Web3 will be defined by “token effects” and not traditional network effects.
What does that mean? Token-based projects have a better shot at building powerful and useful networks that are user-owned and operated.
(visualized brilliantly by @LeConcurrential)
Tokens that get their value from "governance rights" are mostly bullshit.
In order to assess whether the governance rights are actually valuable, look at 3 related areas:
- Scope
- Scale
- Selfish Benefits
Quick 🧵
Token Economy: How the Web3 reinvents the Internet (Token Economy: How the Web3 reinvents the internet (English original & foreign language translations))