Binance CEO, Coinbase Execution Feature in Crypto Masterclass Crash Course

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For the uninitiated, the world of cryptocurrencies and blockchain technology can be intimidating, confusing, and difficult to understand. Three industry experts and a skeptical economist explore the past, present and future of booming technology in a new e-learning series.

Masterclass is an online educational platform that offers courses taught by subject matter experts in their respective spheres of influence. You can learn to cook with Gordon Ramsay, explore acting with Natalie Portman or master the tennis racket with Serena Williams.

His recently launched series on cryptocurrencies, blockchain and Web3 technology follows in the same vein. Binance Changpeng CEO CZ Zhao, A16z General Partner Chris Dixon, Coinbase President Emilie Choi, and Nobel Prize-winning economist Paul Krugman discuss the ins and outs of the topic that is gradually transforming the way we perform and use the internet.

Cointelegraph has been offered exclusive access to the series which begins with an introduction to cryptocurrencies and a macro view of the creation of blockchain technologies. In typical Masterclass style, the episodes are superbly produced, with the stalwart experts giving anecdotes and answering the most relevant questions from newcomers to the space.

Zhao summarizes the evolution of technology by highlighting how the internet has enabled humanity to transfer information, while blockchain builds on this by powering the transfer of value. Meanwhile, Choi provided a more relevant insight, emphasizing the power of decentralization in returning control to individuals:

Crypto is by default inclusive as long as you have some sort of internet connection. This is particularly powerful for people who have been excluded from the traditional financial system.

Dixon is also a prominent voice on the show, bringing his expertise as a tech entrepreneur and a prominent cryptocurrency and Web3 evangelist. His introductory thoughts in the series set the tone for the overall theme of Web3’s influence on the ever-changing Internet: the big question now is how these new networks will be created in the next year of the Internet, who will own them, who will control them and who will make money.

The History of Crypto Rooted in Bitcoin

Zhao plays a pivotal role as Masterclass covers the history of cryptocurrency. Rooted in cryptography and the need to solve the Byzantine Generals problem, Zha unpacks these concepts before tackling the enigma that is pseudonymous Bitcoin (BTC) creator Satoshi Nakamoto.

With the 2008 financial crisis as a trigger point, the CEO points to the publication of the Bitcoin white paper as a seminal moment for the cryptocurrency and Web3 landscape we know and use today. The famous bitcoin pizza is also featured, given its importance as the first business transaction using bitcoin.

Another focal point is the development of Ethereum as a way for entrepreneurs to enter the cryptocurrency ecosystem through smart contract functionality and the ability to issue ERC-20 tokens.

The concept and allure of freedom is addressed by both Zhao and Dixon, with the former emphasizing that this aspect is desirable for both libertarians and die-hard anarchists. Dixon concludes the course by quoting writer William Gibson:

The future is already here, it’s just not evenly distributed.

His belief is that crypto is still a grassroots internet and technology movement. But tech companies and financial institutions don’t like it, which undermines the quote above.

Web3: Read, Write and Own

Web3 is becoming a ubiquitous concept, but the influence of cryptocurrencies and blockchain technology may well be lost on some. Masterclass does a good job of putting the pieces together, as Choi highlights the key differences between Web1, Web2, and Web3.

Web1 represents the early days of the Internet, where websites were read-only landing pages governed by open protocols and users simply consumed information. The rise of Web2 in the early 2000s introduced read and write functionality, which Choi described as a paradigm shift:

Users are the product, central companies dictate the rules and control the data and content created by users.

Dixon remains stuck at this point, pointing to the rise of Google, Facebook, Amazon and Apple unleashing the power of technology, doing things you can’t do with TV, magazines and other mediums. The result was the consolidation of power and economic control between a handful of large corporations:

What this means for creators, developers, and entrepreneurs is that instead of relying on open systems, you depend on these companies to acquire and maintain audiences to sell things.

This is where Web3 comes in, democratizing not only information, but also publication and ownership. It is inherently community owned and operated, with token applications proliferating new Web3 applications and concepts.

Choi sums it up succinctly, with cryptocurrency forming the backbone infrastructure that powers Web3. Web3, she argues, is more about front-end applications becoming more robust in a crypto-powered world:

If you think of the Metaverse as a Web3 experience, crypto is the central plumbing for tokens and wallets.

Perhaps most importantly, Dixon explains why Web3 matters by considering three simple questions. Who makes money? Who controls the content? Who controls the network? The value of Web3 is the transfer of true ownership from the few to the many:

Are they businesses or communities of people? The Internet is clearly the most important technological innovation still in development today. It affects culture, politics, the economy and our daily lives.

A separate episode on non-fungible tokens (NFTs) sees Dixon diving headfirst into the popularity of digital collectibles and tokenized assets. Sports-focused digital collectibles, digital artwork changing the way artists own, share and earn from their creations, and musicians using NFTs to engage with fans are all notable use cases set. prominently in the series.

In a first for Masterclass, economist Paul Krugman hosts a thought-provoking debate with Zhao, posing a host of insightful questions that address perceived issues with crypto from a mainstream perspective.

Krugman’s role as a skeptical economist is measured but assertive, with questions ranging from the problems that cryptocurrencies solve, why mainstream financial institutions and banks should embrace blockchain, and how these systems can power fast and cheap.

Overall, the series features lecture-style introductory chapters covering industry fundamentals. Without going into technical details, the basic concepts that have influenced the development of cryptocurrencies, blockchain and Web3 innovations are unpacked in an easy to digest form.

Common questions from skeptics are also addressed, presenting a balanced macro view of the space that just might lead intrigued viewers down the path of further individual discovery of all things crypto.

The views, thoughts and opinions expressed herein do not necessarily reflect or represent the views and opinions of Cointelegraph.

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