SHIB used to explain the difference between Crypto and Web3 to Naval Ravikant

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Vladislav Sopov

Shane Vitarana, Co-Founder of Cosmos-Based NFT Stargaze Project, Explains Nuances of Terminology to Iconic Entrepreneur and Investor

Contents

Rebranding required What is Web3?

AngelList co-founder Naval Ravikant says distributed cryptography is a frontier. And Web3?

Rebranding required

Mr Ravikant took to Twitter to share his take on the difference between “Silicon Valley technology” and next-generation cryptocurrency products.

web3 not crypto. We need a rebranding.

crypto = trading SHIBweb3 = creation of NFT, DAO, DeFi

– shane.stars✨🔭 (@ shan3v) November 19, 2021

Shane Vitarana, co-founder of the Stargaze protocol which focuses on bringing non-fungible tokens (NFTs) to the Cosmos blockchain, points out that the dominant definition of “crypto” does not work in this context.

According to him, the concept evoked by Mr. Ravikant should rather be qualified as “Web3”. This includes building sophisticated decentralized systems such as decentralized autonomous organizations and decentralized financial protocols.

Regarding “crypto” in 2021, Mr. Vitarana emphasizes the speculative characteristics of digital assets. Trading Shiba Inu Coin (SHIB), an oversized memetic coin with no real use, fits the term “crypto” better, he thinks.

What is Web3?

Shiba Inu Coin (SHIB) is one of the symbols of “dog-coin mania” inspired by Tesla’s Techno King Elon Musk in early 2021. SHIB is the second largest dog coin, only outdated by Dogecoin (DOGE), the inaugural crypto of this class.

Introduced by American Internet entrepreneur Jason Calacanis in 2007, Web3 (or Web 3.0) refers to the idea of ​​the Internet as the “Semantic Web”.

However, nowadays it is used to describe the entire segment of distributed ledgers and related technologies.

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