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Recently, I had the opportunity to connect with , the Executive Director at , creators of the Ethereum Name Service (ENS). Our conversation came at a particularly exciting time for web3—possibly on the cusp of a bull market—and for ENS, which is seeing important milestones like its recent . Khori shared his vision of the “new internet,” emphasizing the role of digital identity and the push toward user-centric platforms in shaping an inclusive digital future. Khori Whittaker ENS Labs partnership with GoDaddy Khori, what exactly drew you into web3? My personal and professional journey has always been one of learning—and teaching. Throughout my career, I’ve been at the intersection of business and education, managing schools in the US for most of the past decade. My interest in adopting new technologies early led me to blockchain in late 2017. I started exploring how it could be applied in education, leading to exciting experiments with a blockchain-based student information system. This path then took me to Circle (USDC) where I engaged in a project focused on the talent side. It was then that I connected with , the founder of ENS. We started talking, and one thing led to another. Nick Johnson Today, I really see web3’s potential in transforming the internet as we know it. It redefines how we manage ownership online, improves access to information and resources previously out of reach, and fosters inclusive innovation through decentralized technology. You might hear me talk about Circle and ENS because both focus on breaking into mass adoption. On the monetary side, stablecoins like USDC or USDT allow you to send a transaction instantly and globally without going through all sorts of hoops. Once you experience that, you can’t go back. Then there’s the identity piece. With ENS, you possess a personal identity that is not bound to any specific platform, allowing you to carry it across the digital space. You can use it for transactions, reputation proofs, as a web domain… you name it! How do you see decentralized identity evolving in the future? I hope that in the future, we won't even be discussing web3—it will simply be the new version of the internet. At ENS, our goal is to welcome people into this new era. Currently, users' online identities are mainly stored and hosted on centralized servers controlled by major email and social media corporations. Web3 is about self-sovereignty and ownership. ENS gives users the freedom to carry their identities across platforms while maintaining their social graph and connections seamlessly as they move through digital spaces. For example, I've used Farcaster and Supercast, maintaining the same social network on both. When Warpcast experienced downtime, Supercast remained accessible, showing the resilience of decentralized identities. So, I believe the newfound control and autonomy over one’s digital presence will profoundly affect users in the years to come. What are some practical applications for digital identity? Education is a good example. Imagine being able to add your academic records directly to your digital identity. If you're a college student or recent graduate and need to share your transcript, you often have to pay your institution a fee to send it. Instead, these records could be linked to your digital identity, giving you control over who accesses them. That’s a basic user right. This extends to privacy enhancements we envision with zero-knowledge Layer 2 solutions. For instance, you could verify that you belong to a certain age group without revealing your exact age or share specific qualifications without disclosing all details. The same principle could apply to health and financial records. What parts of web3 identity haven’t been solved yet? One challenge is that we are still not really building for the next billion users. As a space, we are guilty of building for our niche little community over the past decade. This only works for tech-savvy users who are comfortable dealing with seed phrases and signing messages. It’s time we put the everyday person front and center. The other challenge is getting platforms like Facebook and X to recognize decentralized identities. But will they? It’s hard to say. They're reaping significant benefits from owning all our information. Yet, there's hope that social media sites like Farcaster might gain more traction. It’s unlikely that the traditional platforms will be able to maintain their hold indefinitely, especially as people begin to explore and understand what’s possible in the decentralized space. How does ENS think about onboarding this “next billion?” In the web3 space, we're all envisioning the future—the possibilities of 2030 and 2040. Yet, it feels like we're still playing by the rules set in 2012. It's time to update our playbook. The way we build our protocols and projects is crucial. I believe in moving from discussion to action. A key part of this action is establishing a digital identity for users, which is where ENS comes in. It's surprising to see so many new projects overlook the importance of a simple, user-friendly identity solution in favor of complex hexadecimal addresses. Identity solutions should be foundational, not an afterthought. Whether it's ENS or another service, the focus should be on prioritizing the user's needs from the start. Also, we can’t just keep talking to ourselves in a bubble. For example, our partnership with GoDaddy, which introduced ENS-enabled domains to millions of users, is a step toward a wider audience. Now, whether the users are ready to take the leap is the question—but the road is paved and ready. On our side, the adoption of ENS is growing, with hundreds of thousands already using .eth domains. The launch of Coinbase's subdomain service has expanded ENS usage to millions more. Similarly, Uniswap's introduction of uni.eth usernames saw significant uptake in just a few days. By collaborating with these large platforms to integrate ENS technology, we're extending its reach and making it a part of more users' online experiences. This enhances the users’ experiences and furthers adoption. cb.id We need to create B2C applications that genuinely appeal to everyday consumers, craft B2B solutions tailored to current business needs, and initiate what I call B2G (Business to Government) efforts to optimize the operations of local, municipal, and national governments. Solving real needs in the real world will bring the next billion users on board. Could these innovations ultimately help reshape societal values? In many parts of the world, people often feel like bystanders in their own stories. They witness decisions made by governments and corporations without having a say, leading to a sense of helplessness. Technology can shift our mindsets; our mindsets, in turn, can shape technology. I’m hoping that web3 will lead to a whole new way of approaching life. For example, by advocating for self-sovereign and decentralized identities, we can empower people to regain control and ownership. Maybe you don't have to just accept what's happening to you or your community anymore. We can come together, drive change, and pool resources to foster communities and decentralized autonomous organizations (DAOs) that push forward local initiatives. Thinking about concepts like network states, this is where societal change begins. It's about recognizing the power of collective action. This tech is not only about tearing down barriers but also about connecting people. Can you share your approach towards Layer 2 protocols and their significance today? Our strategy is grounded in active listening to the developers and the community, which informs our roadmap. A concern we’ve noted is the cost associated with domain registration and maintenance on Layer 1 networks. Even though a domain might only cost around $5, gas fees can go up to $25 or $30, which may discourage the user. And naturally, modifying your domain or adding records incurs additional on-chain fees. The recent Dencun update on Ethereum has helped, but our goal is to reduce these costs even further to simplify and accelerate how users manage their digital identities. What excites me about Layer 2 solutions is the opportunity to prioritize user experience from the outset. By considering what is lacking in current L1s and L2s, we can avoid those pitfalls. We're given a fresh start and ample time to craft something user-friendly that advances the protocol. At ENS Labs and within our wider community, there's ongoing research into various Layer 2 technologies, including discussions with Arbitrum or Optimism, and even the prospect of creating a dedicated ENS chain. Exciting! What are some other plans ENS has for the future? Naming anything/everything! We believe in humanizing the digital space, naming everything from wallet addresses to smart contracts. Not many know that ENS already has the capability to name smart contracts. This allows users to interact with contracts more transparently, knowing exactly what they engage with. Our vision extends to global adoption, making this intuitive naming system accessible worldwide and encouraging prominent organizations to integrate ENS names. We've already started making strides in this direction, such as our collaboration with the International Rescue Committee, facilitating crypto philanthropy with just a few clicks. This year, our focus is sharply on Layer 2 solutions. We're looking to collaborate with leading players from the traditional web and economic sectors, including businesses, governments, and more. Our goal is to simplify the internet for the future while prioritizing safety, security, and ease of use.

