Shane Vitarana, co-founder of Cosmos-based NFT project Stargaze, explains the nuances of terminology to iconic entrepreneur and investor
AngelList co-founder Naval Ravikant claims that distributed crypto is a frontier. And what about Web3?
Mr. Ravikant has taken to Twitter to share his views on the difference between “Silicon Valley tech” and new-gen cryptocurrency products.
web3 not crypto. We need a rebranding.
crypto = trading SHIB
web3 = building NFTs, DAOs, DeFi
— shane.stars✨🔭 (@shan3v) November 19, 2021
Shane Vitarana, co-founder of Stargaze protocol that is focused on bringing non-fungible tokens (NFTs) to Cosmos blockchain, stresses that the prevailing definition of “crypto” does not work in this context.
According to him, the concept mentioned by Mr. Ravikant should better be referred to as “Web3.” It includes building sophisticated decentralized systems like decentralized autonomous organizations and decentralized finance protocols.
Regarding “crypto” in 2021, Mr. Vitarana emphasizes the speculative features of digital assets. Trading Shiba Inu Coin (SHIB), an overhyped memetic dog-coin with zero real utility, fits the term “crypto” better, he thinks.
What is Web3?
Shiba Inu Coin (SHIB) is one of the symbols of the “dog-coin mania” inspired by Tesla’s Techno King, Elon Musk, in early 2021.
SHIB is the second-largest dog-coin, surpassed only 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 a “Semantic Web.”
However, nowadays, it is utilized to describe the entire segment of distributed ledgers and related technologies.