made for it and it wouldn't be practical as opposed to the current ways for the average Joe.
Smart glasses, responsible for the existence of wizard horse, parted a bunch of neophiles from their money, and achieving pretty much nothing else.
@@RAFMnBgaming wasn't really my point. My idea was closer to if you could think of actually smart classes on the level of cyberpunk. Not whatever we have right now.
@@mikkel3135 What does that even mean? What more things could these things provide than they already could have that wouldn't be only useful to you if you were a video games character?
@@mikkel3135 I mean, I guess it would allow everyone to abuse facial recognition software on people in public, not just corporations and governments so... that doesn't make things better, it makes things worse because more people are able to do it, but hey, it makes things fair?
4:44 Oh my god, excellent choice of images you're using for this visualization
I'm gonna have to rewatch this a couple of times... first time I feel like I'm being pushed out of my job hahaha every other tech I get it immediately, this, I'll have to dig in a little more seriously I reckon! Thanks for this video!
Fireship and MentalOutlaw - 2 of the best YT channels
Really enjoying how much this seems mostly unnecessary, and yet it's pervading so much of the space I exist in, only providing value to the lucky or privileged. We live in the dumbest timeline.
Yeah its unbelievably crazy. Feels like greed/FOMO has taken over tech now. The whole thing stinks.
You people keep forgetting that you arent the only people in the world and that there are millions who live in third world countries without proper banking infrastructure or hyperinflationary currencies. Blockchain is changing and improving lives for millions. Just because lucky people like yourself dont have much to gain from it, doesnt its unnecessary.
I live in a 3rd world country with hyper inflation (argentina), and the eth network dont do much for us. We prefer to have free services by giving our info to fb or Google.
Now im building my own NFT Centrilized service for a project. Not even touching crypto, just straight money for the NFTs, without all the crypto crap.
@@tomich20 Dont know about Argentina, but I read that projects like RSR and Terra have millions of users across multiple South American and Asian countries. As for Ethereum, even if you're from a first world country it makes no sense to use it at this point as the fees for a single transaction are absurdly high.
@@tomich20 how are you doing NFTs without using crypto?
So many new things, libraries, frameworks, blockchain, off-chain, new auth, and so on, yes this is humbling... 😀
i think web3 and web 3.0 are different, Web3 is a decentralized internet based on peer-to-peer technologies(like blockchain) where as web 3.0 refers to semantic web written using RDF, OWL etc to make web data more machine-readable to be shared and reused across applications, devices
thank you! I'm like web 3.0 has been around for quite awhile!
Same. This dude keeps using them interchangeably and it irks me.
A reminder that Stephen Diehl has been the cto of a private blockchain startup since 2015 and has tried to launch numerous crypto projects before but didn't gain attraction.
The decentralized part sounds awesome for authentication/authorization. The payment part will have a hard time being successful with the volatility of crypto markets.
But for good old data, this sound counter productive with its speed.
This might be amazing to backup stuff you never want to loose though
Payments can still work with relative ease; There's a reason why multiple governments around the world have started CBDC initiatives + building policy frameworks already.
@@cosmicfantastic As a business owner I wouldn't want to be paid with in a currency that can crash and loose 50% of its value overnight, that's all I'm saying
@@Ked_gaming it’s probably a good idea to first read what cbdc’s are before proclaiming the same risks that standard cryptocurrency face, apply to them as well. Especially useful as a business owner to know what’s around the corner, if you wish to not get left behind by competitors later on.
@@Ked_gaming here's the thing though, if you have that worry you can simply automate it to instantly swap for any of the stablecoins out there that peg to usd
@@cosmicfantastic CBDC looks like regular money with extra steps
like you have the marvelous blockchain with all its benefits, but a solution for volatility is a virtual currency backed by "real" currency, like it surely works but we will still rely mostly in government centralized currency
Hi from Russia. Absolutely love your videos. Keep it up, bro
I think we'll just have both centralized and decentralized apps. None of them will take lead, but some apps will be much better suited towards one of them, e.g. (new) social medias will very likely be all decentralized.
dapp university is a great channel for learning more about ETH networks and smart contracts
Jeff: What is a token or NFT?
Me: I don't think so.
Great video and introduction to Web3! It's important to understand the hype vs. reality in this space. Web3 isn't just a trend; it's a transformative shift. Platforms like SubQuery are testament to this, making data more accessible and empowering dApp developers. It's more than hype; it's the future unfolding right before us!
Thanks for the explanation. The only gripe I have with Web 3.0 is the crypto “currency” as a base layer for transactions, which complicates taxable events even more for the end user. Not only is it based on an asset deemed as property and possibly a security, it is highly volatile. The base layer needs to be officially sanctioned money by the government. Otherwise the economy based on crypto is going into gambling territory with each transaction. I don’t want to gamble for a pair of crocks based on the hourly shifting price of ETH. That’s just idiotic.