An Interview With Khori Whittaker: On ENS, Decentralized Identity & Socials, and the Next Billion

What is the Creator Economy? How would the world look if Facebook, Instagram, Twitter, or TikTok were owned and operated by their users? What if these users also vote on issues such as data collection and content moderation? That is the imagined future of what the creator economy should be like. The creator economy attracted over $1.3 billion in funding in 2021. But who takes the big share of the money generated by these platforms? It is not the creators. The creator economy comprises over 50 million independent content creators and curators. It is also made up of community builders such as bloggers, social media influencers, videographers, and the finance and software tools designed to help these creators monetize and grow. Creators can make money through: Selling digital content Charging for courses Receiving money from fans via a donation platform Receiving subscriptions Engaging in affiliate marketing Receiving money from a fan club Creating or sharing sponsored content Sharing advertising revenue Receiving tips Featuring product placement Receiving one-off sales or donations Selling fan engagement Biggest Issue with the current content sharing platforms - Absence of Middle Class Towards the end of the 2000s, we witnessed the growth of social media platforms such as Facebook, Twitter, Medium, YouTube, iTunes, Instagram, and TikTok. Content creators were no longer at the mercy of production and marketing houses. Such creators could create content and share it easily. These platforms solved the distribution challenge for content creators, and they could now amass huge followings. However, there are limited avenues of direct monetization that these creatives can explore. YouTube was the only exception in the old days as it allowed creators to enjoy 55% of the ad revenue. Vine was a perfect example of a platform that failed to motivate its users. The short video-sharing app was acquired by Twitter in 2012 and attracted more than 200 million active users a month by 2015. Creators left the platform in droves when they realized that Vine didn’t have any infrastructure to support creators. Platforms like Patreon and Twitch introduced new monetization features allowing creators to benefit directly from their content. However, only the top creators bring in six-figure incomes. As seen on various platforms, the ‘middle-class’ is struggling. The top 1% of creators on OnlyFans get a third of the profits, while the ‘middle-class’ get less than $145 a month. Stages of Creator Economy The creator economy has undergone various revolutions. The following are some of the major stages: Stage 1: Foundational Media Platforms Social media platforms lay the foundations of the creator economy today. Through platforms such as YouTube, Facebook, Instagram, Twitch, and Medium, creators established big followings. These foundational platforms help content creators get discovered, and they also invest heavily in curation and recommendation algorithms. These platforms aggregated the creators and equipped them with various audience development tools. To help polish content, these platforms created multimedia editing tools. However, these foundational media platforms don’t always have the best interest of the creators at heart. Innovative creators diversify their presence on various platforms and cross-promote to ensure that they aren’t at the mercy of the platform owners. Such an approach ensures that creators don’t suffer much when the owners decide to change priorities, a platform loses its market share, or reduces some of the monetization features. Stage 2: Monetizing Influencer Reach The foundational media platforms allowed some creators to attract huge followings. At this point, companies realized they could use creators with huge followings to promote their brands. Some platforms, such as YouTube, started splitting ad revenue with the creators. On the other hand, some like Facebook and Twitter initially left the creators to decide how to monetize their content. The latter arrangement bred sponsored content and led to the creation of companies like Niche that brokered such deals. We can now see hundreds of companies in the form of influencer agencies, talent representation companies, and sponsorship marketplaces. The influencer market was worth $8 billion in 2021 and is expected to hit $15 billion by the end of 2022. Creators in this space work with brands that match their personal brands, so they don’t have to change their content to push corporate messages. It has become evident that some creators make their followers lose trust in them with every paid/sponsored post. These creators now have to find a way out, which brings us to stage 3. Stage 3: Creators as a Business We are at a level where creators are seen as businesses. Creators have now created setups where their fans follow them off-platform. These creators have multiple revenue streams beyond the standard ads on traditional social platforms. New companies have come up to help these creators create more money by selling products such as merchandise, premium content, ebooks, and newsletters. Companies also offer coaching, speaking engagements, consulting, and fan engagements. Content creators can focus more on serving their biggest fans rather than chasing high audience levels that may never convert. The creator economy is all about handing financial control to the content creators, where they reach out directly to their followers for funding. It presents an opportunity where these creators bypass traditional ways through which they made money through ads, placements, and sponsorships. Why have creators not have been in complete control of their careers? They had to represent brands. These creators also have to act in a certain way to maintain their incomes. Even with millions of followers and influence, creators have to bend or conform to the companies that fund them. They are not fully controlling their brand, personality, and image. Levels of Creator Economy Level 1: Hobbyists Creators at this level create content for fun or as a side hustle. More hobbyists are joining the race as technology makes it easier to create content. For instance, tools such as Anchor makes it easy for anyone to launch a podcast. Hobbyists either don’t have the resources or the time to invest in their craft. Such creators sometimes lack marketing or distribution channels and struggle to reach certain quality content or production value levels. Unfortunately, many creators at this level remain hobbyists and don’t earn a living off their content. Level 2: Full-Time creators These creators can support themselves with income from their creative works. You will often come across platforms that host these creators sharing their success stories. Full-time creators are steps ahead of hobbyists as they have sustainable cash flows. One of these creators’ significant challenges is managing a business’s ups and downs. Managing can take much of their time, making it hard to become productive. Marketing their work can also eat so much into their profits if they are not strategic. Level 3: Stars Creators at this level can form partnerships with various external brands such as record labels, media companies, and publishers. Maintaining relevance and fame are some of these brands’ biggest challenges. There are also possibilities of brand crises that may cost creators at this level their partnerships. Level 3 creators face an uphill task as they try to leverage their brands to become a business. Level 4: Moguls These creators have created businesses that are likely to evolve, stay in power, and even outlive the creators themselves. Beyonce Knowles once said that her great-grandchildren are already rich. Why? Her content creation level is at the mogul level. It is the most challenging level to maintain and the dream of many creators. Content Creation Tools Content creation has changed a lot in line with the development of relevant platforms and tools. In the past, video creation was in the hands of a few people who had expensive equipment. Publishing houses could only publish books, and it was also expensive. This changed with the introduction of the internet in the late 90s and the rise of platforms such as YouTube. YouTube allowed amateur video creators to upload videos, and they were no longer at the mercy of media houses. Low internet speed affected the usage of platforms such as YouTube in the past. However, the situation has changed, and tools have also been developed. The following are some of the most common tools powering the creator economy in the modern world. Content Creators – , , , , , , Feather Ko-fi Beacons Scrollstack Stereotheque The Mango Jelly OnlyFans Course Creator – , , , , , , Xperiencify CreativeLive Kajabi Podia Skillshare Teachable Thinkific Marketplace – Gumroad Live Streaming – , , , Onyx Popshop Live OnJam Streamloots Event Organizer – , , , Eventbrite Happily Luma Offsiter Podcasting – , , , Anchor Castbox Glow Supercast Gaming – Nexus.gg Writing – , , , Revue Substack Tales Wattpad Audio Content – , , , Avocado Racket Knowable Spoon Digital Products – , ConvertKit Ghost Engagement – Jemi Funding – , Patreon Buy Me a Coffee Crypto - , , Rally Opensea Mirror Role of NFTs and Crypto in Creator Economy Non-fungible tokens are cryptographic assets stored on the blockchain with unique IDs and metadata. The major difference between and cryptocurrencies is fungibility (the ability to replace or be replaced by another identical item). If you trade one BTC for another BTC, you will have the same thing. However, when you trade one NFT for another, you will get something completely different. NFTs NFTs have been with us for years, but it was the Covid-19 pandemic that fueled their growth. Jack Dorsey, founder of Twitter, sold an . NFTs have been described as the future of asset trading on blockchain platforms as they represent assets and cannot be counterfeited and show proof of ownership. NFT of his first tweet for $2.9 million The following are some of the ways that NFTs are likely to change the creator economy: Creatives no longer have to conform to specific standards laid out by various platforms. This allows great works of art to be born. There is a lessened risk of copycats, misuse, or piracy, motivating artists to be their best. Creative freedom. NFTs are now democratizing creator content and allowing creatives to build solid communities. The community becomes the brand ambassadors and may even help with marketing content. This approach cuts off the big corporations that dominate the traditional market. Grow communities. Non-fungible tokens are loved for their convenience and accessibility. Once artwork is created, minting of the NFTs can take minutes with many marketplaces to choose from. These creators can also code royalties on the smart contracts and earn recurring passive incomes whenever their NFT is traded. Monetize passion. What’s Next for Creators? We are at a point where becoming a professional creator is a career choice. Creators become professional creators when they love what they do and work hard. The burden of managing their day-to-day activities becomes heavy as these creators grow. Startups centered around empowering creators and still helping them do what they love will dominate the next stage of evolution in this space. Creators are now evolving to become founders. On top of creating, they have to learn product design, management, eCommerce, community management, data science, and entertainment. We are likely to see more solutions tailored for creators. Even though there are billions of dollars poured into the creator economy every year, it is not oversaturated as many hobbyists are looking for marketing channels. We need to see products tailored for different business needs such as marketing, operations, investing, copyright expertise, product launches, or even community-building. Companies that identify these needs and create tools that address them will be the ultimate winners. First published here

