Web3 Foundation’s Ryan Zurrer speaks about Web 2 vs. Web 3 at Aragon’s AraCon conference in Berlin: – Link
• Web 2 (social and mobile web) is broken because FAANGs business model is “surveillance capitalism” and they commercialize your personal data.
• Web 2 monetization strategies are ads and data-mining which is annoying and unethical; “we deserve better.”
• We should be paying to use Facebook and Twitter rather than using them for free.
• Web3 technologies will let users monetize their data to whoever we see fit. If Facebook had to pay all of its users it would be a great attempt at universal basic income.
Fluence Labs publishes an in-depth survey on DApp creators: – Link
• 55% of DApps are planning to monetize with transactional fees
• 38% of DApps are self-funded, 24% VC funded and 10% funded through token sale
• Business pain points included new user onboarding UX, very small audience sizes; 58% had less than 50 daily active users, 12% had more than 500 DAUs
• Technical pain points included poor tool quality and documentation and retrieving timely data from a blockchain
• 87% of the DApps were using ethereum; EOS & Tron followed
Singapore-based NEM Foundation plans layoffs across 150-person staff and plans on raising $7.5M from the community by selling tokens to rescue the organization from bankruptcy, Coindesk reports. – Link
Placeholder publishes “Maker Investment Thesis” and says Maker is a software-based and community owned credit facility that offers loans at 1/10th the cost offered by traditional financial institutions. There is 2,000,021.05 ETH (1.91% of total circulating supply) locked in Maker smart contracts today. – Link
WBTC, which stands for Wrapped BTC, launches the first ERC20 token backed 1:1 with bitcoin. The WBTC team says it will bring greater liquidity to DEXs and will make it easier to write smart contracts that integrate bitcoin transfers. – Link
Weekinethereum.com newsletter writer Evan Van Ness hosts a panel Web3 Infrastructure at AraCon: – Link
• Parity CEO Jutta Steiner says making things easier for devs is the fastest way to adoption
• Gnosis founder Martin Köppelmann says any attempt at driving massive adoption of Ethereum right now all onchain “doesn’t make sense” due to fees
• Ethereum eWASM core dev Lane Rettig says we need to pause and think why have no DApps beyond a few hundred users but it’s okay because we’re in an infrastructure phase. Lane has a Layer 1 minimalist point of view and everything else can go on Layer 2.
Fidelity Investments aims to launch a bitcoin custody service in March, sources tell Bloomberg. – Link
SWIFT announces a proof-of-concept partnership with R3. – Link
BitTorrent is trading at 4.1x BTC & 4.2x USD. Raised $7M on Binance Launchpad, the exchange’s token sale platform. Controversially, a reportedly official Tron telegram announcements channel gets taken over by former employees who claim Tron’s practices are unethical and say Tron ran out of money and is deep in liabilities. YouTube channel Chico Crypto accused Tron of paying YouTube influencers to promote investing into the BitTorrent ICO. – Link
Ethereum Foundation team member Alex Van De Sande envisions a “a cross-site social media protocol that unites the whole open source community against the current media giants,” rather than having “blockchain social media” apps that compete against each other. – Link
Waterloo-based Kin prepares to challenge the SEC enforcement divison, which believes Kik failed to register the sale with the SEC and didn’t give investors proper information, according to WSJ. Kik says the kin was marketed as a utility token for developers and an ecosystem of apps. Kin raised over $100M in Sept 2017 and is 76% below ICO price in USD terms. – Link
Apple disables group Facetime after users discover eavesdropping security flaw. Interestingly, a 14-year-old boy found the bug earlier this month but his mother was unable to get in touch with Apple via Twitter and other customer support channels. – Link
Facebook paid users ages 13 to 35 up to $20/mo to install a “Facebook Research” VPN that tracked all of their phone activity since 2016. Apple revoked Facebook’s ability to internally distribute iOS apps. – Link
ETHDenver, being held on Feb 15-17, plans to integrate blockchain services into its entire conference operations, including speaking applications, hackathon judging and voting, and even will have its own stablecoin pegged to the Dai called buffiDai which will be used to pay for food and swag. – Link
Cryptopia exchange, although it continues to deposit funds, has assets that are still under attack by hackers 15 days after $16M in stolen assets were reported. – Link
Ripple sells $535M worth of XRP; $171M directly to institutions and $364M from other sources including crypto exchanges via market makers. – Link
Unrelated to crypto, but Ryan Hoover from Product Hunt published a blog post about the rise of “no code” tools to create fully functional applications. Ryan predicts everyone is a “maker” and maker communities, like Product Hunt which started 5 years ago, will become increasingly important. – Link
Also not directly related to crypto but relevant to VC fundraising, Basecamp CEO and co-founder Jason Fried argues that raising too much VC too early only makes you good at spending money and doesn’t prepare you for the skills for actually making money.Raising too much money destroys businesses & raising more rounds is like “going back to the drug dealer.” Too much money too fast will kill the business. – Link
Read this next
Sign up for a weekly curated newsletter on what’s being built in crypto.
Enter your email below and you’ll get a weekly newsletter with bite-size summaries of all the top news related to fundamentals and research.