Timeless Concepts of Web3.0

everything long term, that defines the working of dApps, blockchains, and crypto projects — concepts that will never change; only built upon using — these are my notes on ideas and concepts I found valueable in understanding how things work in Web3 — not a comprehensive explaination — will be updating it as I learn more — ? indicates not a fully developed thought —

the blockchain trillema - Decentralization, Security, Speed?

decentralization is not binary, but a spectrum - apps and chains can be partially decentralized in the beginning and move towards fulle decentralization(find example )

different chains with different consensus mechanisms - proof of work(BTC Bitcoin), proof of stake(ETH Ethereum), proof of history(SOL Solana), proof of time & space(XCH Chia)

tokens are built on standards(rules of behaviour) first was Ethereum; ERC - Ethereum RFC - Etheruem Request For Comments; most common are ERC-20 fungible tokens(both gov & currency?) & ERC-721 for non-fungile tokens

coins v/s tokens

• coins are used for governing the blockchain; tokens can be coins on another blockchain; OR they can be utility tokens meaning they can be utilised for transacting on the blockchain;
• there is wrapped tokens which are coins on their native blockchains; NFTs are tokens for declaring ownerships, the terminology works since there's no blockchain yet where NFT is the native token (yet?)
• 2 coins - governance & currency

centralisation is decentralized with anybody becoming an authority on the chain, given they control a high enough gov tokens, intially only the devs will have most, but through ICOs, or buying from exchanges anybody can control the functioning

crypto projects need only currency to begin, and can use an existing blockchain like Ethereum for processing, can luach governance token later(does this mean they create their own new blockchain? OR have use the underlying blockchain for the governance token as well? is this always the case? )

blockchain bridges, Polkadot?

common roles are, approver(this will do most work through hardware he owns and manages), they will earn through commission staker(like an investor in crypto realm, people can borrow from the stake pool and become authority to do the work of approver type roles), staking in the pool earns interest in the same token, like dividends/interest from stocks/bonds/FD more roles from GRT the graph protocol, PUSH EPNS

currency token is what creators and consumers of the apps can earn, might get governance tokens as well?