The Future of the Creator Economy

Clayton Christensen's disruption theory and what it means for the Passion Economy. [Clayton Christensen’s writing has been hugely influential on my thinking. So when Cliff Maxwell , Christensen’s former Chief of Staff and student at HBS, reached out to discuss my work on the Passion Economy , I jumped at the chance to explore the intersection of our ideas. He has been an invaluable thought partner, collaborator, and editor. -Li] The process of disruption has overthrown many existing market leaders and upturned established industries, from steel mills to video rental stores to personal computers. Just as previous generations of disruptors have upturned incumbents, new Passion Economy platforms also display disruptive characteristics — and are thus poised to have massive impacts on a number of industries, from entertainment to education. My blog post last year “ ” defined the Passion Economy as follows: The Passion Economy and the Future of Work New digital platforms enable people to earn a livelihood in a way that highlights their individuality. These platforms give providers greater ability to build customer relationships, increased support in growing their businesses, and better tools for differentiating themselves from the competition. In the process, they’re fueling a new model of internet-powered entrepreneurship. New tools make it easier than ever for prospective workers to earn an income by tapping into one’s passions and unique skills. Examples include writers on Substack publishing their own subscription newsletters, professional video game streamers on Twitch and Caffeine, video course creators on Teachable and Podia, and online teachers on K-12 learning platforms Outschool and Juni Learning. By developing new products and services that are cheaper, simpler, and more convenient, workers in the Passion Economy can tap into large segments of consumers who previously could not access or afford, or were over-served, by traditional offerings. In this way, Passion Economy businesses have the potential to disrupt incumbent companies. Why Disruptive Innovations are so… Disruptive A theory developed by Harvard Business School professor Clayton Christensen in the 1990s, “disruption” has become ubiquitously referenced but widely misunderstood. Contrary to popular usage, disruptive innovations are breakthrough innovations that make good products better. Instead, they are innovations that either enter at the bottom of the market and serve a lower-profit segment, or that target consumers who previously could not access or afford a product/service. This process is enabled by technological change and business model innovations. not Because disruptive innovations tend to be seen initially as inferior to existing solutions, they are often underrated by incumbents, who rationally focus on serving large existing markets with greater profitability. This asymmetry of motivation provides disruptors the breathing room to transition from merely “good enough” for a fringe segment to serving customers in the mainstream market. The result is that the process of disruption often causes well-managed incumbents to fail as disruptive innovations steal away their markets. Table source: The Innovator’s Solution by Clayton Christensen There are two types of disruption: 1. New-market disruption: Targets under-served customers and competes with non-consumption In every market, there are “non-consumers,” individuals who don’t have the time, money, skill, access, or ability to consume existing offerings. A disruptive innovation introduces an affordable product/service that targets non-consumers—thus creating entirely new consumers within an entirely new value network. A canonical example of new-market disruption is Airbnb. By making airbeds and extra bedrooms available for booking by guests, Airbnb enabled homeowners to monetize underutilized space and expanded the market for travel. While Airbnb listings lacked the attributes of hotels that mainstream customers valued—cleanliness, consistency, and comfort—they appealed to a different set of values: affordability and the desire for local, authentic experiences. Over time, Airbnb expanded upmarket and captured more mainstream consumers. 2. Low-end disruption: Targets over-served customers Because management practices rationally focus on serving existing customers and pursuing higher-margin products, firms evolve their products to a point where they offer far more features or functionality than what most people actually need. A low-end disruptive innovation meets the needs of over-served customers by providing sufficient functionality in return for lower prices. An example of low-end disruption would be simple, lightweight photo and video editing apps like Kapwing, PicsArt, and Canva that pull casual users away from premium legacy editing products. How does the Passion Economy relate to Disruption Theory? On the worker side, the Passion Economy competes with non-production While Christensen’s theory of disruption was predicated on competing against non-consumption, the Passion Economy is rooted in workers, and enables people who possess non-commoditized skills to compete against . non-production New technologies and business models in the Passion Economy enable more people to unlock economic value from their creative skills and passions, where they had previously been hampered by traditional intermediaries and unfavorable business models. The “ ” can be a gradual process, starting with individuals exploring new channels for side hustles, with some eventually graduating to full displacement of traditional employment. Participants in the Passion Economy are individuals whose skills and abilities were previously under-monetized or under-utilized relative to their potential. enterprization of the consumer Across multiple verticals, new platforms enable workers to compete against non-production: Online course platforms like , , , and allow experts to productize and monetize their knowledge online. Previously, many of these instructors were reliant on in-person classes, coaching sessions, and retreats to generate income—challenging, expensive, and unscalable paths to monetization that often caused many instructors to seek different types of work altogether. Teachable Podia Thinkific Mighty Networks and allow more independent creators like podcasters, video creators, and artists to earn a living from fans’ membership payments. While these creators often amassed large followings on advertising-based social platforms, the business model of those platforms made it challenging for creators to earn a viable income, leading many to drop out of their creative pursuits and to remain non-producers. Patreon Buy Me A Coffee and allow people to become online teachers, enabling more people to earn a living from teaching than if they had to teach at physical schools. VIPKid Outschool New podcast tools like , , and make it easy for creators to record, distribute, and monetize podcasts. Previously, in order to create an audio show, reach an audience, and monetize, these creators had to be employed at traditional media companies, thereby barring many from entering the industry. Anchor Supercast Glow Programs like enable developers to receive funding from the community directly on the platform and to make a living from contributing to open source projects. Open source developers historically worked on these projects as personal passions without financial gain, supporting themselves through other jobs. Github Sponsors Many successful marketplace companies in the last few decades tapped into this idea of converting non-producers into producers, in terms of making physical assets productive: Uber, for instance, unlocked the economic value of people’s idle cars, and Airbnb converted excess physical spaces into valuable assets. New sources of supply, in tandem with a latent, large pool of under-served demand, created massive economic value. While these marketplaces started by amassing supply in order to attract demand, creators often have the opposite problem: they have already aggregated demand on large social platforms, but struggle with monetization. This is where many new platforms are entering, enabling creators to overcome non-production by offering value that fans would be willing to pay for. On the consumer side, Passion Economy products and services can compete with non-consumption Through this combination, the Passion Economy creates the potential to give rise to both new-market and low-end disruptions. The most powerful, radical industry change happens when non-production is matched with non-consumption. Consumers have the ability to choose a creator-led offering that is cheaper, more convenient, and more aligned to their preferences. Because new producers enabled by Passion Economy platforms enter the market, previous non-consumers and over-served consumers in various sectors have a wider range of choices than ever before. For example, a student of technology business strategy may find it prohibitively expensive to subscribe to The Wall Street Journal, Financial Times, and The Economist (non-consumption), or struggle to peruse all of their content (they were over-served). But $12 per month to Ben Thompson’s for in-depth tech analysis directly