Decrypting Web 3.0

Key Takeaways

so we are live obviously [Music] yeah we will probably be starting in another couple of minutes so hello good evening guys everyone hello hello hello off thank you good evening good evening so parent uh are you ready uh so can you move small yeah okay yeah so hello guys uh so welcome to this live stream and today we are basically going to understand about web 3.0 this is for starters anyone who do not know the exact meaning of web 3.0 and why it is actually used so we are going to discuss about that today we have a very special guest uh we have with us so uh he is basically the co-founder of builder tribe and uh he is going to take this 45 minutes master class and probably explain you everything regarding web 3.0 so um and yes utilize this opportunity in understanding about web 3.0 and um uh now we will probably have a 45 minutes class and then probably at the end we may take up some of the questions and then that is how we will try to conclude our session for today i hope it is clear yes definitely okay yes so perfect uh you can start sharing your screen and start the master class itself thank you i think your video is not i think not visible right now okay just just yeah now this is perfect fine awesome welcome welcome again this is a really amazing opportunity to bring you to my channel and probably discuss about web 3.0 i'm a super fan of blockchain web 3.0 in short and probably we do a lot of things with respect to that and i hope your master class gives an amazing experience to all the viewers who are here thank you krish for having me here and uh thanks to exumios ventures for organizing this i think it's it's a topic that that is a little complicated and really new for most people and i'm happy to share uh the foundations of why this is called web3 how do we go about understanding the basic aspects and also if someone is looking at building their career in this industry how can they go about doing that right because a lot a lot of people are talking about it but the technology is absolutely new so let's let's go ahead and dissect this i think there is a question and answer session at the end of the session here as well but if there is any way uh that's possible uh that i can see the questions and keep answering them in the middle i would be very happy to do that as well so it doesn't become a monologue here uh i'm not sure if there's what i'm going to do is that uh so i have also given you a given you know the youtube link in the chat so you can given that probably people who are there they'll keep on continuing messaging and whenever you see an important question which is there you can answer that that would be amazing i've already sent you the chat great so uh now this becomes this becomes a lot more interactive and uh let me let me just go ahead and give everyone a brief of you know what web 3 is in the first place a lot of people are talking about web3 as if this is this is some new uh version of the internet right so to understand this new version of internet let's look at how the previous versions of internet which were not even named existed right so first version of internet was basically when i could post some information and millions of people could read it this was way back in the 90s and early 2000s before we saw uh sites like yahoo messenger and or code and facebook come into play before this era what we call web 1.0 web 1.0 was essentially when one person wrote something on a web page and millions of people could see it that's fantastic that's much better than sending emails or sending out postcards or any other form of media that we had before from this we moved to web 2. so anyone who has used let's say myspace or code yahoo messenger or now people are using facebook right or even google for that matter all of these things are considered to be web 2.0 uh web 2.0 the innovation here was that we had user generated content which means i could go and post something on facebook and that could be read by millions of people that becomes an immense power because you do not need to be a coder to be able to do that you have websites like blogger you have websites like wordpress your websites like medium today that enable you to just type out whatever you want you have platforms like instagram twitter that let you post your videos your photos uh you have sites like youtube where this is streaming today we do not need to be a coder to be able to put a video on youtube right web 1.0 this was not the case you had to be a coder to be able to upload a video web 2 took it one step further and said okay now i will not only stream content to a lot of people but i will also let people post content which is creation came into place one typical thing that happened with web 2.0 is that all of this content that we see today is hosted on someone else's server so today if youtube shuts down this live stream won't work if facebook shuts down we know what happens that rarely happen but uh it's not a matter of shutting down it's a matter of deciding who owns this content right so essentially i am creating a bunch of content i am posting it on instagram but in reality instagram owns that content this is not about legality this is not about technicality it is about how the world practically works in in real life if instagram wants to take a post down they can same is the case with we saw logins via facebook login via google which is which is sort of become our identity today so anytime you see a login button what they are doing is they are verifying your identity and this identity as well is controlled by most of these large companies these companies became really large they drove a lot of efficiency and we are grateful for that but today is the step when we do not want our identity our content or our finances three major aspects to be controlled by one company today we know that facebook apple google netflix they basically control everything that's going on right so what post do i see first and what post do i comment on largely controlled by an algorithm this algorithm is basically very opaque you do not know how are they calculating which post is shown first or what video is censored on youtube and these are the general complaints that