🚨Most of LinkedIn still can’t make this distinction. Let’s start 2023 right and be clear on Web3, Crypto and Blockchain…
2023 didn’t start well…
Today I read a post from LinkedIn News, no less, outlining the ‘Problem with Crypto’ 🤷🏻♂️
The ‘problem’ with Crypto is that we need to stop referring to a very broad set of technologies with shorthand that evokes and remind people of Cryptocurrencies, Bitcoin and speculative assets! 🤦🏻♂️
⚠️ And the sad truth is that you just can’t ‘TL;DR’ your way to contextualising and understanding Web3, any more than you could do so with Quantum Physics or AI (although the ChatGPT gang are trying!)…
🧠 So let’s try harder to say what we mean in 2023, and give more people a chance to make objective evaluation of technologies and innovations of all kinds.
Note: These are not perfect definitions, but hopefully they can help those reading this post to improve their reference model:
🕸 Web3: The decentralised internet designed to flip control of data and apps from centralised entities towards communities and individuals. ANY tech used in the pursuit of this domain can be included, not just Blockchains. As a ‘backup’ Web3 can be the collective term for the industry and parties working to build Web3 propositions.
⛓ Blockchain: Data and automation infrastructure that records ‘transactions’ (or just data - it’s not always financial) that is maintained by a decentralised network of nodes (or actors with computers). Some blockchains can run applications or business logic (by smart contracts) allowing us to launch apps that can run autonomously and in perpetuity (censor resistant)
🪙 Crypto: This one can go two ways: 1. Cryptography, which I will exclude for brevity, but some get stuck here… 2. Cryptocurrency, which are the ‘rewards’ given to those who support and validate activities on a Blockchain network. This enables the essential trustless and automated economic security of the infrastructure. You can trade them with others are a medium of exchange and they do have ‘value’ (cost to produce, opportunity cost). ‘Cryptos’ are for the most part to support Blockchain economies, not to be used as replacements for cash.
So let’s start here.
What do you think of these definitions?
Please add your amends or suggestions below so we can help the whole LinkedIn community to level-up in 2023 🚀🌔
#blockchain #technology #management #innovation #sustainability
2023 didn’t start well…
Today I read a post from LinkedIn News, no less, outlining the ‘Problem with Crypto’ 🤷🏻♂️
The ‘problem’ with Crypto is that we need to stop referring to a very broad set of technologies with shorthand that evokes and remind people of Cryptocurrencies, Bitcoin and speculative assets! 🤦🏻♂️
⚠️ And the sad truth is that you just can’t ‘TL;DR’ your way to contextualising and understanding Web3, any more than you could do so with Quantum Physics or AI (although the ChatGPT gang are trying!)…
🧠 So let’s try harder to say what we mean in 2023, and give more people a chance to make objective evaluation of technologies and innovations of all kinds.
Note: These are not perfect definitions, but hopefully they can help those reading this post to improve their reference model:
🕸 Web3: The decentralised internet designed to flip control of data and apps from centralised entities towards communities and individuals. ANY tech used in the pursuit of this domain can be included, not just Blockchains. As a ‘backup’ Web3 can be the collective term for the industry and parties working to build Web3 propositions.
⛓ Blockchain: Data and automation infrastructure that records ‘transactions’ (or just data - it’s not always financial) that is maintained by a decentralised network of nodes (or actors with computers). Some blockchains can run applications or business logic (by smart contracts) allowing us to launch apps that can run autonomously and in perpetuity (censor resistant)
🪙 Crypto: This one can go two ways: 1. Cryptography, which I will exclude for brevity, but some get stuck here… 2. Cryptocurrency, which are the ‘rewards’ given to those who support and validate activities on a Blockchain network. This enables the essential trustless and automated economic security of the infrastructure. You can trade them with others are a medium of exchange and they do have ‘value’ (cost to produce, opportunity cost). ‘Cryptos’ are for the most part to support Blockchain economies, not to be used as replacements for cash.
So let’s start here.
What do you think of these definitions?
Please add your amends or suggestions below so we can help the whole LinkedIn community to level-up in 2023 🚀🌔
#blockchain #technology #management #innovation #sustainability