to one’s email inbox is both more affordable and convenient than the bundled, broader alternatives. Stratechery Another example of competing against non-consumption can be found in , an online events platform that allows anyone to set up and host an online event, from traditional conferences to influencer meetups. Run the World events aren’t just targeted to people who can't afford to regularly attend real-world conferences (low-end disruption), but are also pulling in attendees who would otherwise never consider going to a conference (new-market disruption). Because of the ease of use and low cost on the creator side, events can be organized that are more niche and aligned to users’ interests—expanding the market to new events that would have been infeasible or unprofitable to operate offline. Run the World The basis of competition changes in the Passion Economy: not as good in some ways, but better in others A key characteristic of disruptive technology is that it heralds a change in the basis of competition. At first glance, virtual events may seem inferior vs. traditional offline conferences—the quality may be hit-or-miss, and opportunities to meet other attendees are more limited. But along a different basis of competition, online events are superior: they are cheaper and more convenient to attend than offline events, and novel features made possible only through software like detailed user profiles and instant 1:1 video chats enable more targeted networking. These features may not appeal to a traditional conference-goer, but they are highly valued by those who can’t access much of the conference circuit or for those who have never attended large professional events. The basis of competition can also shift from breadth and volume of content among incumbent offerings, to depth and value for Passion Economy products and services. For instance, millions of users turn to ad-driven social media platforms like Twitter and Reddit to stay informed about news and to find interesting content. The value proposition to consumers is the breadth of topics and the cost (free). But increasingly, creators with loyal followings are creating their own independent offerings — ranging from paid courses to niche communities to vertical social networks — with the basis of competition shifting to curated content and community, trust in a particular creator, and alignment to specific topics. Similarly, while the TV industry offered broad content for mass appeal, new types of specialized entertainment networks like Twitch offer content that is more aligned to specific user interests. Twitch enables anyone to easily start streaming (converting non-producers into producers) and to earn income from a niche, supportive audience who was previously over-served by traditional entertainment (low-end disruption). Just as vertical-specific services like Craigslist and Redfin chipped away at the advertising revenues of newspapers, new subscription content platforms like Substack and Ghost are now chipping away at the editorial content of traditional media companies. Paid media platforms have tapped into a growing market of users who want greater control over their information diets (i.e. they were over-served), and are willing to pay for high-quality, curated content. Though paid newsletters may be “not as good” as traditional media/journalism on the dimensions of comprehensiveness or brand trust, the basis of competition shifts to quality, curation, and trust in a particular writer. Over time, one could imagine these offerings capturing more mainstream audiences by offering more content types and creating bundles spanning different subjects and authors—all underpinned by a significantly lower cost structure than traditional publications. Ben Thompson, the author of which offers analysis of tech and media, is a prime example of a Passion Economy creator. He earlier this year: Stratechery wrote Paid access to analysis is not new; leveraging new technology, particularly online payments and web publishing software, to offer analysis at a drastically lower price and making it up in volume was what made Stratechery’s business model unique. It is low end disruption exactly as Christensen defined it, and it is deeply gratifying and an honor to his legacy to see the model spreading. To be clear, not every Passion Economy platform is disruptive. Disruptive innovations have low-end or new-market footholds; creator-led offerings that target the high-end of a market are, per Christensen’s definition, not disruptive. For instance, some beauty influencers are making premium tutorials and courses that are expensive than pre-existing content available on YouTube and are targeting high-end customers who are willing to pay for more well-produced, or perhaps more personalized, content. These are sustaining innovations relative to free content and target high-end customers with better performance than what was previously available. more And note that disruption is always to something else: for instance, while YouTube may be disruptive to traditional TV networks, it itself may be disrupted by creator-specific content. relative What is the “Why now?” for the Passion Economy, and how does coronavirus impact it? Christensen wrote, “The question is whether there is a novel technology or business model that allows new entrants to move upmarket without emulating the incumbents’ high costs—that is, to follow a disruptive path.” For the Passion Economy, the catalyst is both technological change and new business models. The Passion Economy has existed in bits and pieces as the internet has developed, but social platforms that have reached worldwide scale and enabled fans to connect with creators, and advancements in technology including reliable video conferencing and mobile payments are finally unleashing the Passion Economy’s disruptive potential. On the business model side, individuals can more easily launch their own businesses by growing, nurturing, and monetizing an audience via new digital tools and platforms, with their ventures entailing significantly lower cost structures than incumbents for whom talent was just one of many costs (just compare the cost structures of a publication built on Substack vs. a traditional media company). There are secular tailwinds too: automation is driving a shift towards more empathetic, creative work; trust is shifting to individuals versus institutions; and users are more familiar with subscription business models and increasingly willing to pay directly (rather than through their attention on ads) for unique access and expertise. And then, there’s the specific moment of history we are living through now: since the coronavirus hit, the US unemployment rate has in April (conservatively). Beyond the millions of people who are newly unemployed, there are millions more who are working from home, concerned about their jobs, and exploring ways to diversify their earnings. This economic uncertainty creates greater urgency than ever for innovative paths to earn income online—to turn non-producers into producers. surged to 14.7% On the consumer side, the concept of non-consumption that underpins disruption theory is now manifesting in multiple ways: people without work will increasingly “non-consume” as they cut discretionary budgets. And many categories of products/services that consumers previously purchased are now non-consumable and require alternatives: online learning is picking up steam because in-person education is not available; online fitness is accelerating because boutique fitness studios and gyms are temporarily closed. This creates a massive opportunity for new companies to help serve both the huge contingent of non-producers and a growing base of non-consumers. If you’re building something here, I’d love to chat. What’s next? To summarize: Innovations in the represent new businesses that allow workers to compete against non-production. In turn, these workers can develop new products/services that serve previous non-consumers and over-served consumers. This means that across different industries, new Passion Economy platforms have the potential to disrupt incumbents. Passion Economy In the next post, I’ll delve into 4 major implications of disruption theory for the Passion Economy. Stay tuned next week and subscribe to my newsletter to get it first! Acknowledgements : Thank you to Ben Lee and Nathan Baschez for creating the graphic designs for this post. Related reading on The Passion Economy: . The original blog post that defines the Passion Economy and outlines 5 characteristics of new digital platforms in this space. The Passion Economy and the Future of Work . A refresh of Kevin Kelly’s “ ” idea, I propose a new model for creator monetization that involves monetizing a smaller fan base at higher dollar amounts. 1,000 True Fans? Try 100 1,000 True Fans . When the business model shifts from being attention/advertising-based to direct user payment, the metrics that matter also change. 16 Metrics for the Passion Economy . A conversation between me, Patreon co-founder Sam Yam, and a16z consumer editor Lauren Murrow. a16z Podcast: How the Passion Economy Is Redefining Work Originally published as “ " How the Passion Economy will disrupt media, education, and countless other industries (Part 1)