people have with web 2.0 that we don't own anything i can't uh really control most of the stuff that i do on on a web platform enter web 3.0 web 3.0 came in with bitcoin bitcoin was the first innovation that happened and when we say uh bitcoin essentially what we are looking at is for the first time we are enabling peer-to-peer transfer of value right so today uh just i'm just backing up from web3 because you need to understand bitcoin to even understand web3 right so today let's say if i were to transfer 10 rupees from my account via upi to your account right so i send i type out chris's number and i say okay send 10 rupees from my google pay what happens is there is a message that goes from my google pay to my bank to crisis bank and then to chris's google play screen and then he sees oh okay i've received 10 rupees simple as that but you will see there are two intermediaries here which is google and our banks these intermediaries have a lot of authority and a lot of control over how these things work what bitcoin did is bitcoin took all of this and said hey let's decentralize this which means today there is a record that i paid 10 rupees to chris that record rests in a ledger entry in bank server what bitcoin did is said okay let's take this ledger and decentralize this so today there are thousands of people who hold what we call bitcoins node and that node has an entire ledger of every transaction that has been done on bitcoin's network from 2009 until today so that's the beauty of bitcoin if anyone has used torrents you know what i'm talking about right this is how torrents work uh it is completely peer-to-peer and you don't have to trust any single entity no single entity has any view right also all of this data is encrypted so even if you get my wallet address you can probably see what's going on inside but you don't know who this wallet belongs to and you can't hack into the smaller because the cryptography level that bitcoin uses is probably the strongest in the world today that is that is how bitcoin is completely secure so what bitcoin did in 2009 is just said okay let's enable these centralized peer-to-peer transfers of value what this value is users determine in 2009 people said one bitcoin is 0.1 so that was the value today people say bitcoin is worth 40 000 that's the value it's free and open market uh no one controls this as well now take this a step further when bitcoin did this its code was open source and the entire transaction ledger is still available for anyone who wants to go and check out each transaction what a lot of smart people did is they said okay because this code is open source let me copy this paste this here modify a little bit in this and enable creation of data so bitcoin enables transfer of value from one person to another person ethereum for example enables transfer of any kind of data so what i could do is i could actually post this video on ethereum and ethereum would encrypt it encrypt it and save it in a ledger and this is the beauty of ethereum with ethereum the floodgates opened up everyone could create your own cryptocurrency today they say that it takes six lines of code to create your own cryptocurrency which means it probably five minutes to create let's say crash coin and that's as easy as that just because you created a coin doesn't mean it has value but if you do something important with it it will have value right just one question in this is that like um you're definitely saying a lot of advantages but why central government is not backing up you know because from past two three years what we see like they put up some rules and regulation probably in india also they are planning to come up with some kind of regulation specifically involving with cryptocurrencies and also what do you want to say about this specific thing so the thing is uh it would mean banning torrents right uh u.s tried this in 2013-14 china tried it in 2017 they are even trying it right now you can ban mining you can ban trading but how do you ban holding something that would be like saying i would ban pen rights if i had a movie on my pen drive today and if i give that pen drive to you how can you ban it it's just simply impossible to ban something like this so this technology because it is peer-to-peer there's no website to this that you can ban it's not on app store or google store where you can ban it like tik tok it's simply impossible to ban something like this what government is trying to do and which is a very very positive step is to regulate it it says anyone who is using this for illegal purposes gets jailed and that's how it should be right we don't want anyone to use cryptocurrency for legal purposes all of us are law abiding citizens but the way to go forward is to regulate it and say okay anyone who wants to buy cryptocurrency submit your kyc documents if you use this cryptocurrency for trading and make profit pay tax on it great uh if you end up doing some illegal activity with it we can still track you because you've done ky so that's how governments of the world are taking it japan was probably the first one to regulate cryptocurrency today it is regulated in u.s canada australia most of the european countries have regulated cryptocurrency which means the government takes care of the illegal activities but if i invest in bitcoin today and if i make profit why should a government stop their citizens from making a profit out of it right so that's the point okay now uh coming to this thing like obviously you have told about um just just let the audience like how probably this entire mining takes place and how a bitcoin is actually generated all these things uh if you can talk about it so uh mining uh first disclaimer is mining is not profitable for individuals to be done especially in india it's not very profitable today uh the way it works is every time i i make a transaction on bitcoin's network uh let's say i send one bitcoin to chris today uh this transaction goes to all the miners basically miners think of miners as people with large computers that fill up a room what are these computers doing they are just cryptographically processing my transaction so they are replacing all the people in the bank who are doing your okay