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

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
4. They are a small team of hackers - Move fast break things
5. On a fateful Friday
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.
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
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
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)
10. NFTs & The Future Of Web3 Ownership A case study on opensource economies
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
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
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.
14. Hold on. Wait a minute
16. On the 9th of January 2009 A man named Satoshi mined the first block of a Blockchain powered cryptocurrency
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.
18. We need to understand the 3 distinct components of economics — PRODUCTION — CONSUMPTION — DISTRIBUTION
19. Production Production refers to the process of creating utility.
20. Consumed Now that utility needs to satisfy human needs for it to be:
21. Distribution And when there is a circulation of value from said Utility, We successfully have
22. An Economy with no 3rd Parties
23. That was Peer to Peer
24. And relied on computer algorithms to execute their contract without any permission
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 —
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.
27. These interfaces are defined through a Proposal structure known as EIP - Ethereum Improvement Proposal.
28. EIP - 2615 EIPs are defined and proposed as code that can be referred to as Smart Contracts.
29. ERC-20 ERC-20 powered Marketplaces, Goods & Service Providers
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
31. ERC-721 created what most people refer to as Non-Fungible-Tokens
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
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
36. Did you know? The shared output nature of opensource signifies, co-ownership of contributions, pull requests, commits, documentation and collaborative efforts
37. All contributors / All producers We all play a role in the production, distribution and consumption of outputs in an opensource economy
38. We are distributors When you publish your package to NPM, Cargo etc. You are essentially facilitating Distribution
39. We are Consumers Whenever you run npm install, pip install, cargo install etc. You are facilitating consumption of an opensource project
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
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
43. Case Studies How NFTs are pioneering the foundations of ownership for producers, consumers and distributors in a decentralized economy
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.
45. Lens Protocol Creating a the Social Graph Protocol that allows you own and control your social Interactions as NFTs
46. Radicle
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?
48. Thanks for attending my Lightning Talk
49. Andrew Miracle Creator @daccred __Twitter__: @0xalzzy __Website__: www.andrewmiracle.com __SpeakerDeck__: www.speakerdeck.com/0xalzzy