Passion Economy Shall Be The Disruptor of 2021 and Beyond

[Thanks to Cliff Maxwell , Clayton Christensen’s former Chief of Staff, for his help on this post!] , I explored the intersection of Clayton Christensen’s disruption theory and the Passion Economy. In last week’s newsletter The theory of disruption explains how smaller companies with fewer resources can topple established, well-run businesses: disruptors target segments of the market that incumbents rationally ignore in favor of more profitable customers. Aided by new technologies and business models, upstarts create offerings that are “good enough” for low-end consumers and previous non-consumers, before gradually moving upmarket and unseating incumbents over time. The Passion Economy has massive disruptive potential, as it connects with . Empowered by new digital platforms, creators in the Passion Economy are introducing new products and services aimed at those who previously couldn’t afford or were over-served by existing offerings. non-producers non-consumers These new creator-led products and services expand the market and tap into latent demand. This is classic disruption theory, and the Passion Economy thus threatens numerous incumbents. If you haven’t read that post, I recommend , as it lays the groundwork for this one. starting there There’s 4 major implications when considering the Passion Economy’s disruptive potential: Multiple industries are under siege The TAM of the Passion Economy is huge, but quantifying it is impossible Success is not guaranteed Incumbents aren’t going to build for the Passion Economy; startups will Christensen’s insights from examining disruption across numerous industries lead to 4 major implications when considering the Passion Economy through this lens. Let’s delve into each one: 1. Multiple industries are under siege Any industry that is a talent-based industry is at risk of disruption by Passion Economy businesses. Beyond what is traditionally regarded as a talent-based industry (e.g. entertainment), the . Passion Economy’s scope extends into any industry where the customer doesn’t view the product/service as a commodity, but cares deeply about the specific individual involved in its creation This broader lens of talent implies that the Passion Economy encompasses education, media, fitness, sales, and many other lines of work. Talented individuals can eschew traditional employment and leverage new platforms to monetize and grow. This process enables new producers to enter the market as well as as new products/services to flourish. Here are some examples of how Passion Economy models can disrupt incumbents in various industries: MBAs, career-focused education, online certifications, etc. Modular, creator-led learning options designed with an eye towards ROI can be far more valuable than an expensive, long-term education that few can afford. While online course creators’ offerings don’t yet possess the brand prestige of a top-tier institution’s credential, they can be more aligned to the specific interests that students have, adapt curricula more responsively to external events or feedback, and offer greater convenience at lower prices than traditional solutions. For instance, is a blogger, podcaster, and course creator, best known for his blog Smart Passive Income. He offers a number of online courses about building an online business, ranging from validating an idea to starting a podcast, with prices ranging from free to $1,000. Pat Flynn These are courses that entrepreneurial learners over-served by traditional 2-year MBA programs might find appealing as an alternate, modern business education. Another example is NYU Professor Scott Galloway, whose 2-week online course “ ” teaches the basics of brand strategy for $500. Strategy Sprint K-12 education Companies offering education targeted at K-12 students, like Prenda or Outschool, are creating robust networks of community-based education providers that have disruptive potential for independent and private schools. Enabled by managed marketplaces that facilitate trust, ensure compliance with regulations, and vet and support teachers, these networks help customers find and select a teacher/school that fits their preferences and desired learning environment. By turning non-producers into producers (i.e. enabling people from the community to become Prenda Guides or Outschool teachers) and creating highly customized education solutions that are far more affordable and accessible, these creator-led education offerings have found a disruptive foothold. Media Pre-internet, it was immensely challenging for individual writers and other content creators to get distribution. For journalists, the primary path to making an income consisted of joining an established news organization with an advertising department, production capabilities, and delivery processes. Now, a new entrepreneurship stack has emerged for online content creators: scaled social networks democratize distribution, and new platforms make it easier than ever to create and monetize content. On the consumer side, people’s information appetites are shifting from bundled media content to curated podcasts, blogs, newsletters, and video content. Individual media creators can increasingly go into business for themselves: talented writers can create their own publications (Substack, Ghost, Mailchimp + Memberful + Stripe), audio content creators can distribute via RSS feeds and monetize their listeners directly (Supercast, Glow.fm), and visual content creators can earn an income through user donations and subscriptions (Twitch, Patreon), merchandise (Pietra), or advertising. Fitness / personal training While new online creator-led fitness content may not be as immersive as going to an in-person trainer, they enable consumers to follow routines from creators they love, often at lower prices with greater convenience. The disruptive potential of the creator-led online fitness market is in relation to gyms, boutique fitness classes, and personal trainers that provide community and accountability, but are expensive and inconvenient for many consumers. By leveraging digital platforms like Fitplan or Playbook, or even just enabling payments or donations on Zoom/other video conferencing solutions, creators are offering scalable, cheaper, and more convenient fitness instruction. These are just a few of the industries that are under siege by businesses in the Passion Economy. I expect others to emerge in the coming years that we can’t even yet predict. 2. As with all disruptive innovations, the ultimate market size of the Passion Economy is unknown The question of market size was one of the top questions I received from readers of my blog post “ .” Many people were optimistic about this trend, but were unsure of how large the market could be: how many individuals can actually make a living this way? And how many consumers want to consume and pay for creator-led products/services? The Passion Economy and the Future of Work One of Christensen’s findings when studying disruption is that forecasting the market size for disruptive technologies is tremendously challenging to the point of impossibility: “Markets that do not exist cannot be analyzed [...] Not only are the market applications for disruptive technologies unknown at the time of their development, they are unknowable.” The same analytical techniques for forecasting the market size of sustaining technologies fail when applied to markets that don’t yet exist: “It is simply impossible to predict with any useful degree of precision how disruptive products will be used or how large their markets will be.” A notable example of how wrong forecasts for disruptive innovations can be is Uber: forecasted a best-case scenario of $1Bn annual revenue; in reality, Uber’s 2019 full-year gross bookings were . its original pitch deck $65 billion . As a general rule, the potential market for non-consumers vastly exceeds what is already being consumed A couple of useful ways to begin thinking about the potential market size of the Passion Economy is to approach it in terms of supply and demand. On the supply side, according to a , 71% of Americans (110M) would prefer to be self-employed. This huge contingent of aspiring entrepreneurs suggests that many individuals will embark down the “ ” journey, initially exploring side hustles and earning supplemental income, with some eventually forgoing traditional employment altogether. Dartmouth study on latent entrepreneurship enterprization of consumer On the demand side, massive pockets of consumer spend are up for grabs, should Passion Economy workers create lower-cost, more convenient offerings. Each of the industries below are categories where creator-driven content is already pulling consumers away from incumbent offerings: Self-improvement is a industry in the US. Creators are selling their own self-improvement courses on video course platforms, and creating their own seminars/workshops related to this topic. $10 billion The North American market for health & fitness was over in 2017. Creators are creating their own offerings using new platforms like Playbook, Fitplan, and Blok Fitness, which have the potential to disrupt the boutique fitness and personal training industries. $32 billion Adult learning/continuing education is a industry in the US. Creators in the Passion Economy are chipping away at continuing education through video courses, audio courses, e-books, and other educational resources. $55 billion 3. Success is not guaranteed While Passion Economy platforms are rooted in a value proposition that deeply appeals to workers—they lower the barriers to earning income in a way that is aligned to individuals’ sense of purpose, meaning, and passion — companies still need to be evaluated just like any other consumer business. What are the needs of consumers that the new offerings are addressing, how widespread is that need, and how are new offerings better than what already exists? Christensen in 2015 : wrote Success is not built into the definition of disruption: Not every disruptive path leads to a triumph, and not every triumphant newcomer follows a disruptive path. For example, any number of internet-based retailers pursued disruptive paths in the late 1990s, but only a small number prospered. The failures are not evidence of the deficiencies of disruption theory; they are simply boundary markers for the theory’s application. The theory says very little about how to win in the foothold market, other than to play the odds and avoid head-on competition with better-resourced incumbents. Many disruptive innovations take a generation for their full effect to be realized, as new behaviors enter the mainstream. A disruptive innovation’s beachhead is among low-end customers or previous non-consumers, but successful companies must move upmarket and improve their offerings to appeal to mainstream customers. For instance, Netflix started with mail-order DVDs (disruptive to video rental companies), but is now taking on the entirety of the television and film industries. Overall, creator products and services find their greatest success when workers intimately understand and serve the needs of their customers. As outlined in my blog post “ ,” creators who want to earn a living without amassing a massive audience should tap into consumers’ desire for tangible results and transformation; provide premium content, community, and accountability; and appeal to users’ desire for status, recognition, and access. 1,000 True Fans? Try 100 4. Incumbents aren’t going to build for the Passion Economy; startups will Large companies commonly respond to disruptive technology by waiting until the market is large enough to be interesting. Christensen writes that “it is a seductive logic that can backfire, because the firms creating new markets often forge capabilities that are closely attuned to the requirements of those markets and that later entrants find difficult to replicate.” Rational managers of well-run companies often focus on business lines that offer higher margins and serve existing, large markets. This can explain why large social platforms in the US have not thrown their weight behind new products that would make it easier for content creators to monetize beyond advertising. According to the Re:Create Coalition’s study on , in 2017, 5.6M creators on Instagram earned revenue through sponsored posts. Contrast that with Patreon’s entire base of 150,000 creators who earn revenue through membership subscriptions— representing just 2.7% of Instagram’s income-earning creator base. America’s New Creative Economy Because the market size of total creators who can monetize through non-ad-based means is uncertain and appears small, and because direct user payments represent a lower-margin business than advertising (Patreon’s take rate starts at 5%, whereas ad-based platforms often keep 100% of ad revenue), incumbents are not incentivized to iterate on the business model and offer creators more valuable paths to monetize until it’s too late. potentially Last fall, I wrote: “We envision a future in which the value of unique skills and knowledge can be unlocked, augmented, and surfaced to consumers.” New technologies and business models in the Passion Economy enable more people to unlock economic value from their creative skills and passions. Beyond the clear benefits that the Passion Economy offers to workers in the form of more accessible paths to earning income, there is real value to consumers, too. The downstream impact of lowering the barriers to entrepreneurship is that consumers who previously couldn’t access or afford certain products/services, or were over-served by incumbents, can now have a wider variety of choices. I can’t wait to see this entire ecosystem evolve and grow. If you’re building something here, I’d love to hear from you! Acknowledgements : Thank you to Nathan Baschez for creating the image for this post. Originally published as “ Four implications of disruption theory for the Passion Economy (Part 2) "

