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Oh My Goodness | Bankless Publishing Recap
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As the old saying goes, “anyone who wants to learn about web3 knows Bankless Publishing is tops”. Alright, settle down now; we know it’s not an old saying but we work hard to make sure it’s true and will one day be old!
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To learn more about public goods and web3, check out two of the articles in this issue of the Recap — one by Azeem Khan, Fundraising & Partnerships Lead at Gitcoin, and the other by BanklessDAO and Gitcoin contributor Abidemi. Abidemi’s article focuses on the African context and emphasizes the importance of public ownership over public goods.
Speaking of ownership, have you ever wondered what it’s like to own an NFT you could sell for the price of a house (okay, a luxury mansion)? Kaf gives us a tour of the most expensive NFTs ever and it’s fair to say we’re crying not buying.
Don’t despair, the eye-wateringly expensive NFT art scene is not the only way to enjoy web3. If DeFi is more your thing, you’ll love reading Bruvton’s piece all about oracles and their knowledge transfer role within DeFi markets.
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Bankless Publishing is driven by a mission to ennoble its writers and showcase their content to a broad audience of crypto-interested readers. We also work with crypto’s leading protocols to help them get their message out to our audience. Whether you’re a writer or protocol team, we’re interested in talking with you.
🏫 Crypto Basics Series
Each week we’re shipping some of our previous introductory web3 content on Mirror, enabling users to curate a web3 reference library by minting the articles as NFTs on Optimism.
✍️ Article Summaries
Web2 platforms have long dictated how we access the internet and manage our online privacy and data. In this article, Azeem explains how the advent of web3 challenges this paradigm by introducing an all-inclusive approach; an internet where users own whatever content they've created and retain actual ownership of digital assets they've bought.
"Think Google, Facebook, and TikTok. They aggregate users and their data, exploit those users (i.e. you and me) for profit, grow their platforms using network effects, give us back none of those profits, and continue that cycle to reap billions. These forms of exploitation, which originally were accepted because of their use cases, are one of the key reasons why web3 is exciting."
Oracles are the information bridge between one realm and another. In the context of blockchains, oracles feed smart contracts with information to help it carry out preset functions. To learn more about how oracles are used for on-chain activities, Bruvton takes us through the various use cases, risks, and benefits associated with using oracles in decentralized finance.
"Decentralized finance is the future of money, and AMMs and lending protocols play a large part in that. The use of oracles further develops those services to be safer, stronger, and more robust."
The failure of centralized management has distorted the idea of public goods in many parts of Africa. In this article, Abidemi explains how this issue introduces relativity into the definition of public goods. Taking cues from Gitcoin's public goods funding mechanism, she goes further to highlight how blockchain technology can salvage the situation by encouraging public ownership of public goods.
"On the surface, it seems like a clear case of corruption and misappropriation of public funds by African leaders, but at its core, it’s a representation of how operating in centralized systems and networks can affect a nation’s public goods provisions."
Despite skepticism, NFTs have continued to redefine how we value and collect art. Just think — the most valuable living artist in history achieved that status through the sale of NFTs! Wouldn't it be interesting to know what other NFTs have been sold for a fortune? Check out this article where KAF takes us through the most expensive NFTs in history.
"Blockchain technology provides us with such transparency, and it has sparked fresh discussions in the field of art. NFTs have altered how we interact with art as well as how we collect it. NFTs aren’t just here to stay; they are here to redefine art."
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