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May 2, 2024 AMA Recap

Understanding Onchain.

In the latest bi-weekly AMA session, Ben and Jason took the community on a deep dive into the concept of Onchain, explaining its significance and potential impact on the crypto space. This discussion was an eye-opener, especially for those new to the concept, and highlighted the strategic direction their project is headed. Here’s a detailed summary of the key points covered during the session.

What is Onchain?

The conversation kicked off with an introduction to Onchain, a term that many in the community might not be familiar with. Onchain refers to the shift from traditional, centralized systems to decentralized ones using blockchain technology. Jason emphasized that understanding Onchain will be crucial in the coming years as it represents a new paradigm in how value and ownership are managed online.

The Evolution of the Web

To provide context, Jason recounted the evolution of the internet, breaking it down into three major phases:

1. Web 1.0 (Read): The early internet, characterized by static web pages where users could only consume content.

2. Web 2.0 (Write): The rise of user-generated content, social media, and the ability for users to both consume and create content. However, the value created was often captured by large, centralized platforms.

3. Web 3.0 (Own): The current and emerging phase where blockchain technology enables true ownership of digital assets and value. This phase empowers users to have control over their data and digital creations.

The Importance of Ownership

A significant part of the discussion focused on the importance of ownership in the digital age. Jason and Ben highlighted that in the traditional financial system, users don’t truly own their money; banks do. With blockchain and Onchain technology, individuals can have full custody of their assets, ensuring true ownership and control.

Challenges and Adoption

Despite the clear benefits, the transition to Onchain is not without challenges. The AMA addressed two major barriers to adoption:

1. Learning Curve: The technical complexity of blockchain can be daunting for new users. The team aims to simplify this through intuitive interfaces and user-friendly solutions.

2. Behavioral Change: For widespread adoption, Onchain solutions must fit seamlessly into users' existing habits without requiring significant changes in behavior.

Future Developments and Products

The team is working on several innovative products to facilitate the transition to Onchain, including:

- Fiat Token Integration: Enabling smooth transitions between traditional fiat currencies and digital assets.

- Onchain Checkout: A revolutionary product allowing projects to deploy payment solutions directly on their websites, supporting both fiat and crypto transactions. This product aims to eliminate the need for traditional ramps, making the buying process more straightforward and accessible.

Community Engagement and Roadmap

The session wrapped up with a Q&A segment where community members asked about the future of staking, product timelines, and roadmap updates. Ben and Jason reassured the community that while the roadmap is being finalized, their primary focus remains on delivering high-value products and ensuring transparent communication.

Key Takeaways

This AMA session was a deep dive into the transformative potential of Onchain technology. Ben and Jason’s insights highlighted the strategic direction and the innovative solutions their project is developing to simplify and enhance the crypto experience. As they continue to push the boundaries of what’s possible with blockchain, the community can look forward to a more decentralized and user-empowered future.

Watch the AMA here!

Stay tuned for more updates and be prepared to join the Onchain movement!

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