Minting℠ & Minting Coins®
We Are Minting℠, (with Gary Palmer Jr & Minting Coins®).
At Minting℠, we help you Mint, Mine, & Manage Digital Tokens via
Open Blockchain, Distributed Systems, & Distributed Ledger Technology.
Minting℠ helps you Tokenize your physical-or-virtual
digital assets into Non-Fungible Tokens, or fungible Social Tokens.
Minting℠ Can Help Individuals, NPOs, & Corporations.
(Note, securities tokens require “SEC compliant” paperwork).
The Internet is Evolving—Exponentially.
While “Web3” has been an ambiguous term for a long time. New technologies, such as “Open Blockchain & IPFS”, are defining the possibilities. Minting Coins® is helping people in this space (both in-person & online). We’re also involved with NFTs, cryptocurrency, payments, information management, energy, real estate, & other tech.
In the context of Decentralized/Distributed Technology, “Web3” refers to decentralized apps (dApps) that run on the Open Blockchain with Smart Contracts (such as “Ethereum” or “Chainlink”), or Open Distributed Networks (such as the Inter-Planetary File System “IPFS”). These Dapps operate with the advent of Smart Contracts, which allow anyone to participate in the network, without monetizing their personal data.
Web 1.0 to Web 2.0
The digital age allowed us to get information & learn applications. We became digitally educated, trained, & prepared against surprise. But there was a lot we did not expect.
Transitioning to Web3
Web2
✓ Centralized websites can censor any account or user post.
✓ Servers for gig-economy apps could go down & affect worker income.
✓ Payment services may decide to not allow payments for certain types of work.
Web3
✓ Web3 posts are uncensorable, because control is decentralized.
✓ As a decentralized & distributed network, Web3 servers can’t go down.
✓ Web3 payment dApps do not require personal info & can’t prevent payments.
These examples are illustrative of the main differences between web2 & web3 services.
This doesn’t mean that all services need to be turned into a dApp.
Centralized vs Decentralized
Inflation is imposed by centralized systems, seeking to gather data & control. Distributed systems tend to value “hard assets”, distributing value in autonomous systems.
WEB3 BENEFITS
Web3 developers choose to build dApps on the Ethereum Network, because it is inherent decentralization.
✓ Permission is not required. Anyone on the network has permission to use the service.
✓ Payments & transaction fees are built in via the native token, Ether “ETH”.
✓ Ethereum is Turing-complete, meaning you program anything.
✓ No one can block you or deny you access to the service.
Practical Comparisons
Strength is always Community. Web 2.0 made global communications possible. Now, Web 3.0 is making global commerce possible, in an immutable & collaborative way.
WEB3 Opportunities
Web3 has some opportunities for improvement:
✓ Cost – placing code on the blockchain can be expensive in gas/fees.
✓ Scalability – transactions are slower on web3 because they’re decentralized.
(Changes to state, like a payment, need to be processed by a miner & propagated throughout the network.)
✓ UX – interacting with web3 applications can require extra steps, software, & education, which can be a hurdle to adoption.
Decentralized & Autonomous
For the first time in history, there are now “decentralized peer-to-peer systems”, for trusted transactions, independent of any single 3rd party institutions’ server.
WEB3 Advantages
Advantages & Disadvantages of Decentralized Web3 Systems:
✓ No single point of failure: network can still function,
even if a large proportion of participants are attacked/taken out.
✓ Usually lower performance & more complex to implement;
(lower throughput, more total computational resources expended).
✓ Anyone can participate in the network; there are no “gatekeepers.”
(Ideally, the costs of entry & user participation are low.)
✓ Coordination is often difficult, and some ideals near impossible,
…but no single agent has final say in network-level decisions, protocol upgrades, etc.
(Worst case, network is prone to fracturing when there’re disagreements about protocol changes.)
✓ Censorship is much harder, as information has many ways to propagate across the network.
Question: How Do Users Connect with Web3 dApps?
Answer: Ethereum-ENS (Human-Readable, Blockchain Domain Names) .eth
Ethereum Name Service (ENS)
Decentralized (human-readable) Blockchain Names for Wallets, dApps, & more.
✓ ENS is the most widely integrated blockchain naming standard.
✓ Human-readable—No more “copying & pasting” long addresses.
✓ ENS names to receive/store your Cryptocurrency, Tokens, or NFTs.
✓ ENS will likely be integrated with many decentralized ID systems.
✓ Launch censorship-resistant decentralized websites with ENS.
✓ Upload your site to IPFS/Tor, & access it with your ENS name.
Additional ENS Features:
Decentralized (human-readable) Blockchain Names for Wallets, dApps, & more.
✓ Create your project’s own record type.
✓ Each .ETH name is an ERC721-compliant NFT.
✓ Create ENS subdomains as usernames for your project.
✓ Use ENS to more easily access Tor .onion services/sites.
✓ Store & serve traditional DNS records with certain names.
✓ Attach profile information to your ENS name with text records.
1,000+ ENS NFTs, Human-Readable Blockchain Domains
(For example, if our “average” high-value NFT-asset is
$100,000 * 1,000 assets = $100,000,000.)