"Decentralized but secure internet (...) without unnecessary middleman" - Only middleman left I see is the ISP. If we only had a separate network not needing "Internet Service Provider" that could work with wifi/bluetooth communication between mobile devices, this would be the future. In the beginning of the internet we didn't have so much connectivity. Today this seems possible in theory, well not maybe transfering data between continents but don't you think it would be a good direction for future?
That sounds horrendously worse than using what we have now. Imagine how high your ping would be for everything if it has to be received, processed, and re-transmitted by 500 smartphones to get between you and what you're communicating with, not to mention the power/bandwidth/processing costs of not taking advantage of economy of scale in how the infrastructure works, or the ultimate problem of "what happens if someone walks into a starbucks and breaks the connection. There's also the fact that if it's going through an unknown and uncontrolled chain of devices, any step of that process could be a wiretap.
You're not gettin rid of the middleman. You're inviting a crowd of middlemen with little to offer and unknown motives to help, big question mark, you, instead of one big one that at least has to mantain a reputation if it wants people to still use it.
@@RAFMnBgaming That's what I call "reinventing the wheel as an octagon". ;) Though I do believe off-the-grid, swarm, p2p networks have their just place: natural disasters/wartime.
Thank you so much, Just heard about web3 and i wanted to search it up, lucky i saw the notification from youtube.
Web3.0 is said to be all about bringing data back to the consumer but can you imagine how easy it will be for google and facebook to track all of your activities when you use the same token literally everywhere, they don‘t even have to do probability analysis anymore to match activities to the same user. This is the same as apple not wanting to provide device ids with app tracking transparancy all over again, just on a whole other scale.
imagine paying for a beer with bitcoin and having the seedy bar tender immediately be able to see how much you have in your account because its a public ledger
replying to follow thread
5:10 I've never been happier - seeing this Tim Tebow vs Hank Aaron baseball card in a Web3 video is the greatest thing to happen to mankind
Love all your videos, I really wonder how you learn, do your research and come up with great videos. Great job. I think web3 is here to stay tho.
Performance isn't the value proposition of web3. It's decentralization and censorship resistance. The complexities of web3 exist for good reasons, and a LOT of work is going towards mitigating them
Thanks for your high quality content, as always. You're amazing 🤩
The Fireship is my shepherd, I lack no resources. 🙌🏼♥️
No, I don’t get it. Say I wanna build a simple todo list CRUD app, what does it mean for the user to “own their data” in that context? Do they have to have a wallet of the underlying crypto I’m building my app on? And then does each “record” in my “database” become a token of the underlying crypto, or..?
I’m very confused :(
@Deborah Hearne okay okay, I hear you. So the individual "records" become tokens on the blockchain? But then how does it work when there's different types of data? Like a todo list and bookings, say?
I think you would still store aspects of the user’s data like bookings in a centralised db but the user may have personal data and settings that could be kept on the blockchain that would aid in authentication/authorisation and just not having to consistently enter the same data in different websites.
@@FrancO-pp5hu that makes a lot more sense now. Thanks for taking the time.
Props to Nader for all the videos, articles and talks about web3 and how easy he explains things!
i think because of the scammers it won't take over but it won't die either , its a double-edged sword
I'd kind of beg to differ. With facebook rebranding to Meta which is leading the charge of Web3.0 I'm not too sure those claims are valid
same could be said of email, or social media, or medicine
Mans mentioned napster 😂 , I love to see the progression
Web3 exists in general (so far): to reduce inefficiencies involving monetary transactions that would usually involve human third parties; to extend ownership of digital assets to users;
Web3 seeks to correct for the human interaction problem of trust (as far as that is possible). It is more about optimizing transactions (in the context of trust) rather than a purely optimal technological approach.
Half of today's economy is about a 3rd party company offering a low added value service, and taking a hefty fee for that service. If web3 is going to eliminate the middle man in the finance, law, insurance, and so forth, industries, it may put a lot of people out of jobs lol
- inefficiencies involving monetary transactions
You won't believe how massively inefficient web3 transactions are
@@noratrieb I believe that this inefficiency is mostly due to the relative young age of the technology in general, when compared to the traditional framework of fiat finance that has decades of maturity behind it. Once major blocking problems are resolved, the security, privacy and speed of these new systems will be much improved in the future.
We can witness this advancement in each new blockchain project that comes out, they all try to innovate and add new features that the next wave of projects will get inspired from and then improve some more and so on. We can see this in effect with the OG cryptos that are all bitcoin-like, then comes a 2nd wave with ethereum and the many clones and slight variations that try to add their own value, then a 3rd wave will come, maybe with eth2 or something else entirely, and who knows what we'll see by then.
@@charnet3d207 Speed isn't really optimizable here. Proof of work being done faster means the computations have to become more complex to prevent counterfeit, making the speed increase nonexistent. I'm not even sure sharding avoids this with coins like Ethereum, which are already energy intensive by design in a way that doesn't look avoidable.
The fact it began it's life and continues to be a near entirely speculative market just makes it unworkable as currency replacement. Even in principle the above weaknesses are necessary for them to function.
