Why Should You Care About Crypto? | Sergey Nazarov
Summary
TLDRThe web 3 world is not just about tokens, but a shift towards a deterministic society where digital relationships are guaranteed and verifiable. It contrasts with the probabilistic nature of traditional systems like banks and insurance, where outcomes are not certain. Web 3 is about mathematically enforced properties that ensure transactions occur as expected, offering a reliable alternative that prioritizes user control and trust in the system.
Takeaways
- 🌐 The core of Web 3 is not just about tokens, but about creating a more expansive and functional infrastructure, similar to how the internet evolved beyond email.
- 🔄 Web 3 aims to transition from a probabilistic world, where promises are not guaranteed, to a deterministic world governed by mathematics and certainties.
- 🔐 In a deterministic system, control over assets is achieved through mathematical proof and cryptography, rather than reliance on potentially fallible human institutions.
- 🔑 Private keys are central to the concept of ownership in the Web 3 world, allowing individuals to have direct control over their assets without intermediaries.
- ✅ The verifiable web is characterized by the ability to verify system operations, real-time transparency, and the capacity to execute transactions based on predefined conditions.
- 💡 Web 3 technology ensures that digital relationships and transactions are deterministic, providing trust and security through mathematical enforcement.
- 🚀 The transition to a verifiable web is not about replacing existing systems, but about enhancing them with the deterministic properties of Web 3 technology.
- 📈 The appeal of deterministic applications lies in their reliability and consistency, which align with the preferences of rational economic agents.
- 🌟 Beyond the hype of tokens, the true value of the industry lies in its potential to create a more reliable, secure, and deterministic digital ecosystem.
- 🔄 The comparison of the internet to the postal service illustrates the broader potential of Web 3 to revolutionize industries beyond its initial perceived function.
Q & A
What is the common misconception about the Web 3 world?
-The common misconception is that Web 3 is solely about tokens, similar to how the internet was initially perceived as being just about transmitting emails.
How has the internet evolved beyond its initial purpose?
-The internet has evolved from merely moving around emails to supporting a wide range of applications, including video streaming, e-commerce, and various forms of information sharing.
What does the speaker mean by a 'deterministic world'?
-A deterministic world refers to a society where outcomes are dictated by mathematical and cryptographic principles, rather than being subject to the whims of individuals or institutions.
How does the probabilistic world differ from the deterministic world?
-In the probabilistic world, institutions and people promise certain outcomes but have the ability to change the rules or not deliver on their promises. In contrast, the deterministic world is governed by mathematical rules that ensure promised outcomes are met.
What is the significance of a private key in the context of Web 3?
-A private key allows an individual to control a token or asset through mathematical means, without relying on any third-party permission or potential rule changes.
What are the three properties that define the transition to a verifiable web?
-The three properties are the ability to verify how the system works, the ability to know what's happening in the system as it changes, and the ability to sign transactions that allow you to exit the system under the conditions you initially verified.
How does a deterministic system ensure that value is guaranteed and verifiable?
-A deterministic system uses mathematical principles to ensure that any value put into the system is secured and transactions occur as verified, without the possibility of interference or deviation from the expected outcomes.
Why would users prefer a deterministic application over a probabilistic one?
-Users would prefer a deterministic application because it guarantees that the application will always perform as expected, deliver on its promises, and protect user assets and information without the risk of deviation or failure due to third-party decisions.
What is the speaker's comparison of the internet's early days to the current state of the Web 3 industry?
-The speaker compares the early days of the internet, where its potential was underestimated, to the current state of the Web 3 industry, suggesting that people are not fully recognizing the transformative potential of a deterministic digital infrastructure.
How does the speaker describe the core purpose of the Web 3, blockchain, and digital asset industries?
-The speaker describes the core purpose as creating a deterministic version of the world where digital relationships and transactions are verifiable, guaranteed, and not subject to the unpredictable changes of centralized control.
Outlines
🌐 Understanding the True Nature of Web 3
This paragraph discusses the common misconception that Web 3 is solely about tokens, comparing it to how the internet was initially perceived as being just for transmitting emails. It explains that Web 3, like the internet, is about much more than tokens. The industry's goal is to create a deterministic world, contrasting the probabilistic nature of traditional systems where promises are not guaranteed and can be controlled by people, with a deterministic approach where outcomes are dictated by mathematics and cryptography. The transition to a verifiable web is emphasized, highlighting the importance of verifiable systems where digital relationships and transactions are based on deterministic properties, ensuring trust and reliability.
🚀 Embracing the Future with Web 3 Blockchain and Digital Assets
The second paragraph encourages interest in the Web 3 blockchain and digital asset industries, emphasizing that the true essence of the industry is not about tokens but about creating a deterministic version of the world. It likens the current state of the industry to a pivotal moment in the development of the internet, where its potential was underestimated. The paragraph suggests that rational economic agents would prefer applications with deterministic properties, as they offer guaranteed outcomes and reliability, just as the internet eventually outperformed traditional mail services.
Mindmap
Keywords
💡Web 3
💡Tokens
💡Deterministic World
💡Probabilistic World
💡Private Key
💡Verifiable Web
💡Blockchain
💡Digital Assets
💡Cryptography
💡Decentralized
💡E-commerce
Highlights
The core concept of Web 3 is not just about tokens, but about creating a more expansive infrastructure similar to how the internet evolved beyond email.
Web 3 aims to create a deterministic society, contrasting with the probabilistic nature of many current systems.