this transaction is right this is wrong this is right this is wrong so think that these computers are doing that day in and day out and these computers validate or invalidate a particular transaction and while they do that they are allocating a massive amount of power electricity to this process and when they do that whenever they validate a particular transaction they get a newly created bitcoin as reward so that's how the entire economics is built inside of bitcoin okay and uh like suppose a person a is probably trying to send person b some bitcoins let's consider that way so in this specific case also there is some transaction fees that is involved that goes to the mining yes there is a transaction fee involved but today if you transfer bitcoin there will be no transaction free charge to you because we have something called lightning network which is a layer 2 solution so there is a settlement layer on top of bitcoin which enables you to do that and that's why virtually negligible fee is charged for this but of course whenever this entire batch of transact transactions is bundled and settled on bitcoin of course there is a small fee to be paid okay and uh this probably many people ask you know what what is the exact limit of the bitcoins that are available and probably till what time they will be doing the mining after that what will happen you know because later on you will be requiring again transactions to get added into the blocks and for that you really need to successfully mine a block if there is no reward then how probably you will be mining a block that point of time so uh we don't know the simple answer is we don't know all of these things are very new so what we are doing is we are still in a very experimental phase just just to set the context here there will never be more than 21 million bitcoin in existence 21 million is something that bitcoin's inventor satoshi nakamoto set and that's how it is going to be till date more than 18 million have been mined already so only a very limited supply of bitcoin is available to be mined now what generally happens is that whenever uh whenever bitcoin supply goes low the miners just stop selling it and when they stop selling it the price of bitcoin just keeps going up that's how miners are still rewarded and the economic still works uh the last of bitcoin will be mined in the year 2140 which is 120 years from now at that time we don't know what is going to happen so the clear answer is we don't know there are theories experts are debating about what will happen but i think thinking hundred years in the future is just futile as of now uh also there are other innovations being done uh on bitcoin and on other projects like ethereum so we really don't know where this is going to go it's incredibly risky to invest in any of these cryptocurrencies at this point in time the only pro one cryptocurrency is bitcoin everything else is a large experiment uh even bitcoin is pretty new right so users should understand the traders investors should understand that they are investing their money in an incredibly high risk environment so be careful everyone wants to double their money and everyone wants to really get 100x make crores of rupees but it also comes with significant risk there okay now see the thing is getting quite interesting and i as you are telling right i'm getting more and more questions probably please i know they are happy to take them there there are some questions that i really need to ask you because i've been given some questions to talk to about traditionally probably go over there yeah uh my my one simple question is that like okay if bitcoin is already there why are the cryptocurrencies like ethereum ripple this this this like just for the audience think i have some knowledge about it but definitely i would like you to talk about it more definitely so see uh human beings are designed to innovate right bitcoin is a great innovation it's once in a generation probably once in a 500 year innovation that has been done that doesn't mean we stop there so people who are technically minded who understand coding or understand economics who understand maths they take that code and always try to improve on that and that is what ethereum has done today so with with ethereum and a lot of other blockchains that are out there today people are actually creating what we call decentralized applications so the reason for all of these cryptocurrencies to exist is that their team is working on creating dapps for example uh in india there is a team that is building a decentralized zoom there's a blockchain called filecoin and they have actually built the centralized zoom on filecoin which means the video that we are sending right now is going through zoom servers and it is going to youtube servers and then it is going to the audience why do you want that i don't want to send my data to zoom server so they built an entire decentralized zoom already right and this is no small feat compared to what we've seen till date similarly there are people who are building decentralized facebook people who are building the centralized uh instagram right and this just means that when i log on to that my data is not shared with the company second is my identity is my identity i'm not giving out my identities control to someone like google and that's a very powerful thing to have people are talking about whatsapp privacy today i hope that someone builds a whatsapp on blockchain and that would be way more secure i don't want them to read my messages all the time okay now uh let's go back to web 3.0 like if probably once we start implementing web 3.0 and probably when the data is completely distributed right in a distributed network at that point of time also i know that definitely the control of the data will be with us uh so in that particular case if if an entity wants to use a specific data we have to follow a different path for doing that uh so okay i i think that's a that's a really really great question that will put a lot of things in perspective uh let me give you an example here as well right today what happens is i go to a hospital or i go to a doctor and they say okay give me your blood pressure give me your xyz blood test everything