NFTs & The Future Of Web3 Ownership for Opensource Economies

NFTs & The Future Of Web3 Ownership
A case study on opensource economies

There is a divergence between opensource and decentralization and how the decentralized model of ownership can positively affect how opensource or public goods are produced, distributed and consumed within a decentralized economy.

I gave this Talk at the ##OSCAFest22 of the Opensource Community Africa Festival in Lagos, Nigeria

Transcript

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2. Name: Olajumoke Njoku
   Ola is a lead Backend Engineer at NuBank
   Motivation
   She thinks their NuBank platform is going to
   revolutionize the future of Corporate
   banking
   She’s committed to ensuring that the value
   proposition of X-Bank is communicated to
   prospective users and customers
   

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4. They are a small team of hackers - Move fast break things
   

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5. On a fateful Friday
   

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6. Turns out that, One of the Distributed Micro-Serverless — Asynchronous Event Driven
   HTTP Lambda Service was erroring out when utilized from the demo application.
   

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7. Their Logging Software was
   affected by a glitch.
   Zalgo text is digital text that has been modified
   with combining characters, Unicode symbols
   used to add diacritics above or below letters, to
   appear creepy or glitchy
   

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8. Marak Squires has been the maintainer for the open source packages colorjs and fakerjs,.
   However, on the 8th of January, 2022 — He pushed a commit that made history, the bad kind
   

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9. Sustainable Open Source
   Open source software is a public good. So the paradox which everyone asks themselves
   is "if everyone can benefit from it for free why should I have to pay?".
   Public Goods & The Free Rider Problem
   The production of public goods results in positive externalities which are not remunerated. If a
   maintainer / contributing organization do not reap all the benefits of a public good which they
   have produced, their incentives to produce it voluntarily might be insufficient.
   https://en.wikipedia.org/wiki/Public_good_(economics)
   

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10. NFTs & The Future Of
    Web3 Ownership
    A case study on opensource economies
    

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11. The Open Source Economy
    For Opensource to thrive - sustainability should be designed alongside, the
    components that make sustainability possible are defined within an opensource
    economy
    

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12. Open Source
    Festival 2022
    Characteristics of an Opensource Economy
    Shared Ownership
    There is shared ownership of inventions
    in opensource where every contributor
    owns and shares their output
    Incentive
    Not strictly economical, however
    people are incentivized by the
    greater good of their contribution
    Collaboration
    Open-source cannot survive without
    collaboration & coordination of efforts
    from several individuals or orgs.
    Non-Proprietary
    The licence structure of
    open-source projects allow them to
    be used in the public domain
    Shared Resources
    Resources required to produce in an
    opensource economy are usually packaged
    and shared among contributors
    Shared Outputs
    The outputs / artefacts that are
    delivered in an opensource economy
    is shared in non-restrictive manner.
    https://en.wikipedia.org/wiki/Open-source_economics
    

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13. Characteristics of a Decentralized Economy
    Peer 2 Peer
    Execution of actions in a decentralized
    economy are driven by peers in a
    network
    Transparent
    Every action or event in a
    decentralized economy is open and
    visible to all
    Provable Ownership
    Ownership can be cryptographically
    proven without third parties.
    Algorithmic Execution
    Actions in a decentralized economy
    are driven by code / software
    programs.
    Immutable
    Events and actions in a decentralized
    economy are append only and cannot be
    deleted, edited or modified.
    

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14. Hold on.
    Wait a minute
    

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16. On the 9th of January 2009
    A man named Satoshi mined the first
    block of a Blockchain powered
    cryptocurrency
    

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17. Bitcoin was created On the heels of
    an economic recession.
    This singular action of mining the
    Genesis block kick-started the Web3
    Economy as we know of it today.
    

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18. We need to understand the 3 distinct components of economics
    — PRODUCTION
    — CONSUMPTION
    — DISTRIBUTION
    

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19. Production
    Production refers to the process of creating utility.
    

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20. Consumed
    Now that utility needs to satisfy human needs for it to be:
    

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21. Distribution
    And when there is a circulation of value from said Utility,
    We successfully have
    

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22. An Economy with
    no 3rd Parties
    

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23. That was Peer to
    Peer
    

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24. And relied on computer
    algorithms to execute their
    contract without any
    permission
    

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25. In order to facilitate
    Consumption & Distribution
    we needed Utility!
    There was a problem, and Bitcoin alone wasn't enough to
    meet this need. This is when Ethereum came along —
    

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26. Ethereum is the first programmable blockchain that gave us
    to ability to create Utility on top of the blockchain Network,
    This was pioneered by SMART CONTRACTS.
    

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27. These interfaces are defined through a Proposal
    structure known as EIP - Ethereum
    Improvement Proposal.
    

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28. EIP - 2615
    EIPs are defined and proposed as code that can be referred to as Smart Contracts.
    

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29. ERC-20
    ERC-20 powered Marketplaces,
    Goods & Service Providers
    

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30. ERC-721
    Though this wasn’t the first standard to introduce
    an Ownership Model on the blockchain.
    ERC-721 drove the adoption of ownership across
    blockchain networks
    

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31. ERC-721 created what most people refer to as
    Non-Fungible-Tokens
    

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32. What is a NFT?
    An NFT is a secure, blockchain-based
    certificate that represents an
    entitlement its owner has to a
    (usually) digital or physical asset (e.g.
    artwork or music) or experience (e.g. a
    backstage pass).
    Non-Fungible Token
    

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34. In all of these
    activities, you
    can identify
    that:
    You own the car
    accompanied with a
    driver’s license
    You rented the
    apartment or
    bought it
    You own those nice
    pair of jeans
    

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36. Did you know?
    The shared output nature of opensource signifies, co-ownership
    of contributions, pull requests, commits, documentation and
    collaborative efforts
    

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37. All contributors / All producers
    We all play a role in the production, distribution and consumption of
    outputs in an opensource economy
    

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38. We are distributors
    When you publish your package to NPM, Cargo etc. You are
    essentially facilitating Distribution
    

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39. We are Consumers
    Whenever you run npm install, pip install, cargo install etc.
    You are facilitating consumption of an opensource project
    

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41. What they have in common?
    Signified by a Commit HASH - Someone ones the right to a commit identified by signing a commit or using their email.
    Identified by a Transaction Hash that commits the provenance of ownership to an address on the blockchain
    

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42. digital ownership that is provable unique,
    verifiable, immutable and scarce
    What can NFTs provide in an Opensource Economy?
    In this economy, producers are empowered to create with the capacity to fully own
    every form of yield from their creation, while distributors are incentivized through
    tokens and more to facilitate consumption
    

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43. Case Studies
    How NFTs are pioneering the foundations of ownership
    for producers, consumers and distributors in a
    decentralized economy
    

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44. Coordinape empowers communities like BanklessDAO, Developer DAO,
    Metacartel and more to empower Community Members and NFT Holders to
    coordinate contributions in a decentralized manner.
    

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45. Lens Protocol
    Creating a the Social Graph Protocol
    that allows you own and control
    your social Interactions as NFTs
    

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46. Radicle
    

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47. Building Blocks
    Everything we need to coordinate
    communities, organizations and projects in
    order to produce, distribute and consume
    Public Goods (a.k.a Opensource) in a
    decentralized economy has been provided.
    W.W.Y.B ?
    So the question is, What will you BUIDL?
    

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48. Thanks for attending my
    Lightning Talk
    

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49. Andrew
    Miracle
    Creator @daccred
    __Twitter__: @0xalzzy
    __Website__: www.andrewmiracle.com
    __SpeakerDeck__: www.speakerdeck.com/0xalzzy
    

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