๐ฎ How to add 167M users to Web3 (overnight)
Wall Street Oasis sent this email to their subscribers on March 8, 2023.
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In todayโs edition:
- Amazon wants to onboard 167M users to Web3 (overnight).
- DAOs are now legally recognized in Utah (it's a bigger deal than you'd think)!
- RESOURCE: What is a DAO? (In 6:30)
- Get paid to recommend our newsletter ๐ ๐ผ
- Rollups, on the Bitcoin network (here's what that means).
Terms used (click for translation):
โWeb3, wallet, NFTs, DAOs, Blockchain, Layer-1/2.
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โAmazon wants to onboard 167M users to Web3 (overnight).โ
Remember 'poking' on Facebook?
You'd 'poke' a friend, and they'd get notified in a separate little feed within their home screen (e.g. 'Seb just poked you').
That was it. That was the 'poke' feature in its entirety.
No one knew the functionality was coming to Facebook, it just showed up on everyone's profile one day...
This is kind of like that...although, users might actually like this feature.
Sources are telling Blockworks that Amazon is looking to quietly equip its 167M US-based Prime members with a Web3 wallet, ahead of its NFT ecosystem launch.
The rumor is users won't need to set anything up, or buy any crypto to use/collect NFTs on Amazon - the wallet will simply be added to their account, and integrate with the credit card they already have on file.
One source told Blockworks:
Which is big. HUGE, in fact.
As a reminder: it took Ethereum ~6 years to reach 167M wallets.
Amazon want to do that overnight. VERY cool!
...but what will these NFTs actually do for Amazon and its users?
Word on the street is Amazon wants to give customers the ability to buy NFTs tied to real-world assets, that are then delivered to their doorstep.
Ok...that answers the what/how of it all. But why would Amazon customers want this?
Here's our best guess of how it will all go down, in five parts:
- NFTs are used to encourage purchases on Amazon - e.g. The first 100 people to by 'product x' get a limited edition NFT.
โ - No one cares.
โ - Slowly but surely, stories start to surface about Prime members flipping their limited edition NFTs on the secondary market.
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(Similar to the Starbucks Odyssey collectibles, that are now selling for $2K a piece).
โ - FOMO kicks in โ user adoption starts to rise.
โ - The end result? NFT rewards lower 'buying decision' times and increases purchase frequency across Amazon.
The really exciting part:
You know how Facebook steals any successful feature launched by its competitors?
If Amazon proves this Web3 integrated commerce model, every major retailer is going to want to 'pull a Facebook,' and copy them.
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โDAOs are now legally recognized in Utah (it's a bigger deal than you'd think)!โ
- BB g*ns
- Fir*works
- Motorized Scooters
These are all things that seem 'a little too fun to be allowed.'
Or better put: many local/state/federal governments have banned these things.
(Hell, even email providers don't like them - hence the *stars*)
Anyway - we've always worried that DAOs might eventually be added to this list, and considered 'a little too fun to be allowed.'
A group of people with a shared vision, freely organizing to achieve a common goal - where each individual member's monetary gain is proportionate to the work they do?
Surely someone's going to want to shut that down.
The good news is:
Our fears have been misplaced. DAOs are now being embraced! Or at least, they are in Utah.
The Utah State Legislature passed Act HB 357, the Utah Decentralized Autonomous Organizations Act (Utah DAO Act), which legally recognizes DAOs, and provides them with limited liabilities.
Translation: Utah has embraced DAOs, and given them clear rules to play by.
Which is a bigger deal than you'd think. This could start a domino effect of friendly legislation, on a state-by-state basis.
E.g. Utah embraces DAOs โ more DAOs are started there as a result โ which increases Utah's tax revenue โ which makes other states want in on the action โ so they pass DAO friendly legislation โ and so on...
Who wants to chip in and buy Gary Gensler a flight to Utah, so they can show him how its done?
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โRollups, on the Bitcoin network (here's what that means).โ
Remember as a kid, when your mom would say "you're allowed one (one!) treat."
...and instead of picking a single candy bar, you'd get her on a technicality and pick a party bag of 'fun size' Snickers.
Crypto rollups work in a similar way.
'Rollups' are common on the Ethereum network - batches of transactions are 'rolled up' and squeezed into (what would usually be) a single transaction.
Which saves on transaction costs and frees up space in the transaction queue.
On Sunday, Rollkit posted its new rollup solution on Twitter; with the claim that it will let users retrieve and store data on the Bitcoin blockchain.
How did we do it? ๐ก
Ordinals showed us it was possible to publish arbitrary data to Bitcoin. We saw this and decided to follow a similar process.
At its core, all that was needed was two functions: one to submit rollup blocks, and another to retrieve them. pic.twitter.com/u6etICUAtg
This new integration expands the possibilities for rollups, and also has the potential to help bootstrap a healthy blockspace fee market on Bitcoin, enabling a more sustainable security budget.
March 5th 2023
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But here's the problem:
A rollup on a Layer-1 blockchain (like Bitcoin) doesn't inherit any of the security of the blockchain.
And that's fundamentally what Bitcoin is known for - a slow, but super secure network.
So people have called out that it's just an alternative, much less secure, Layer-1 blockchain that puts more data on the Bitcoin network.
It doesn't help with saving blockspace for BTC transactions, it's less secure, and there's no easy way to put data on and off the chain.
We're filing this one under: "Points for creativity, but we'll stick with Layer-2 rollup solutions for now"
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๐งช Your Daily Dose of Web3
- ๐ณ Bybit, Mastercard Launch Crypto Debit Card Following Suspension Of USD Transfersโ
- ๐คซ Coinbase CEO Hints Its New Layer-2 Network Could Include AML Measuresโ
- ๐ฐ Yuga Twelvefold Bitcoin NFT Auction Raises $16.5 Millionโ
- ๐คท Mark Zuckerberg Wants to Let Teens Into the Metaverse - 2 U.S Senators Say Thatโs a Huge Mistakeโ
- ๐ค AI Still Has a Lot to Learnโand Unlearn: Ava Labs CEOโ
Alright, thatโs it for today!
Love to the family,
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