what happens to that data that data is inside the doctor's hard disk or some server inside the hospital that just sits there it's not encrypted it can be used for n number of purposes it can be sold to credit card companies doesn't matter there is no control once i give that data now imagine this which we call emr like electronic medical repo records being built on blockchain and a lot of people are working on this today which means every time a doctor does my blood pressure i need to connect my wallet address to be able to take that data and own that right i could have a wallet which is as common as metamask wallet that is generally used by web3 users and when i connect that that data will be connected to that wallet only when i authenticate with that wallet will someone get access to that data now if there is an application that the doctor is using which requires this data because he needs to see it to give me medicine what that application does is that application sends me a ping and says hey this doctor wants this data and i say okay i know this doctor i trust this doctor give him access for next two hours that's it so the doctor gets authentication from my wallet address and that data is accessible to only this doctor for two hours after two hours the access is limited this is the world that we want to live in we don't want to live in a world where 100 spammers call us and we have to install truecaller and then true caller mines our data and sell it 200 other people we know how that goes very well so this is a very good thing you know probably uh even the doctor want to see our results or reports he will first of all ask our permission and then probably only for a limited time well amazing uh so now i think that answer that question that i had answered you answers this all okay now any shortcomings obviously you have talking about the advantages of web 3.0 any uh disadvantages or shortcomings with respect to web 3.0 a lot of them there are a lot of them no denying that uh first is that the technology is really new so there are hacks all the time uh it is unproven as yet second thing is the interface is really bad uh the way i'm explaining right now it's a simplification but if you go and try and use some of these apps the user experience is extremely terrible there will need to be some time maybe in a few years it will be as easy as using upi like using upi is super easy today like using amazon is super easy using swiggy is very easy we are not at that stage yet it will take a few years for us to come to a state where everyone is able to use it without worrying about uh what's going on uh third and the most important thing is we say when you own bitcoin you become your own bank which means if i am holding bitcoin in my wallet which is a non-exchange wallet exchanges are a separate thing altogether but if i will draw it in a non-custodial wallet uh if i forgot the password if i forgot the seed phrase that money is gone completely i cannot go and complain to anyone similarly if i create a metamask wallet and i use it to login for my social app which could be decentralized twitter or an nft marketplace today or a d5 protocol and i forget the seed phrase this is a disaster right so these are top three problems of course uh you know when it comes to coins and trading they are so volatile most of them die most of them lose most of the value there is a ton of speculation in there so you will see peop some coins going 100x up and then crashing immediately scams happening frauds happening all of these things are there and everyone should be careful while using this but it's good to learn it's not it's not important that you put some money don't go ahead and buy coins today go ahead and install metamask see how it feels okay you putting putting thousand rupees okay not more don't aim to double triple your money today but learning is going to give everyone a edge in their own career because this is going to affect every industry tomorrow right so um this is also a very common question uh now there is a lot of talk regarding the dynamics between the developer community members and the institution uh like how they can basically change web 3.0 or how they can use it in an efficient way so what is your take on that i think again we need to put this in some context uh you can consider any use case like if you probably already want to say with a specific use case uh definitely right no i think i think this is this is this is a much larger question and the context here is how we work as human beings right uh in web 2.0 i saw certain things that i wanted to improve in google let's assume that right i could not do that i had to apply for a visa i had to go for an interview get a job in google and then say hey boss i want to improve this that's not true with web most of the code is open source if you are a coder you just go and put a proposal and say i want to improve this the community will vote on it and your code is inside ethereum which is a 250 billion dollar company to so to speak today right so as coders we did not have access from india to go work in the valley this is not true anymore second if you are a marketer if you are a community builder if you are making videos if you are writing articles if you are doing anything you can just go in a community and say i want to do this and the community will pay you to do this so that's on the other side third side is let's say if you saw paytm way back in 2011 2012 and you thought wow this is going to be big one day you know i want to uh understand as an investor this is going to be really big you couldn't invest in paytm how do you do that unless the ipo happens you couldn't invest in tomato way back in 2011-12 right you just couldn't that's not true of crypto you can go you can find a project that you really use you believe in and you can actually get the upside because you are an early investor today when that project becomes big you're going to get money out of it so from all the sides whether you are an employee you are an investor you are a coder whatever way you want to work all of this has become free today and with remote work with internet connection indians are getting paid as much as what americans are getting paid