Hi all! My name is Jared Lucas. I’m a music producer and DJ-turned-Web3 enthusiast who wrote a Twitter thread that turned out to be very helpful for many of my friends:
Because of this, I have decided to create this post as a one stop shop for all of the knowledge I have accumulated about this space up to this point. It is by no means exhaustive, but I hope it becomes a valuable resource for you to learn more about Web3.
Ideally, if you are reading this, you may have heard of NFT’s and crypto, but do not really know why people are so excited about this technology or how to participate.
WHAT TO EXPECT HERE:
For more reading, check the link below:
And for some helpful metaphors and analogies, see this thread:
Crypto - Short for cryptocurrency. Secure transaction records. An umbrella term encompassing many Web3 technologies.
Blockchain - Computing primitive often secured by crypto. Most popular cryptocurrencies use blockchains, but there are other methods (IOTA’s Tangle, Holochain, etc.)
Bitcoin (BTC) - First blockchain cryptocurrency to get mainstream attention. Imagine a shared Excel spreadsheet that tracks transactions, except no one company runs it. Commonly referred to as “Digital Gold” because it takes work to mine it.
Ethereum (ETH) - Another blockchain cryptocurrency, except this one has Smart Contracts (see below). Imagine the same Excel sheet, but with macros.
Smart Contracts - Vending machine on the blockchain. The code controls the execution, and transactions are trackable and irreversible. This functionality will remove many intermediaries in the future.
Gas Fees - Cost of doing a transaction on Ethereum that pays for the virtual computing power.
Fiat - Government money (USD, EUR). Only valuable because the government says so. Slowly being stolen from you (a.k.a. inflation).
Exchange - The place you go to get crypto with fiat.
Wallet - The place you store your crypto.
Public Key - Long string of letters and numbers that identifies your wallet on the blockchain. You send this to people.
Private Key - Long string of letters and numbers that lets you access your wallet. You DO NOT send this to people.
Seed phrase - 12-24 words that generate the private key.
Fungible - Interchangeable (grains, oil, cash).
Non-Fungible - Unique (music, art, Pokémon cards)
Decentralized Autonomous Organization (DAO) - Internet communities with a shared bank account.
The Metaverse - Fuzzy term that describes the next evolution of the Internet. Digital land, avatars/items that carry over between platforms, Virtual/Augmented reality integrations, etc.
Note: Facebook rebranded to “Meta” to pursue this vision, however it is NOT “The Metaverse”. Best case scenario, they may be able to create tools for and easily onboard people into “The Metaverse”, but they will never be the entirety of the space by definition.
Now that you know how to talk like a pro, it’s time for the good stuff. Imagine these next steps as “obtaining the credentials” to be involved in almost anything Web3 related.
(This is NOT financial advice)
Once you have completed all of this, feel free check out Skywalkerz to mint an NFT! This is a project by Civics Unplugged, which funds the Dream DAO. It is described as the following:
“The Dream DAO is a new, intergenerational, global, and interdisciplinary community that invests in the future of the web3 x social impact ecosystem, by providing diverse Gen Zers around the globe with the training, funding, and community they need to leverage the power of web3 to secure a brighter future for humanity.
The vision is to create a lasting, web3-native educational and philanthropic institution that will sustainably attract and channel the talent and capital of the blockchain space to develop thousands of Gen Z web3 civic innovators by 2030. Gen Z, after all, are who will solve the challenges we face today and have to address the ones that are yet to emerge. And they are more than ready to disrupt entrenched power structures that fail the people they claim to serve.”
There are also many other places to buy an NFT after it has been minted, but the most popular and accessible one is arguably OpenSea. Create a profile there, check out how your new NFT looks and surf around!
Here is a tidbit from Cooper Turley’s post called “The DAO Landscape”
“A DAO is a commitment to share value with a community.
DAOs seek to:
- Provide members with a voice through governance.
- Flatten hierarchy and create fluid workstreams.
- Allocate resources to achieve a core mission.
A Telegram group with 10 members and 1 ETH is a DAO.
A DeFi protocol with $1B+ of assets governed on-chain by 10,000+ token holders is a DAO.
Regardless of size, DAOs look to solve core missions - evolving a group chat into a success-driven community.”
DAO’s are such a big deal because they easily enable a group of people with a common purpose to band together to get things done in the real world. Similar to companies, but different in a few key ways:
I’d personally recommend participating in The Dream DAO!
Now that you are fully equipped to interact with Web3, head over to RabbitHole for more in depth learning - and earn more crypto in the process. Learn to earn, baby!
Here is an incredible thread on who to follow on Twitter:
And this is a list of some people who are thinking deeply about systems change, and some people actually doing it. It would be nice if they intermingled a bit more, however.
You may also see a few abbreviations that are not familiar to you. Here are the most common:
gm - good morning
wagmi - we’re all gonna make it.
I hope this was helpful! Whether you are here to flex on your friends, find financial freedom, create more equitable systems for society or just plain want to make more money, I wish you a hearty gm and hope you enjoy your Web3 learning experience!