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I think some grassroots web3 people will agree with you, web3 is not simply about blockchain and IPFS would certainly be included in their definition. To answe

I think some grassroots web3 people will agree with you, web3 is not simply about blockchain and IPFS would certainly be included in their definition. To answer your question, 'crypto' adds the ability to store valuable data trustlessly. This means any data for which there is profit in manipulating, user accounts, key-stores, accounting (obviously). In practice most of web3 should take place off chain - 'crypto' or blockchains are suited for the most important data. Its much like the difference between the foundation of the building and the interior - it may be easy to take for granted what you don't often see or interact with.

jeroenhd 5y ago
Storing user information on be blockchain not only sounds unnecessary, it's also illegal in the EU. I get the advantage of blockchains and such for trading virtual currencies, but I'm still not sure why you'd need a public ledger to accomplish anything new that a standard PGP signature wouldn't already accomplish. Is the idea of web3 to put the entire internet on some kind of blockchain to replace HTTP? Wouldn't that be crazy inefficient?
- mattwilsonn888 5y ago
  > Storing user information on be blockchain not only sounds unnecessary, it's also illegal in the EU. It's necessary for the most basic of blockchain functions; you cannot transact and have a coherent model of accounts without identifying users on chain, even if its done confidentially. Unless owning coins on a blockchain is illegal in Europe, you'll have to clarify. The extension of blockchain to store information other than account balance of the native chain is natural - so long as that information has comparable value to coins on the chain and you can justify it having all those properties. It's already massively useful for wrapped assets. If you can figure out how to make a crypto that only requires PGP keys then you've solved a massive problem about storing account balances or other information you would like to take on the properties of data on chain - congratulations. > Is the idea of web3 to put the entire internet on some kind of blockchain to replace HTTP? Wouldn't that be crazy inefficient? This comes up a lot. No. No serious, competent person in crypto has ever entertained putting the whole internet on the blockchain despite the being what many a skeptic retort. As I said earlier, as much should be off chain as possible, meaning either web2 or peer to peer access. When blockchains people use are a factor better at scaling this will include more and more data and uses. With current scaling and capital allocation (mostly in the slow, expensive Eth) the only businesses that can justify their existence on chain must offer some sort of monetary interest to their users. I'm sure you have a lot more questions and well reasoned doubts that many in the crypto space have realized and are working on, I enjoy chatting about this stuff but am going to cut myself off before I go too long. If you wanna chat more you can always DM me.

jeroenhd 5y ago

Storing user information on be blockchain not only sounds unnecessary, it's also illegal in the EU. I get the advantage of blockchains and such for trading virtual currencies, but I'm still not sure why you'd need a public ledger to accomplish anything new that a standard PGP signature wouldn't already accomplish. Is the idea of web3 to put the entire internet on some kind of blockchain to replace HTTP? Wouldn't that be crazy inefficient?

mattwilsonn888 5y ago
> Storing user information on be blockchain not only sounds unnecessary, it's also illegal in the EU. It's necessary for the most basic of blockchain functions; you cannot transact and have a coherent model of accounts without identifying users on chain, even if its done confidentially. Unless owning coins on a blockchain is illegal in Europe, you'll have to clarify. The extension of blockchain to store information other than account balance of the native chain is natural - so long as that information has comparable value to coins on the chain and you can justify it having all those properties. It's already massively useful for wrapped assets. If you can figure out how to make a crypto that only requires PGP keys then you've solved a massive problem about storing account balances or other information you would like to take on the properties of data on chain - congratulations. > Is the idea of web3 to put the entire internet on some kind of blockchain to replace HTTP? Wouldn't that be crazy inefficient? This comes up a lot. No. No serious, competent person in crypto has ever entertained putting the whole internet on the blockchain despite the being what many a skeptic retort. As I said earlier, as much should be off chain as possible, meaning either web2 or peer to peer access. When blockchains people use are a factor better at scaling this will include more and more data and uses. With current scaling and capital allocation (mostly in the slow, expensive Eth) the only businesses that can justify their existence on chain must offer some sort of monetary interest to their users. I'm sure you have a lot more questions and well reasoned doubts that many in the crypto space have realized and are working on, I enjoy chatting about this stuff but am going to cut myself off before I go too long. If you wanna chat more you can always DM me.