there's no descript there's no discrepancy there and that's that's where india shines thank you for this amazing thing now uh let's talk about the uh market size you know how big is this specific market and probably in the upcoming five years how it may probably grow so i i think uh we again here uh we need to we need to understand that this uh market today is already really big right uh we have uh we are at the cusp of our time better than most of the developed con most of the upcoming or second time companies i guess sorry countries oh yeah yeah definitely so this market globally is a three trillion dollar i think it crossed true to the trillion dollars recently that's more than apple's market cap by the way so the industry is that big bitcoin itself is one trillion dollars in market cap uh ethereum is close to i think 250 250 billion dollars uh projects from india like polygon right polygon is 15 billion dollar company uh from india uh these these are just the early signs uh what what i tell people is don't look at the numbers just look at where the industry is going and where it is going is we are moving towards a tokenized world today we saw how tokens are traded for money that's one use case when you look at nfts nfps are taking over the world uh art real estate absolutely everything is becoming an nft today when you want to sell your car to me you have to go you have to fill in a bunch of papers you have to do this you have to do that go registration change everything no one wants to do this in next 10 years your car will be just an nft token on your phone and what you do is just like you do a upi transfer you will go and you will transfer this nft token to me and say hey now this car belongs to you so everything that we are seeing in the physical world today including your house including absolutely any assets that you have even equity for that matter is going to be tokenized because token is the easiest way of transferring value when you see this in that way whether you work in automobile industry or whether you work in hospitality or whether you work in real estate your industry is going to be affected by this what we call web3 so the earlier you start learning the better it is okay uh since you have started talking about uh the nfts uh i'll just go one step before that like can uh like can you tell us something about smart contracts also because of ethereum that is coming in the network the blockchain network that is coming smart contracts has become very much popular and that probably uh nft is one of the derivative of it right probably how connections are created uh you basically use lot of smart contracts so in simpler terms for the audience to understand what exactly smart contract and how do we go ahead with them so uh if anyone has dealt with if else statement that is what smart contract is which says okay if india wins this match chris gives me 500 great right simple stuff very simple stuff if i don't run for 10 days which my fitbit tells me i'm supposed to give x amount of money whatever you want to program this is what is smart contract the conditions are pre-programmed if this if this if this is this and outcome is executed automatically by this smart contract so we give it a little bit of time and say three months okay execute the smart contract and it gets executed on its own the smart contract itself is stored on a blockchain so it cannot be changed both of us agree to this it's in smart contract now no one can change this a very simple example of this is peer-to-peer lending if you see uh protocols like away or compound what they've done is they've enabled peer-to-peer lending so what i can do is i can go in our way and say hey i have 10 ethereum i'm depositing this here i need 12 interest on this okay great now chris comes to the platform and says okay i need to borrow some ethereum i need some money what he does is he checks my offer and says okay i need this ethereum i will pay it back with 12 interest this entire deal that we formed we don't know each other there is no middleman taking care of this loan like a bank right nothing this is just based on the fact that we've agreed to something and that agreement is coded in a smart contract so let's say you took a loan for 30 days after 30 days this contract would automatically withdraw that money and put it in my wallet simple as that right so this is what uh what makes it so interesting actually so uh like as i said like because of the smart contract we are able to create nxt's also now coming to the nft one thing that i really want to talk about is that like uh you you're seeing a lot of digital arts which has been sold at a very very high price you know so yeah one thing in that is that we can definitely use that digital art right we can basically just use it in any screenshot anything as such so what is the thing that is really like people are becoming crazy to buy that specific thing you know i've seen like how many million dollars uh jack dorsey refers to it right that was also sold at a very very high price you know it's just like the ownership is getting stored in the blockchain itself but why this specific price is basically getting increased when the person can entirely use that particular digital lot so if you've had enlightenment with this so uh first thing that i would like to say is people are looking at nfts as equivalent to digital art that's not true nfts are contracts where ownership of anything is returned right so apply this to a house and the entire thing changes so imagine if my house was an nft then it's not like anyone can come and use my house i'm still sitting inside my house but i also have the proof that i own this house right so that's that's the larger context whenever we look at nfts we are always talking about digital art but digital art is this small use case of nfts nfts have a large large other gamut of use cases coming to your specific point of digital art uh yes definitely if i have a profile picture of a board which is worth millions of dollars today uh you can always right click save this set it as your profile picture but uh you still don't have the ownership to it the record says i own it this is almost like saying you can steal my car of course