I recently went on Rick Rubin’s podcast.
We got to talk about:
- internet history
- little tech vs big tech
- internet economic models
- composability & open source software
- blockchains & tokens
- software as art
And much more.
You can listen here:
Big news to share:
@a16z
is expanding to the UK 🇬🇧
We plan to open our first international office in London later this year, and will host the next Crypto Startup School there in 2024.
Why the UK? 👇
For the last 12 months I’ve been working on a book. I’m excited to talk about it for the first time today. 📘
Read Write Own: Building the Next Era of the Internet (March 2024, publisher: Random House)
Pre-order here:
When you disagree with someone, it’s important to characterize their views in the most charitable & honest way and then argue against the main & best version of those views.
A recent criticism of web3 is that it isn’t actually decentralized, because there are centralized services in the mix, such as NFT marketplaces like OpenSea, and data availability services like Alchemy. 🧵
I am a huge fan of
@jack
and hope we can eventually bring him around to ETH and other blockchains.
BTC is great as digital gold but there are other important applications that require other chains.
A very common experience in crypto/web3 is to have a friend who was previously dismissive — “it’s all scams” — become a convert after “going down the rabbit hole.”
Thea-Mai Baumann's Instagram handle was
@metaverse
. “You are now a millionaire,” one person messaged her when Facebook announced it was changing its name. "Fb isn’t gonna buy it, they’re gonna take it,” said another.
And that's exactly what happened.
Stablecoins pose risks to consumers & to our economy. They’re propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late.
We are now at the beginning of the Web 3 era, which combines the decentralized, community-governed ethos of Web 1 with the advanced, modern functionality of Web 2.
@cdixon
i’ve started to describe web3 as the ownership layer - could have been inspired by one of yours or another recent thought leaders tweets.
1. read
2. read / write
3. read / write / own
Why gm?
global community- it’s a friendly grounding ritual across different time zones
authentic community with positive sum mindset that genuinely likes each other and uses memes to signal
Symbolic of high clock speed & info density wrt to code, ideas, culture, and memes.
1/ Today we’re announcing Crypto Fund III, a $2.2 billion fund to continue backing visionary crypto founders and help accelerate crypto into its next phase
Web2 is built on advertising. Big companies like Facebook and Google make most of their money on advertising, and many web2 startups build their customer base using advertising.
My new book is finally here -- published today in the U.S.! 🟧
I hope you pick it up, share it, debate it with me.
Looking forward to your feedback.
More editions in more languages coming soon.
Blockchains are virtual computers that run on top of a network of physical computers that trade off performance (overhead of consensus mechanism) for the novel property that you can make credible long-term commitments to users and developers.
Web 1 (roughly 1990-2005) was about open protocols that were decentralized and community-governed. Most of the value accrued to the edges of the network — users and builders.
1/ New technologies often arrive with flaws: toy-like, expensive, janky, lacking clear applications, etc.
To predict how they’ll develop, it’s important to dig deeper. Here are a few common ways new technologies can be misunderstood 🧵👇
20/ But you are there! The Homebrew Computer Club of 2021 is a DAO or a Discord server, but the pattern is the same. Enthusiasts sharing ideas. Tinkerers hacking away on nights and weekends. These are the good old days - life on the frontier.
In every new tech wave (internet, web2, mobile, web3) there’s a set of professional cynics who achieve brief fame but then fade away when the tech they deride goes mainstream. Happens over and over.
The reason I like the phrase “computers that can make commitments” is that it expresses the full generality of the blockchain app design space.
(I realize it hasn’t caught on yet - I think it will eventually :))
Tech executives and engineers are quitting Google, Meta, Amazon and other large companies for what they say is a once-in-generation opportunity with crypto.
A key point missed by many web3 critics:
Token incentives are temporary, used to overcome the hardest part of creating new networks: getting through the “bootstrap” phase.
Web 2 (roughly 2005-2020) was about siloed, centralized services run by corporations. Most of the value accrued to a handful of companies like Google, Apple, Amazon, and Facebook.
Probably the best time in the history of the internet to be a founder.
Multiple mid/top of S-curve categories (mobile, social, cloud etc).
And lots of emerging / bottom of S-curve categories (web3, VR, AI).
In the early Bitcoin days, skeptics came up with complicated, nefarious theories as to why early adopters were buying Bitcoin.
The actual answer was the simplest: they saw value in the product, and thought that value would increase over time.
Same is happening today with NFTs.