Disruption Theory for the Passion Economy: 4 Major Implication (Part 2)

Overview According to statistics, there were 21 funding rounds executed in the global blockchain market from February 12 to February 18, totaling 137 million dollars. The number of funding rounds increased by 1, and the amount of funds increased by 30.47% compared with the previous week. The number of funding rounds in the infrastructure and DeFi sectors is the highest, 7 of which are in the infrastructure sector and 4 in the DeFi area. The funds raised in the infrastructure sector are the highest, which is 46.5 million dollars. Funding in different sectors Infrastructure Analog Round / Amount $16M Investors NGC Ventures, Tribe Capital, Alumni Ventures Analog is a completely decentralized layer-0 platform for communicating validated event data with the Proof-of-Time consensus mechanism. At the core of the platform are tesseracts and time nodes that can privately fetch and confirm event data from sovereign chains, allowing different ecosystems to speak the same language. Analog aims to bring trustless, omnichain interoperability, enabling developers to build their applications via a universal protocol and an API. Additionally, Analog is unveiling a novel, superfast PoT protocol that creates verifiable event data on the Timechain, allowing DApp developers to build next-generation event-based applications. Project Intro: The testnet is now live! Enter your email to join the waiting list, and we already have nearly 100,000 reservations. In this phase, we've introduced a point system where you can accumulate Spot by completing tasks such as following Twitter, joining the community, and more. After registering, head to the Web3 platform TaskOn to complete tasks and participate in Analog's Valentine's Day event on the platform for a chance to win rewards. Important Information: Lava Network Round Seed Amount $15M Investors Hashkey Capital, Triple Capital Lava Network aims to be a marketplace for blockchain data. It incentivizes node providers and decentralized application users to enter marketplace blockchain data onto its network in the same way that Airbnb allows owners to monetize their unused space. The protocol enforces data quality, enabling node operators to use their bandwidth. Fordefi Round / Amount $10M Investors Electric Capital, Paxos Fordefi is an institutional MPC wallet and security platform that enables institutions to interact across different blockchains. Sphinx Round Pre-Seed Amount $2M Investors Archetype, Nascent Sphinx is a DevOps platform for deploying and managing smart contracts built for Foundry users. Sphinx gives developers confidence in their deployment process by eliminating the manual work of creating, approving, executing, and verifying deployments on every chain. NodeKit Round / Amount / Investors a16z, Polygon Ventures NodeKit SEQ is a decentralized shared sequencer built into a custom L1 blockchain, which allows rollups to decentralize their sequencer and increase cross-rollup interoperability. With NodeKit, SEQ rollups can easily submit transactions to a decentralized shared sequencer, which makes it easier to launch a rollup that is decentralized from the start and helps users perform cross-rollup transactions. WITNESS Round Seed Amount $3.5M Investors Coinbase, Haun Ventures Witness unlocks Web3 ownership and incentives at the Web2 scale. Anyone can use Witness to create verifiable provenance and issue digital ownership for any data without the upfront friction or cost of blockchains. This allows developers to build traditionally scalable applications that benefit from Web3 incentives. DePHY Round Seed Amount / Investors Foresight Ventures DePHY is an all-in-one DePIN framework that drastically decreases the cost and timeframe associated with DePIN project development. DePHY provides open-source hardware solutions, a decentralized messaging layer, and automatic tokenomics execution for all DePIN projects. DePHY’s messaging layer facilitates the secure, verifiable, and swift transfer of data from hardware to the blockchain, utilizing Trusted Execution Environment (TEE) and Zero-Knowledge (ZK) Oracles to guarantee data verifiability and low latency. DeFi Ethena Round Strategic Amount $14M Investors Dragonfly, BH Digital Ethena is building derivative infrastructure to enable Ethereum to transform into the Global Internet Bond via delta-neutral positions on stETH, to create the first crypto-native, yield-bearing stablecoin: USDE. Concrete Round / Amount $7.5M Investors Hashed, Tribe Capital Concrete is the native base protocol to generate credit products and derivatives. It additionally opens the gateway to build an entirely new set of financial primitives for on-chain assets using Concrete as the base layer of compute. At launch, Concrete will serve users across money markets such as Aave, Compound, Silo, and Radiant, regularly adding both established and emerging lenders. IntentX Round Strategic Amount $1.8M Investors Selini Capital, Mirana Ventures IntentX is an intent-based, decentralized derivatives exchange offering perpetual futures trading. The platform leverages several cutting-edge technologies, including LayerZero, a cross-chain communication protocol, account abstraction, and a zero-to-one breakthrough Request for Quotation (RFQ) architecture that addresses critical challenges in delivering on-chain derivatives. Hydro Protocol Round / Amount / Investors Vessel Capital, Injective Hydro Protocol is Injective Uehara Raw Quality Pressing Raw Product Partnership. 1:1 proportionate press INJ in the Injective community. Hydro's unique treatment is based on the underlying liquidity provider, which is a stimulating liquidity provider. GameFi Overworld Round Seed Amount $10M Investors Hashed, Spartan Group Overworld is a web-3-powered gaming and community project. It focuses on collective storytelling, utility-driven digital collectibles, and deep, engaging multiplayer gameplay. All of this is set in an ambitious fantasy universe. Ultiverse Round Strategic Amount $4M Investors Binance Labs, IDG Capital, Animoca Brands Ultiverse is the social gaming metaverse that connects Web3 with an immersive, fully VR-compatible virtual world of AAA quality. By empowering players of various economic abilities to build mutually beneficial relationships, Ultiverse aims to create a first-of-its-kind MetaFi. Exverse Round Private Amount $3M Investors Cogitent Ventures, Moonrock Capital Exverse is a free-to-play game bringing a fresh take on AAA first-person-shooters to Web3. Exverse’s three planets—Social, Quest, and Battle—cater to different playing styles while remaining interconnected within a single timeline, where users compete in cycles known as seasons, lasting eight weeks. The game is designed to foster community by allowing players to engage in social events and even develop user-generated worlds within an ever-expanding universe. NFT Watches.io Round Pre-Seed Amount $1.9M Investors Lemniscap, Big Brain Holdings Watches.io is the first end-to-end tracking and trading ecosystem for watches, enabling users to monitor their watch portfolios with precise, real-time market data, pursue diversification opportunities, and execute seamless buy/sell transactions. Watches.io is also the first e-commerce peer-to-peer marketplace for real physical items to be built on Web3 infrastructure. MetaStreet Round / Amount $25M Investors DragonFly,  Animoca Brands MetaStreet is a protocol for scaling liquidity in NFT credit markets. Its primary product is a Capital Vault that enables secondary market liquidity for NFT-backed notes. Participants can deposit capital to earn yield from diversified portfolios of NFT-backed notes. Tools Helika Round Series A Amount $8M Investors Big Brain Holdings, Fenbushi Helika is a Web3 technology platform that provides real-time analytics and onboarding of new users to gaming studios and popular NFT collections. With a focus on integrating analytics from Web2, in-game, on-chain, and social media data, Helika helps top Web3 brands such as Yuga Labs and Treasure to understand their communities, increase user acquisition and engagement, and drive overall growth through a data-driven approach. Others Drosera Network Round Pre-Seed Amount $1.5M Investors Anagram, Arrington Capital Drosera is a decentralized incident response protocol that leverages hidden security intents to contain and mitigate exploits. It is an automation protocol that abstracts the complexity of creating monitoring systems and automated response capability for decentralized applications. Drosera offers a framework for creating and executing automated responses to events on the Ethereum network. MercureDAO Round / Amount $1.5M Investors / Mercure DAO is a Web3 Marketing Hub catering to crypto projects worldwide, such as Incubation Services, Social Media Marketing (SMM), Influencer Marketing, Public Relations (PR), and so on. Metropolis Round / Amount $1.2M Investors Protocol Labs, Outlier Ventures Metropolis is a carefully curated, artist-created virtual world complete with a digital-physical marketplace, exclusive events, and end-to-end game features. At the heart of MetropolisX is a collaboration marketplace where creators can monetize and launch personalized products and where their fans can have a more immersive connection and access exclusive products, content & experiences. This unique approach combines digital and physical identity, gaming, and immersive experiences. CeFi Architect Round / Amount $12M Investors BlockTower Capital, Tioga Capital Architect provides traders with an adaptable infrastructure that redefines access to global digital asset markets, making it easier for large investors such as institutions to use both centralized and decentralized crypto markets.