but do you own it no why are we why are we talking about this today is because there is no police for this right there is no police for you to do that but look at today what happened just today twitter announced that they are going to enable nft profile pictures so the police is going to be twitter which will say hey you don't own this nfk you can't have this as a profile picture the police is going to be everyone every platform in the world is going to actually enable authentication of this so whenever you are flaunting this of course you can print it and have it on your wall no one stops you from that the actual police with guns is not going to come and take it down from your wall but that way i can photocopy an mf10 painting and put a duplicate on my wall as well right no one is stopping me from that uh it's a nice decorative piece works but when someone tells me did you actually buy this do you have the certificate of origin of this painting i will say no sorry this is only worth 500 rupees not five crore rupees right so that's the that's the context here okay now let's talk about uh icos initial coin offering and ivo's ibos uh probably a five minutes talk on this uh just to give the basic things to the audience you can go ahead with that so uh see uh one one of the things that ethereum enabled is creation of coins that's why it's so popular because not only did it allow smart contracts and a host of other innovations but it also enables people to create coins today uh which means when you launch a coin you are launching it technically ideally you should be launching it for a specific purpose so tomorrow starbucks launches starbucks coins and says okay all the points that people have in the starbucks cards are now on blockchain starbucks coin right this will be valuable because i may have thousand starbucks points but i don't use it one of my friends is a crazy coffee drinker i'll be like hey buy it from me man buy it for half the price i don't mind because i'm at least getting something right so uh these coins whenever they are created technically they need some kind of utility which is not true today coins are being used just with a website and with a white paper most of them die after a while but you still need a launch platform where an initial set of users come and buy your coin right who eventually should become your community that's not true all the time but they should become your community and when they become your community they end up supporting you in every way possible which is product development uh design whatever you need help uh icos were the first platform that were created to launch a particular token which was called initial coin offering just like we have ipos they called it ico uh they turned out to be mostly scamming most of the icos have disappeared today then people realized that these ico coins that are launching on an exchange they are being pumped artificially there are a lot of cartels behind it there's a lot of speculation behind it and there's hardly any transparency so people started trusting a few exchanges and they said we will do ieo initial exchange offering ieo means i am not trusting the founders i am trusting the exchange because if exchange does something shady they lose all their business most of these ios lasted for a while but they there are hardly any ideas happening today because people needed more transparency so then there were platforms that came across one of the most popular is polka starter that came across and said we will enable doing ido which is initial distributed offering which means completely decentralized so what i can do as a founder is i can go create my content ethereum launch it on polka starter and when i launch it on polka starter uh every person who is buying this gets a fair chance to buying my token plus they can see how much the team holds how much the vcs hold how much earlier doctors hold everything is supposed to be transparent not that it works exactly like that but this is the concept of ideals now today the most popular form of launch is ideas and this just means you get an initial set of community people who are early adopters they usually come and use these apps point out bugs uh and also help founders refine this that's why founders reward them with a very very low price but ideas are infinitely more risky than buying a coin of an exchange so everyone's got to be super careful while going ahead and buying a coin on an ideal platform okay so uh okay let's uh talk about uh decentralized finance because this is like right now many people again are talking about it many companies are building a lot of applications over here yes so anything that you really want to give an idea to the audience like what is different that is decentralized finance and what kind of applications probably with some examples which companies are doing right now so i think the lending example that we looked at is the simplest uh simplest example of d5 but just to explain the word decentralized finance whenever you are looking into web3 or any any vertical not just d5 what you should be looking at is who are they removing so let's take the peer-to-peer lending example that we just just talked about right uh when i give out a loan and you take a loan this entire process is handled by smart contracts what are we doing we are taking out a middleman which is bank or you know loan sharks or whoever they may be and we are putting in smart contracts so when it comes to any web 3 product this is how everyone should think about what are we removing which is the person or the entity that we are removing and fitting smart contracts now apply this to a large variety of financial transactions so mutual funds what are mutual funds all of us given money there's a large corpus of money there are some 50 people deciding okay let's buy the share let's buy that let's do this do that they invest whatever money comes back they keep a portion of it and give it back to all of us why do we need them technically we don't though right so take them out put them it becomes d5 version of mutual funds uh same is the case with fixed deposits same is the case with uh insurance for that any any complex financial product can be decentralized today