In a probabilistic system, entities like banks and insurance companies make promises that are not guaranteed and can be subject to change based on their discretion.
Deterministic systems are based on mathematics, ensuring that outcomes are not subject to the choices of individuals but are enforced by mathematical principles.
Private keys in Web 3 allow individuals to control assets through the rules of mathematics rather than relying on the permission of other individuals.
The transition to a verifiable web signifies a move towards digital relationships that are deterministic, guaranteed, and transparent.
The three properties defining this transition are: the ability to verify system operations, real-time knowledge of system changes, and the capacity to sign transactions under initially verified conditions.
In a deterministic world, individuals have full control over their assets, and entities like banks and insurance companies cannot prevent transactions based on their discretion.
The technical systems of Web 3 mathematically enforce the rules and transactions, ensuring a level of trust and reliability not found in probabilistic systems.
People often overlook the deterministic aspect of Web 3 due to the focus on tokens, but this is the true innovation that the industry is centered around.
The deterministic version of applications provides a level of certainty and reliability that would be preferred by all rational economic agents.
The essence of the Web 3 industry is to create a world where digital interactions are based on deterministic, verifiable, and secure relationships.
The analogy of the internet's early days being seen as a competitor to the postal service highlights the misunderstanding of the true potential of disruptive technologies.
Web 3 is not just about sending electronic 'mail' (tokens); it's about building a decentralized infrastructure that enables deterministic relationships.
The industry's goal is to shift towards a world where the foundational digital infrastructure is deterministic, transparent, and secure.
Individuals interested in a world with verifiable and deterministic digital interactions should be interested in Web 3, blockchain, and digital asset industries.
Transcripts
so I think the thing that people don't
understand about the web 3 world is that
they think it's about tokens the web 3
world is about tokens like the internet
is about transmitting emails right it is
about that but it's about a lot more and
at a certain point the internet was
about only moving around emails but then
the infrastructure of the internet
developed and became about much more
became about everything really about
video all kinds of information
everything e-commerce and so on the
thing that our industry actually does is
create a deterministic world a
deterministic society so there's two
ways that the world can work there's the
probabilistic way and the deterministic
way in the probabilistic world you have
Brands institutions people promising you
that systems work a certain way they
basically say if you give me your money
into a bank account I will always return
it to you or if you pay me for the
insurance I will pay you out of
something happens but the reality is
that there is nothing about the system
or the systems that that money goes into
that guarantees you those outcomes those
outcomes are completely controlled by
people that could decide that our bank
isn't returning your money right now
because we're going into insolvency or
our insurance company doesn't want to
pay you because we don't want to pay you
for whatever reason that's probabilistic
even though their brands are promising
you that that's not how it works we know
that's how it works because we've seen
endless examples of banks not giving
people their money insurance company's
not paying and so on then there's the
deterministic world which is determined
by mathematics and Mathematics doesn't
have any dimension of choice it's
mathematics physics
cryptography basically if you have uh
something called the private key you can
control a token you can control an asset
not because there's a person allowing
you to do that but because mathematics
is allowing you to do that so you can go
and at any time send a message to a
system
that's out there being run by a
multitude of people that have nothing to
do with you and their only real goal is
to make sure that the system operates
according to the way that it's supposed
to operate and the way it's
mathematically forced to operate is that
if you send that transaction in it will
do what the transaction says as long as
you have the mathematical proof to make
it do that and so in a deterministic
world if you control an asset you
control it through mathematics in a
probabilistic world you control it
because you have a password to a user
interface that's connected to a database
that someone else controls and they can
always CH change the rules of that so
this is uh really what we mean by the
transition to the verifi transition to
the verifiable web the transition to the
verifi web is a world where all
relationships All Digital relationships
are deterministic all the value you put
into a system is something that's
guaranteed and deterministic and it's
really defined by three properties the
first one is the ability to verify how
the system works the second one is the
ability to know what's going on in the
system as as it's happening as anything
is changing and the third one is to sign
transactions that allow you to leave the
system according to the exact conditions
you initially verified so in a
deterministic world if you have value in
a bank no one could ever stop you from
withdrawing it if an insurance company
was supposed to pay you something they
have no choice but to pay you because
the system itself the technical system
itself mathematically forces that
payment to happen and this is really
what our industry is about once people
understand this they generally realize
that if you could take any application
and you could take that same application
with the same features the same cost the
same usability but you could apply this
additional deterministic property to it
everyone would choose that
application right if you just get the
same exact thing same application same
speed same cost same features but the
application now in the in the
deterministic state can never deviate
from your expectations can will always
do what you expect it to do will always
give you back your money we'll always
pay your insurance we'll always keep
your information safe regardless of what
anyone
decides that is the application that
people and every rational economic agent
prefers what people don't realize
because of all the noise around tokens
is that that's not what the industry is
about the industry is about this
deterministic version of the world it's
kind of like a period in the internet
where everyone was saying or thinking
that the internet is a big competitor to
the United States Postal Service right
the postal service has a big competitor
it's called the internet because the
internet can send electronic
mail yeah that's true electronic mail is
kind of interesting but that's by by no
stretch to the imagination what
information technology in the internet
is about and it's the same about this
decentralized infrastructure that
creates these deterministic uh
relationships
so that is really what our industry is
about and if you're interested in a
world like that I think you should be
interested in the web 3 blockchain and
digital asset
Industries
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