A Day with Web3 Disrupt Conference Organized by Xord
Xord Thanks for giving a full dose of web3 knowledge, Web3 Disrupt is one and a complete dose about the next internet. The word “disrupt” means Web3 disrupts the whole internet, which is called Web2, and blockchain disrupts today’s financial system as well as data storage clouds.
I gained a lot of knowledge in which tokenomics, blockchain trilemma, NFTs, UX, investing web3, and most honorable Dr. Imran khan shares an Amazing thought about blockchain for business let's deep dive into what I learned from Xord organized web 3 disrupt conference.
UX is big challenge in Dapps
In Web2, the user experience is the core task for developing any application or website, but in Web3, our first priority is decentralization, which is why the user experience is the main issue for the adoption of Web3 the next internet. Here is an example of Metamask, the most popular web3 Dapp, which is used as a wallet like Mastercard or Visa. In this app, you can purchase any digital asset with the help of this wallet, and you can store NFTs, store cryptocurrency, and swap any crypto token using a meta mask.
In web2 if you buy or sell anything you pay a transaction cost, web3 is also same but the issue is that here the transaction cost is called the gas fee this gas fee deduction is the first pain point a user of the gas fee method is a little bit complicated to new users, for example, you want to web3 games so you first connect your identity through meta mask then you continue the next step to play a game is for you have some ETH to play a game this is a painful moment for a new user that’s why the user quit the game because they don’t want to pay a gas fee.
For suppose the new user wants to send eth to meta mask from any centralized exchange then a user is also confused about what network I select like ECR-20, bnb smart chain, and Solana let's say the user selects ECR-20 to send eth to meta mask the user see gas fee is high why I paid this gas fee and so many more about like you want to buy any new token from meta mask you put a manually the coin address, chain and etc. We focused on UX more than development for more adoption of Dapps
Blockchain Trilemma
One of my favorite topics and it feels amazing to be on a panel discussing it is a very deep dive into the three architectures of blockchain: decentralization, security, and scalability.
Blockchain achieves only two trilemmas, lots of blockchains are their own road maps like some blockchain's compromised scalability and some of the other's compromised decentralization.
Bitcoin is an example of total decentralization and high-security network blockchain and here Ethereum 2.0 is moving towards highly scalable and high security but at some points, they compromised decentralization. Ethereum 2.0 is like a tree the green part of a tree is layer 2 and sharding solutions and roots like data availability layers that’s how blockchain towards the multichain future that’s why the cosmos played a huge role in it.
Tokenomics Economy
The structure of a cryptocurrency’s economy determines the incentives that encourage investors to buy and hold a specific coin or token. Just like there are different kinds of fiat currencies, each cryptocurrency has its own way of handling money.
Tokenomics is a fundamental idea to think about when choosing an investment because, in the end, a project that has well-thought-out incentives to buy and retain tokens for the long run is more likely to outlive and perform better than a project that hasn’t established an ecosystem around its token. A solid base frequently leads to greater demand over time as more investors put more money into the project, which raises pricing.
When you analyze any crypto tokenomics, the first thing to keep in mind is what utility this project has because the utility increases the demand side as well as how far the demand is greater than minting. Inflation in tokens is not good for the crypto project. Great tokens have more utility, less inflation, and better token distribution.
Before a cryptocurrency is released, its tokenomics are often explained in a white paper. This is an in-depth document that explains what the proposed cryptocurrency will do and how it and any underlying technology will work.
Activity and fun
Hassan Bin Shaheen was entertained after every panel discussion because there were a lot of deep-dive talks about Web 3, so he entertained the audience with his jokes and memes to connect all to one wave to digest the deep talks.
https://twitter.com/uzairnextdoor/status/1589299607112404992
Xord provides a very delicious lunch of Al Fareed biryani and a cold drink to all audience
Provides workshops to all newbies, gives career counseling on how to become successful in the Web 3 world, and gives conference-attended nfts to all audience members.
Wrapping up
The Web3 Disrupt conference has done a great job of learning how the web 3 ecosystem works. Giving out NFTs is a great thing because all participants are now familiar with NFTs and they develop more interest in NFTs. This is a huge conference to learn A-Z about web3 and how to make money in crypto rather than trading. Solving blockchain problems to make money is a simple way and contribute to ourselves in blockchain community.