we have that technology that exists not that all of it is happening today but in next three to five years we will see this happening so uh two questions that have come over here i'm just going to ask that uh please explain how should companies think about tokenomics private sale versus public safe well this is another question this is a complex topic like in an easy way systematically let me uh let me give you an overview see first thing is you need to talk to an economics expert no doubt about that but generally when you look at tokenomics what you are looking at is how will you allocate your tokens so there is generally a certain amount that is saved for the team and the founders there is generally a certain amount that you give out to private investors because these private investors help you out with a ton of things when it comes to launching a project there is a large portion usually 30 to 50 percent even 70 that is safe for the community because you've got to give community some rewards for doing certain actions that is what gains early traction to your project there is a certain that is safe for your marketing there is certain section that's saved for your liquidity which means initially when you launch on an exchange you need certain liquidity for people to be able to buy and sell buy and sell buy and sell you will have to provide that from your treasury is what we call it the ways to design tokenomics there are n number of models and every month we see models being changed there is no one recipe to this but the easiest way to start is to figure out how much money do you want to raise in total that will make your project server sustained for next three years at least and then figure out how much you want to allocate once you decide how much to be allocated to a community other aspects then you will be left with a small percentage that you can go out and sell to private investors and raise their money based on what help you need the only reason you are raising money from private investors is because you need a ton of help from them otherwise you could just go and launch your token let people buy it and you get enough money great so praveen like um many many people now uh obviously are looking for job opportunities in web 3.0 also so the first question is that what is probably the road map you should basically take to learn or to get into this field uh and what are the kind of job opportunities that is i'm glad someone has this this is this is a really important one what i would say is there is no way you can read about this uh it's it's like trying to read about swimming you won't be able to do that uh the best thing is to first uh there is this app metamask that we are talking about download metamask uh it's just a chrome extension you can use it uh maybe put five dollars worth of crypto in that don't put too much okay don't invest go ahead and invest all your savings in some crypto token that's not going to work out very well but with those five dollars go and buy an nft these are the steps that you need to do go to away and try to take a loan out don't again don't go and take a large loan okay take a ten dollar loan and see how it works right uh so steps install metamask buy an nfp mint an nfp take a loan these things should enable you to get very very well versed uh with how web3 apps are going to work uh eventually what i would say is get into a dark uh dao dao are the centralized autonomous organizations most of these dolls have bounties okay so based on whatever your skill is find the dao and apply for their bounties try and make a video for them you will get hundred dollars try and write an article for them you will get fifty dollars uh these are very open avenues for you to work with you don't need to go all out and do anything you don't need a million dollar ape to make money what do you need is some skills and some time that you are willing to put and learn about it apart from that i think there are there are a ton of resources available uh one of them is a16z crypto school uh probably i'll drop a link here uh in in the chat and that that has a ton of information about it one thing that i've seen people make a mistake with is uh not reading about bitcoin enough bitcoin is considered a boom on technology today and people don't pay attention to it because they say 40 000 how high is it going to go that's so not true so i asked you that question right now i asked you that question sensation have already been extracted or mined now after that to do any kind of transaction how probably you're going to add block i definitely feel that the price will go more higher because the quantity is very less it's it's not about it's not only about the price it's about don't buy bitcoin but what you do is you understand it first and that was the genesis of everything so there is this book called the bitcoin standard uh that is considered bible for our entire industry uh these days people don't respect it too much but i think without reading that you are always at the risk of not understanding what's going on because there is a ton of crap in the market people push out all narratives because they want to pump their own token don't listen to these things uh hardly any influences out there that's going to understand what you're doing so what i'm going to do is paste the link of bitcoin standard summary in the youtube itself comment section just watch that it's a one hour video series very simple to understand it just this guy just reads out the book that's it it's very boring and stuff but one hour spend that it will be probably saving you from thousands of dollars worth of loss someday and that's important someone asked how to create a dao number one uh you can actually create a dao in 15 minutes uh if you go just google this same question how to create a doubt you can create a dow in 15 minutes try it out no money required to create the law [Music] so uh what about the job opportunities for him uh like uh same job job opportunities uh there are a ton of them let me post a link to one telegram group here as well that has a ton of jobs uh that that are by indian web 3 projects this this has all the greatest companies uh you can apply for any of the job here but again