The Web3 Ecosystem

Web3 uses blockchain technology to create fully autonomous digital nations that can operate outside of the purview of the existing financial, legal and even political ecosystems.

Each of these nations have their own:

• Money: Cryptocurrencies are the native currency of a digital nation. To paraphrase Abraham Lincoln, they are the money “of the people, by the people and for the people” as they can’t be seized, restricted or regulated by the government.

• Financial Systems: DeFi forms the financial system of a digital nation. Decentralized banks can’t appropriate your assets, restrict or regulate your transactions, block you from becoming a customer, force you to share private data or charge outrageous fees.

• Goods: NFTs are the native goods of a digital nation. They are the first and only virtual asset that can be truly owned by a consumer. Big Tech can’t confiscate your NFTs, dictate how you use them or charge you exorbitant prices for selling them.

• Laws: Smart contract platforms create and enforce the laws of a digital nation. They are decentralized computers that aren’t controlled by governments, banks or corporations. Anyone can use them for any purpose and they can never be shut down or turned off.

• Corporations: DAOs are the “corporations” of a digital nation. Unlike a traditional corporation, no single person or group owns or controls a DAO and they largely operate outside of the purview of the existing financial and legal ecosystem.

Keep reading to learn more about each of these building blocks... 👉