This is so exciting that the second internet is coming. I'm 36 but this stuff still makes me just as excited as when I first saw a regular nintendo as a kid.
I admire how he uses really good memes to explain rocket science...
xD
It is so much easier to understand something when you're laughing.
Finally the video I was waiting for after requesting for it. Thanks man
web 2 right now is more competitive, i can host all my stuff for free until it gets big enough to make money to buy actual hosting or server fees
Or AWS gets harassed by Twitter mobs and decides that your app can't use its servers anymore.
Great video bro! Waiting for next series)😱
Like all unnecessarily complex things in our field, it will rot. This is pure perversion. An uneffective and cost inefficient one at that.
I really appreciate that article by Stephen! I agree wholeheartedly. I think people are misguided.
Stephen Diehl is a clown lmao. Literally messiah of fake coders
Note that "Web 3.0" was initially more about content structure and semantic.
"Web3" is like a crypto bro hijack / rebrand.
Good video, you nailed the details. I’m a web3 dev and I’m betting that web3 is part of the future. Keep up the good work!
Hi there. Could you please help with right roadmap to become web3 dev? I mean sources of information, courses, etc. Do and donts on that way
@@romanvinogradovby step 1 would be to try a token tutorial. Try crypto zombies to start. Focus on solidity for now.
Web3, truffle, ganache
I just like your videos, i can watch your explanation for hours 😂
Thanks for making a video to present this info.
Question for the creator: "everything is a ponzi scheme, so no need to worry about ethics" is this a typical shrug off, or do you believe in doing things just because everyone else is? Could something better come along, or would it receive no support because the way it is is actually preferred?
This is my issue with the video. I really wished he addressed the ethical concerns in Web3. It all feels like a get-rich-quick scheme, and I don't get a different impression from this video either.
Jeff your channel is literally one of the best I subscribe to. This video was extremely helpful
I'm very pessimistic about web 3.
I don't think that letting your application depend on crypto coins is a very smart idea. I have no idea how regulated the crypto market is, but to me it currently seems barely regulated at all. Having people use an app and pay with a coin that can lose half it's value at any given time does not sound like a great idea to me Crypto coins are way too unpredictable in my opinion.
I think that web 3 is an interesting concept for a new way to handle your money, but not for much else.
What's your take on stable coins?
@@bilbobeutlin3405 Good question, do they exist? I'm not invested in the whole crypto world. To me, it just seems like a barely regulated stock market. So if there actually is a way of sending money, that is not going to lose it's value at any given time, then that would change my mind about that part of web 3 for sure.
@finance I don't know man. Just a nitpick, but I'm not sure about the legality of the service you just proposed.
I however do see a few problems in your pitch (Most of this is coming from pure ignorance and probably not understanding crypto and peer-to-peer networking). Wasn't the whole point of web 3 to decentralize everything? How is it different than web 2 when we have people that now own (not by, but actually own) a special crypto coin? What if an application becomes very popular and the owner becomes as big as a major tech corporation (very unlikely, but you hopefully get the idea). What would stop them from actually asking for some of your data before you can buy a coin?
Also, the sharing of the actual movies is going to be through a peer-to-peer network right? Aren't they famously unreliable? I don't find it appealing that a service is going to be fast or slow depending on where I live, and how much people in my own country use that service in order to share the movie.
@Deborah Hearne It's definitely more aimed at crypto founders, I'm not that sure about venture capitalists since web 3 does not offer them anything else besides crypto.
@finance I got a notification for both, but I can only see this. The other reply had something to do with a contract right?
Dude, you have set the content creator bar uber high on this one. Bravo Zulu!
I think calling blockchains 'Web3' is a bit silly and just hype-building, marketing type flimflam. Web2 is not going to be replaced at all, although blockchain technology is revolutionary, it will not become the standard for every kind of web application. It has it's uses definitely but it's not as if it's going to just replace our current model.
I mean that was also true with web1 to web2
Wikipedia is technically from web1 but its still around, along with a lot of others.
@@thegoldenatlas753 Agreed, the web isn't really something that progresses in major releases, how could it be? Various technologies come and go, new standards are implemented while old become deprecated but it's always a gradual process. You're right, much of the web is fundamentally using 'web1' technology still. Even since the early days of Netscape, we're still using HTML to write our markup and CSS to change it's look. HTML & CSS have been around for decades but they're now a 'living standard' so their specs are constantly evolving and browser developers are racing to keep up with it.
Can we please go back to web 1, there isn't enough bleach in the world to get that web 2.0 taint off me.
@@fredhair no, but the zeitgeist kind of does. Web 2.0 is all about profiting off of the contributions of end users rather than having to contribute anything other than the site. Whereas with web 1.0, you had to make some sort of contribution if you wanted to get paid.
@@thegoldenatlas753 nope, Wikipedia is web 2.0, nearly all the content on it was user generated, hence web 2.0. The Merriam Webster dictionary site is basically 100% their creation, which is typical of web 1.0 thinking.