are you trying to put the link in youtube comment yeah i just pasted it in the youtube no actually the problem is that i guess it may get blocked again youtube has oh like a kind of scam thing you know so so let me let me just paste it here yeah you you give me the zoom chat so that i can probably drop it jobs and the link to bitcoin standard and the third link oh okay i didn't realize that this is getting blocked that is the functionality of youtube like yeah yeah it's important yeah if we talk about it and all the more spanners are actually coming now probably some people may write comment or yeah yeah of course uh so these are the ways but what i would say is go work for a dao before you work for anything else uh as simple as that uh when you when you work for a dao you are not quitting your own job what you are doing is just saturday and they're sitting and learning uh when you do that it becomes very easy for you to get a taste of how this feels like once you do that then you build that conviction and go ahead and take a leap completely okay uh one thing uh pauline this is probably my question uh this is with respect to meta verse uh which was recently announced by zuckerberg obviously uh his concept of meta was so what do you think like uh i know like we cannot continuously be in metal so obviously there was a movie called as free guy you've seen that then probably there was an ai person who was in that metaverse world they're doing a lot of different activities so what is your take on that uh metabolism do you think we will we will live in live in meta verses for sure i definitely believe that uh but i don't see that as bad i see meta verses as as human experiments human beings find it very hard to experiment with societies like when we when we say uh you know i want to organize in this way i want to incentivize this i want to pass this law i want to pass that law it's very difficult for us to organize it uh but in meta verses it becomes very easy it becomes super easy to organize uh and test things out right so see them as an experimental ground there's a there's a video up that i actually made few months i think this was about 10 days before the facebook announcement this is this is how i look at meta versus is probably a long conversation but one thing that i would point out is there are going to be closed meta verses and open meta verses what mark zuckerberg is trying to do is create a closed metabolism which means your data is still controlled by them your identity is still controlled by them and all your assets inside the metaverse is still controlled by them today if you play a game let's say fortnite or anything that you're playing today when you buy these skins you can only buy them you can't take them with you so there are enough open meta versus being built these metaverses are being controlled by the community and that is where my interest lies that unless the community controls this my covers we are not going to work with that facebook metaverse is definitely a no-go because we we see how facebook controls everyone just with instagram app if anyone has seen social dilemma you know how that works this is a open method i've pasted a link here it's called decentral lab center land is completely open i have some nfts over here all right you know how this works and that that's that doesn't look as sexy as facebook yeah but uh sexiness is one thing but your freedom is what you are giving up on if you go after uh just high resolution okay one one person from the audience says that uh his name is yogeshwara he says hey krish i am a web 3 content maker please tell me it's telling you please dm me i would be happy to work with you we want content pickers all the time so okay one last question like probably i know because of the time constraint is already saved so uh how many years probably will take this last how many years would you think it takes from people to completely shift from web 2.0 to 3.0 i think this is a question uh if you read the bitcoin standard you will be converted in one hour you will never go to web 2.0 yeah if you probably understand the entire applications and yeah many things are there internally so uh thanks paren it was an amazing session i i probably i already know about blockchain meta and all but definitely after having a discussion with you my mind has still more broadened up with all these things and uh you know uh it was amazing to have you in my channel again and probably the audience have also liked it you can see over there like many people have since so guys i think you should say paren opi you know [Laughter] thank you everyone uh i mean uh thank you for all of these questions they were really relevant and i hope it helps uh people uh in in finding some kind of a path so thank you pauline uh again to be with us uh spending your amazing time over here and probably helping out all the audience here itself yeah if anyone is looking for a job please feel free to dm me or anyone from builders tribe i think we have a bunch of content on our youtube channel as well not as amazing as crisis but uh some small steps that we are trying trying out here but in terms of jobs there are there are at least seven positions that we are hiring for so happy to uh take all the applications but now you can see all ops on your site see see the message yeah so guys all the information regarding uh parents company is given in the description you can go over there contact them if you're probably looking for jobs specifically content making jobs right for him uh any any job we have seven positions open okay perfect so you can go ahead and apply for it and uh yeah uh that is the main purpose over here um making you knowledgeable and apart from that providing all these facilities also so thank you again once again and yes probably we may again do some kind of amazing sessions like this where we can make our audience more knowledgeable about things and probably i probably had my first blockchain kind of web three-point kind of decision decisions i mean discussions in this way where i have also learned a lot of things so thank you and yes thank you guys uh this was it from my side i'll see y'all in the next video thank you bye-bye thank you thanks bye