The Case for Web3

A brief overview of why Web3 matters from the impact it has had on my life as a Nigerian.

Transcript

1. The Case for WEB3 BY KEHINDE ADELEKE 01
2. Timeline History A short History Stories are powerful The Power of Stories Final thoughts Where We Headed and what the future Holds
3. Bitcoin Whitepaper CIRCA 2009 "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work... " Link: https://bitcoin.org/bitcoin.pdf
4. Peer-to-peer Financial transactions are sent from one party to another. There is no need for any financial institution. Proof-of-work A way to create consensus on the state of the ledger. It is also a way to fix the double-spend problem. Decentralization In this distributed systems, no intermediary -- centralized institution- is necessary. There is no need for a third party Key Terms 02
5. Technology cannot be appreciated in the abstract 1. Technology must positively affect the lives of people. 2. It must be a force of change and inspire innovation.
6. STORIES ARE POWERFUL Against Police Brutality How Bitcoin powered Nigeria's most recent protest against Police Brutality Paypal Web3 Powering renumeration and circumventing unfair monetary policies. 03 Stories engage our emotions. We share enthusiasm, problems, sorrow and joy. They increase our understanding and empathy.
7. EndSars Protest HOW BITCOIN HELPED CIRCUMVENT AN AUTOCRATIC GOVT Protesters account unlawfully blocked, which led to the use of Bitcoin for receiving donations from folks around the globe 1. 2. This in turn was used to continuously fuel the peaceful protest. In addition to that it was to use to feed protesters, provide medical and legal services. learn more: How bitcoin powered Nigeria's #EndSARS protests — Quartz Africa (qz.com)
8. PAYPAL UNFAIR PRACTICES Freezing of User Account Nigerians account being banned from the platform with no reason and no precedent. Outrageous Fees Exchange rate wasn't based on market prices which led to loss of funds. The fees were also outrageous 04
9. Bitcoin provides peer-to-peer alternative No forceful closure Since there is no centralized intermediary, accounts cannot be forcefully closed. Transnational Transactions Transactions can be carried out by anyone around the world that own a wallet. Better Fees Miner Fees are predictable and not uncertain as those of centralized companies
10. We are still Early There are still so many stories to be told by how web3 and blockchain technologies can transform the way we carry out financial transaction. In addition to providing Data soverignty in our increasingly connected world. Final thoughts 05 We can all contribute Because we are still early, we can have a hand in shaping this emerging tech. You don't necessarily have to be a coder. Designers, marketers, Educators, and so many of you are needed for us to reach the next million users. WAGMI🥳🎉