🚀 Welcome to Web3 Decoded! 🚀 - Vol. 25
Embark on an exhilarating exploration of the decentralized frontier with Web3 Decoded, your go-to source for staying informed and inspired in the crypto realm. Every week I will uncover the latest breakthroughs, trends, and innovations shaping the landscape of Web3. Together let's explore the untapped potential of Web3, beyond the buzzwords.
⚛️ Major News and Developments ⚛️
The Trump family has launched a new crypto venture focused on digital real estate, with Eric Trump highlighting its potential to democratize access to financial services by offering instant, math-based loan approvals. This move is part of their broader effort to challenge traditional banking systems, which they claim have discriminated against them and many other Americans.
Apple recently opened NFC chip access on iPhones to 3rd party app developers, allowing various wallet apps, including Web3 and crypto wallets, to use NFC for transactions and enabling developers to create user experiences where consumers can pay with USDC, potentially transforming direct merchant payments using blockchain technology. This development is significant as it expands payment possibilities beyond Apple Pay, allowing for various applications like USDC transactions, NFTs for tickets, and other digital assets to utilize tap-to-pay functionality on iPhones.
SUN.io has announced SunPump, the first memecoin launch platform on TRON. The platform features streamlined, low-cost, and secure solutions for token issuance and trading to improve the meme token trading experience and help innovate within the meme culture ecosystem.
Over the next five years, the rivalry between Coinbase and Robinhood will intensify across multiple fronts including trading fees, tokenization, asset staking, stablecoin payments, derivatives, and crypto asset lending as both platforms innovate while TradFi entities await regulatory guidance.
💻 Crypto and AI 💻
Aelf and ChainGPT have partnered to add chatbots, non-fungible token (NFT) and smart contract generators, and other artificial intelligence technologies to aelf’s blockchain network.
Sentient allows open-source and community-built AI models to be open, monetizable, and loyal. It uses smart contracts to align ownership, usage, and reward incentives alongside a node network for decentralized control access. Sentient created a new cryptographic primitive, the OML (open, monetizable, loyal), to ensure a model is transparent yet can track usage and ensure ethical use.
Recommended by LinkedIn
🦄 Ethereum Ecosystem 🦄
Ethereum blocks confirm within 5-20 seconds, though applications like rollups could benefit from sub-second latency. Single-slot finality improves block finality from 13 minutes to 15 seconds and makes Ethereum consensus look closer to Tendermint, but adds significant load to the communication layer. Based preconfirmations allow Ethereum validators to offer promises about the eventual inclusion of a transaction into a future block. L2s should optimize for Ethereum's base layer properties, be a “server with blockchain scaffolding,” or compromise with a fast chain and Ethereum interoperability/security.
OKX is introducing Solana's "Blinks" technology, which enables shareable URLs that execute on-chain transactions, to all Ethereum-compatible chains via its multi-chain wallet. This innovation allows users to interact with blockchain-based applications directly on websites or social platforms without leaving the site, enhancing the convenience and accessibility of on-chain actions across different ecosystems.
💰 Business Model Innovation 💰
Blackbird is a loyalty and payments platform for restaurants that aims to make hospitality and being a “regular” a scalable experience. It uses crypto features to enhance the user experience, like to give network ownership to restaurants and reward users with $FLY tokens. Blackbird drives greater loyalty and magical dining experiences. The interconnected nature of the loyalty program means a diner can use their $FLY rewards at any restaurant, making the token restaurant social capital. Blackbird's 2% fee is below industry average. Its ability to improve customer lifetime value helps make restaurants more profitable.
App tokens historically have had problems with value capture, proper governance, and regulatory compliance. a16z Crypto has designed a fee tracing mechanism where pools can distribute fees compliant with a token holder's regulatory jurisdiction. A curator entity could handle finding compliant frontends and users for a fee, thus removing any additional burden from protocol governance.
💡 Enlightenment and Insights 💡
The author explores the interplay between social and financial capital in social finance (SocialFi) platforms, emphasizing the design space for creating engaging, high-skill information games that can financialize social networks. They categorize social platforms into four types — cozyweb, influencer, professional, and earner — based on their focus on social versus financial capital and whether the dynamics are implicit or explicit.
🔗 Stay Connected: Subscribe to Web3 Decoded for a front-row seat to the evolution of the decentralized web. Don't miss out on the latest updates, trends, and discussions that will shape the future of digital innovation!
🚀 Ready to Unleash the Power of Web3? Subscribe Now and Dive into the Future! 🚀