'Mapping the Web3 Abyss' by T_W_Kaiser web3 web3story
is a large pit of about 1,000 meters in diameter and at least 20,000 meters deep. Its seven layers are packed full of ancient artifacts of unfathomable value, natural wonders, and terrifying creatures.who want to explore the mysteries of the abyss to climb down , one is immediately struck by theupon attempting to climb back up again. The strains of ascension range from headaches and nausea over profuse bleeding to certain death or loss of humanity on the lower layers.
You can communicate with people who are above you, but the messages you are sending become increasingly cryptic and unintelligible the more you are apart from the recipient. The messages you get back, especially from the surface, become increasingly irrelevant to you. Occasionally, smaller cryptocurrencies will come to the surface and catch the attention of delvers. In 2020 and early 2021, for instance, Tezos had a short-lived visit there. Later in 2021, Tezos was replaced by Dogecoin and Shiba Inu.loss/theft of private keys, exchange hacks/bankruptcy, theft of exchange credentials, cryptocurrency volatility.NFTs have most recently surfaced to this layer in 2021.
You can also find a few centralized merchants that offer you an interest rate on your stablecoin deposits, but make sure to pick a trustworthy one. Most lately, several large CeFi lenders went out of business, leaving their creditors at a loss.Common dangers:This is where the smaller Web3 protocols reside. Examples include alternative L1 smart contract platforms, Ethereum’s various L2 protocols, as well as a wide array of consensus mechanisms for all kinds of blockchain use cases.
Getting closer to the bottom of the cavern, you finally reach an inn whose windows radiate a deceptively golden glow. Tired from your journey, you decide to take a rest. You notice that the delvers who populate the inn speak in a barely-human language, but oddly, you can understand most of what they are saying.
Curious as you are, you decide to explore and suddenly, you find yourself in a huge gambling den. This is where new cryptocurrencies are born every day and most of them die just as quickly, much to the dismay of those who put their savings on them. But those that survived and thrived have made their early investors fortunes. Having taken a few of such gambles yourself, you notice that the wins and losses become increasingly irrelevant though.hacks, rug pulls, shitcoins, DeFi degeneracy.
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