Bitcoin and Web 3.0: Where Does It Fit In?
Bitcoin is the big name. There is no way to deny that.
In this video I discuss how Web 3.0 is altering things and what place Bitcion has in it. When we look at data, networks, and architecture, it puts things in perspective.
▶️ 3Speak
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I like to consider Bitcoin as just a big poster or neon light to catch people's attention. Sure it is groundbreaking and was needed to get to where we are. But it doesn't really do anything. It is like money, a piece of paper that is inherently useless, that we decided to put a value to.
Comparing bitcoin to other tokens like Hive, which is a text database and the possible use cases are plentiful, makes it even more glaring.
Decentralized consensus was the biggest contribution from Bitcoin.
One thing I have actually strongly come to believe is that both of them work together and need each other to actually thrive
Summary:
In this video, the speaker delves into the topic of Web3 and Bitcoin, examining the role of Bitcoin within the restructuring of the Internet known as Web3. Task discusses how Web3 reimagines the Internet as decentralized and the importance of databases in the digital world. He also explores the value of different types of data and questions the role of Bitcoin in Web3, suggesting that its applicability may be limited compared to other cryptocurrencies like Ethereum.
Detailed Article:
The video starts with Task addressing the topic of Web3 and Bitcoin, highlighting the significance of understanding where Bitcoin fits into this new framework. He explains Web3 as a restructuring of the Internet that moves away from the traditional client-server architecture to a more decentralized model. Task emphasizes that the Internet is predominantly fueled by databases, which store and deliver information to users browsing the web.
Task discusses how Web3 is changing the landscape by incorporating blockchain technology for authentication, wallets, and payment systems. He touches on the reorganization of web content and the distribution of data in Web3, making certain distinctions on what type of data may be public or proprietary. Task points out that not all data will end up on the blockchain in a Web3 framework.
Moreover, Task delves into the value of different types of data, categorizing them based on their relevance and longevity. He contrasts the value of news or financial transaction data with databases containing valuable media such as movies or music, suggesting that these types of data hold more worth over time.
The speaker then shifts the focus to Bitcoin, questioning its role within Web3. Task suggests that Bitcoin's volatility makes it less suitable as a medium of exchange but could potentially serve as a layer of value for reserves or DeFi applications. He expresses skepticism about Bitcoin's compatibility with Web3, citing its limited utility compared to other cryptocurrencies like Ethereum, known for its smart contracts and advanced capabilities within the network.
Task raises concerns about Bitcoin's value in the context of Web3, likening its database to that of a bank which he perceives as holding little worth in the financial realm. He also discusses the rise of NFTs and internal conflicts within the Bitcoin community regarding the usage and ownership of these tokens.
In conclusion, Task acknowledges that Bitcoin may not offer as much to Web3 compared to other cryptocurrencies like Ethereum. He predicts that the momentum in Web3 will likely come from alternative sources, such as Ethereum smart contracts and other Ethereum Virtual Machines (EVMs), possibly involving cryptocurrencies like Cardano. Despite his reservations about Bitcoin's applicability in Web3, Task recognizes its ongoing value and potential to generate significant wealth in terms of pricing.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.