The Crypto Investment Weekly Recap for Feb 12 - Feb 18

to have launched the world's fastest internet, capable of transmitting 1.2 terabits of data per second. This means that a film could be downloaded 150 times in 1 second. Analysts say this could have broad implications for stock trading, business transactions, and national security. China claims The advent of 1.2 terabit internet is comparable to constructing a super-fast, expansive information highway, poised to radically transform the global digital ecosystem. This leap in internet speed heralds a new epoch brimming with boundless opportunities and potential. Picture a world where downloading full-length movies becomes an instantaneous task, completed in just a few seconds. This speed would not only redefine entertainment but also streamline information access like never before. Additionally, lag-free video conferencing would no longer be a luxury but a standard expectation, facilitating smoother, more efficient remote work and global collaboration. In the realm of , the impact would be profound. With such high-speed internet, virtual experiences would become so seamless and immersive that they would effectively bridge the gap between the digital and physical worlds. This would not only elevate gaming and entertainment but also open up novel avenues for remote education, virtual tourism, and interactive social engagements. virtual reality Beyond personal convenience and entertainment, 1.2 terabit internet has the potential to catalyze groundbreaking innovations across various sectors. In healthcare, for instance, it could enable real-time, high-definition telemedicine consultations and the rapid transfer of large medical imaging files, significantly improving patient care and medical research. In the field of education, it promises an enriched learning environment through high-quality, interactive online resources and virtual classrooms, making education more accessible and engaging. The impact on scientific research would be equally transformative. Fast internet would facilitate the swift sharing of large datasets and complex simulations, accelerating discoveries and collaboration in fields ranging from climate science to astrophysics. In the business realm, this speed could drive new efficiencies in data analytics and cloud computing, leading to more informed decision-making and innovation. Moreover, the integration of this ultra-fast Internet with emerging technologies like the Internet of Things ( ) and artificial intelligence (AI) could unlock unprecedented levels of automation and smart technology applications in everyday life, from smart cities to personalized healthcare. IoT Many business leaders and experts have been engaged in discussions and numerous conferences have been arranged to explore the nature of the latest technologies, their implications for the future, and how the internet ties into it all. The 18th Internet Governance Forum (IGF) in Kyoto, Japan in October was one such gathering aimed at discussing the future of the Internet and how it will impact our lives. The introduction of 1.2 terabit internet to the larger consumer market would not just be an upgrade in speed; it would mean a gateway to a future replete with unimaginable advancements and opportunities across all facets of society. This technological leap promises to reshape the way we live, work, and interact with the world around us, marking a significant milestone in our journey towards a more connected and innovative future. Superfast internet has the potential to profoundly impact numerous sectors, including education, medicine, and even space travel. It can facilitate access to a vast array of educational resources globally, enabling students in remote or underprivileged areas to access the same quality of education as those in more developed regions. Enhanced internet speeds can support more interactive and immersive learning experiences, such as virtual or augmented reality-based classrooms, making education more engaging and effective. Faster internet enables real-time collaboration among students and educators worldwide, breaking down geographical barriers and fostering global learning communities. Superfast internet can vastly improve telemedicine capabilities, allowing for real-time, high-definition video consultations and remote diagnostics, even in specialties that require significant bandwidth, like radiology. The ability to quickly share large datasets, such as genome sequences or medical imaging, can accelerate medical research and collaboration across borders, leading to faster breakthroughs in treatments and drug development. Enhanced internet speeds could make remote robotic surgery more feasible, allowing expert surgeons to operate on patients thousands of miles away with minimal lag, significantly expanding access to specialized surgical care. In space missions, the ability to transmit large amounts of data quickly and reliably is crucial. Superfast internet could significantly reduce the time it takes to send data between Earth and spacecraft or space stations, enhancing scientific research and monitoring. Improved internet speeds could enhance the remote operation of spacecraft, allowing for more precise and timely maneuvers, which is particularly important in unmanned missions. For manned missions, superfast internet would improve the quality and reliability of communication between astronauts and mission control, critical for both operational success and the psychological well-being of astronauts on long-duration missions. In short, the advent of superfast internet utilized in real-world applications stands to revolutionize various aspects of our lives. This technological leap would represent nothing short of a significant step towards a more interconnected and advanced global society.

