During the past seven days I changed the name of the newsletter and designed a logo in order to make my publishing efforts appear more professional. Little did I know I would stumble upon the following conversation on the meaning of the term ‘web3’ that will challenge my branding decisions.
Expanding the blockchain value proposition to normal people.
According to Tim Reilly, the average consumer doesn’t know what ‘web2’ is. The term ‘onchain’ could be the new ‘online’ - a state with a value proposition. The word ‘chain’ speaks to a fundamental technical property, while ‘3’ is wholly conventional.
In the first edition of this newsletter I quoted Chris Dixon who said web1 is ‘read’, web2 is ‘read and write’, and web3 is ‘read, write, and own’. I would expand on his words by saying web1 is the era of websites and blogs. Web2 is the era of social networks. Web3 is the era of blockchains.
I can see where Tim Reilly is coming from but I prefer to stick to ‘web3’ instead of ‘onchain’.
Psychological ownership and asset ownership are the foundation for a user-owned Internet.
Crypto ownership can be thought of as an internet-native property rights system, analogous to how legal ownership is enforced through legal contracts. In the crypto context, ownership is enforced cryptographically on a blockchain.
Blockchains introduce new dynamics to the question of psychological ownership. First, blockchains make it easier to leave any given interface or platform - like NFT marketplaces or wallets - because you can take your assets with you.
And second, psychological ownership can produce different effects in the crypto context. High degrees of psychological ownership correlate with behaviors like actively participating or contributing to those communities, long-term retention, and evangelism. Conversely, low psychological ownership can manifest in mercenary, short-termist behaviors like flipping assets, using products only to farm an airdrop, and low participation rates in governance.
According to Li, putting the idea of psychological ownership to work requires building a different kind of relationship with users, changing their sense of their own role in a project, and leaning into co-creating alongside users.
I highly recommend reading her article to better understand both the mechanics of psychological ownership and the implications of Web3.
Mailchain as a new communications standard.
Mailchain is a multi-protocol platform for sending and receiving messages between blockchain addresses. It simplifies the messaging process for all blockchain identities through a unified inbox. Messages are end-to-end encrypted, private, and secure.
Tim Boeckmann, co-founder and CEO of Mailchain, shares their project’s story in an interview on Youtube.
It’s fascinating to be the first to see and try new technologies way before they hit the mainstream audience.
My name is Petar Kashev and I’m a marketing professional from Bulgaria 🇧🇬 You can follow me @petar on Warpcast or message me @petar on Telegram.