How a Faster Internet Can Change Our World

It has been exactly 32 years since the first web page was created on August 6, 1991. Since then, various technologies have been introduced in different time frames to shape the world of as we know it today. The evolution of the web has been nothing short of remarkable. web applications From its humble beginnings as a collection of static HTML pages to the dynamic and interconnected advanced digital ecosystem we are familiar with today, the web has undergone a profound transformation. Here, the Internet is the main foundational technology on which the web and web apps are based. Web apps utilize the capabilities of both the Internet and the Web to offer services and features to users, and they are generally accessed using web browsers. Much like the changing notes in a perfume, the field of web applications has witnessed continuous transformation driven by emerging trends and innovative technologies. 📥Progression of Web 1.0 to Web 3.0 The web is the fundamental technology that serves as the foundation for . JavaScript and its frameworks marked an important shift in how websites are created by bringing about an era of immersive interactions directly on the user's device. Instead of basic, unchanging web pages, sites transformed into dynamic, engaging platforms that could react to user input instantly. web applications This crucial advancement in building web applications enabled developers to craft not only informative content but also captivating user adventures in the digital world. Additionally, the popularity of smartphones and the concept of designing for various screen sizes added a whole new aspect to the field of web development. 📥The Aromatic Journey of Web Applications Suddenly, it wasn't just about how a website looked on a computer screen; it was about making it work well on different sizes and shapes of screens. This change ensured that people using the website had a good experience, no matter what device they used. As we explore more of the online world, we find new and exciting ways to make websites better, decentralized, and more democratic for everyone. Some cool things, like , combine the best parts of websites and phone apps, giving us a smooth and interesting experience even when we're not connected to the internet. Nowadays, there are a variety of dApps (Decentralized Applications) that are based on the decentralized blockchain or peer-to-peer (p2p) network. Progressive Web Apps (PWAs) Imagine if the website you use could understand what you like and give you what you want – that's what happens when we use clever computer learning. It's like how a skilled perfume maker mixes different smells to create a nice scent – experienced and tech-savvy web developers mix different things like technology and design to make websites that people enjoy using 😊. Every time we find a new idea or way of doing things, the web becomes even better by changing how we use the internet to interact with this world and making it more fun and useful for all of us. 📥Unveiling the Fragrance Notes: Key Trends in Web Application Development Here are short notes on the key trends in web application development. Responsive Design and Mobile-First Approach: The first mobile phone that can be considered to support web apps was the Nokia 9000 Communicator(released in 1996). It was a groundbreaking device at the time that featured a QWERTY keyboard and a graphical web browser that allowed users to access basic web content. Since then, very advanced smartphones and tablets have been invented with touch-screen capabilities. In turn, the way of web app development has also changed by designing web apps to provide optimal user experiences across various devices and screen sizes that prioritize mobile-friendly layouts and interactions to cater to the growing mobile user base. Progressive Web Apps (PWAs): Like a well-crafted perfume that leaves a lingering trail, PWAs have initiated a trend that blends the best of web and mobile applications. These sorts of apps offer a seamless experience across a variety of devices with features like offline access, , and fast loading times. PWAs provide a captivating journey that remains consistent regardless of the user's device or network connection. push notifications Single Page Applications (SPAs) and Micro Frontends: Let’s see an analogy just as a single, powerful note can define a perfume, SPAs streamline user interactions by loading content dynamically by eliminating the need for full page reloads. Technologies like React, Angular, and Vue.js enable the creation of SPAs that offer smooth, fluid experiences akin to flipping through the pages of a virtual book. Serverless Architecture: Similar to the hidden ingredients that shape a fragrance, serverless architecture abstracts backend infrastructure management. Services like AWS Lambda and Azure Functions allow developers to focus on writing code without worrying about server provisioning or maintenance, which results in efficient, scalable, and cost-effective web application development. Voice User Interfaces (VUIs) and Chatbots: Just as perfumes can evoke memories, VUIs, and chatbots provide conversational experiences that engage users. Integrating voice interactions and AI-powered chatbots into web applications offers a captivating, personalized dimension that enhances user engagement and convenience. Nowadays, some businesses have already used these features to assist their users quickly. Motion UI and Microinteractions: Motion UI and micro-interactions make websites more fun and engaging. They use smooth animations, transitions, and small interactive things to make the website look cool and make it easier to use. API-First Development and Headless CMS: There are two critical players: API-First Development and Headless CMS. API-First Development is like creating the foundation of a song before adding the instruments. It helps developers work together better. On the other hand, Headless CMS manages the words and pictures you see on websites that make sure they appear nicely no matter where you're looking from. These two things work together like a musical duet by ensuring sites look and work great. Low-Code and No-Code Development: It's like having a magic wand for creating websites and apps, even if you're not a coding wizard. With , you get some ready-made parts that you can put together like a puzzle, and with No-Code, it's like using simple instructions to build something unique. This magical pair lets people of all skill levels bring their web ideas to life. Low-Code These trends in web application development are like the that shape the evolving field by influencing how developers create, and users interact with web applications. "fragrance notes" 📥Embracing the Aroma: Harnessing Evolving Technologies 1.AI and Machine Learning Integration: AI and Machine Learning Integration duo is like having a super-smart helper in the background that offers predictive analytics, personalized content recommendations, and intelligent data processing. This helper learns from how you use websites and then suggests things you might like. It's a bit like having a friend who knows you well and recommends cool stuff for you to check out. This dynamic duo makes the web even more awesome by adding a touch of magic that understands your preferences and makes your online experience super personalized and smart. Currently, different AI models like and Google Bard are enhancing user experiences by offering the required information in real-time. ChatGPT Let’s have a look at the following example: In the provided text, you can observe various errors in the question (such as misspelling "Paris" and "Europe") along with attempts to assess the AI's accuracy by inquiring about whether Paris is located on Mars😁. Let's take note of the AI's precise response. In the majority of cases, the AI model, ChatGPT, understands the intended inquiry and provides sufficient real-time information. 2.WebAssembly (Wasm): WebAssembly(Wasm) is a special kind of binary instruction format like a secret recipe that computer programmers write in languages like C/C++ and JavaScript. Once they're done, a clever computer part called the WebAssembly runtime engine reads and follows this recipe😊. It does this in your web browser or on a powerful server. This way, the computer knows exactly what to do and can work really quickly! Essentially, it is a special ingredient in web app development. Think of it as a clever tool that helps web apps run superfast( almost like they're doing a magic trick). It lets them do complex stuff like games and videos without slowing down the device. It's like having a speedy superhero in the web world by making sure everything works smoothly and quickly and also give you an amazing online experience. The Wasm architecture is made up of the following components: A Wasm module is a self-contained unit of code that can be loaded and executed by a Wasm runtime engine. Module - The import table specifies the external resources that the Wasm module needs to access (such as JavaScript functions, Web APIs, and other Wasm modules). Import table - The function table specifies the functions that are defined in the Wasm module. Function table - The memory is where the Wasm module stores its data. Memory - The stack is used to store temporary values during the execution of the Wasm module. Stack - The control flow graph is a representation of the Wasm module's code that is used to optimize its execution. Control flow graph - The Wasm architecture that you see in the following figure is designed to be efficient and portable. This Wasm setup is good at being fast and flexible. It's also safe because it can't mess with the computer it's running on without asking first. So, it's a secure way to run code on the web! The Wasm architecture has various parts that work together. Look at the diagram to understand how they connect. The module is like the heart of Wasm – it holds the code that the runtime engine runs. Think of the import table as a map that guides the module to things it needs outside  like functions from JavaScript or other Wasm modules. The function table lists the tasks the module can do. Memory is where the module keeps its info safe. The stack, on the other hand, is like quick storage for stuff the module uses for a little while. Imagine it like a temporary drawer. To make things speedy, the control flow graph helps plan out how the module's code gets done in the smartest way. Blockchain and Decentralized Applications (dApps): Think of them as a team of digital detectives that make sure everything online is super secure and fair. Blockchain is like a digital fingerprint that keeps records safe, while dApps are like mini-apps that work together without any boss telling them what to do. Together, they create a web world where things are trustworthy, and everyone gets a fair share of data and instructions by making the online journey both secure and exciting. Also, dApps are the most remarkable ingredients in Web 3.0 to enhance user experiences. Cybersecurity and Privacy Enhancements: Think of them as the guardians of your online world. Like protecting the secrets behind a perfume's formulation, these features work behind the scenes to keep you safe. Cybersecurity is like a shield that protects your information from sneaky hackers, while Privacy Enhancements are like a cloak that keeps your details hidden, and so together, they make sure your online adventures are secure, and your private stuff stays private by adding an extra layer of trust to your web journey. Nowadays, modern Web app developers use different techniques to secure users’ data and privacy. Some examples with codes are as follows: ✅Input Validation: Just as new ways to make web apps better are being created, hackers are also coming up with new tricks to fool users, like putting harmful code into websites (SQL injection) or trying to break into databases. To keep users safe from these attacks, we need to use smart methods like checking and approving the information that users put into the app. This helps make sure that only safe and proper things get in and bad stuff is kept out. import re

def validate_input(input_data):
    # Check for malicious content using a list of bad characters
    bad_characters = ["<", ">", "&", ";", "$"]
    for char in bad_characters:
        if char in input_data:
            raise ValueError("Input contains malicious content")

    # Check for SQL injection attempts
    if re.match(r"['\";]", input_data):
        raise ValueError("Input is a SQL injection attempt")

    return input_data ✅Strong passwords and password hashing: For a good Web app, it is essential to include the functions to hash and check passwords. It can be done with the following simple code. import hashlib

def hash_password(password):
    hashed_password = hashlib.sha256(password.encode()).hexdigest()
    return hashed_password

def check_password(input_password, hashed_password):
    return hashed_password == hash_password(input_password) Progressive Enhancement: Just as layers of fragrance develop over time, progressive enhancement involves building web applications that function on a basic level across all devices and browsers and then adding advanced features for modern environments. This approach ensures a consistent experience for all users regardless of their technology constraints. Containerization and Microservices: Much like the controlled release of fragrance from a bottle, containerization and microservices enable modular, isolated components within web applications. This architecture facilitates easier scaling, maintenance, and updates by allowing developers to manage different parts of the application independently. Augmented Reality (AR) and Virtual Reality (VR): Just as a captivating scent can transport you to a different place with confidence, AR and VR technologies immerse users in unique digital experiences. Incorporating offers innovative ways to showcase products, provide virtual tours, play games, and engage users in interactive storytelling. So, a combination of these technologies is inspiring developers to create a virtual world i.e. Metaverse. AR and VR elements into web applications Conclusion: Web applications used to be simple and plain, like a basic smell. But now, they have become much more exciting and interesting, like a wonderful scent that you can feel in many ways. This change happened because of new trends and technologies. Developers who create web apps need to pay attention to these changes and make sure their apps are cool. They need to use new ideas like using artificial intelligence, making apps that learn, and even things like virtual reality. All these things can make web apps that users really like, just like a great smell. Just like a smell reminds you of something, these modern web apps help make digital things better in the changing world of the internet.

The Perfume of Web Applications in an Evolving Field: Navigating Trends and Tech

Groundbreaking research on LK-99, a potential room-temperature superconductor, and its staggering implications for our future. From superfast travel to quantum computing, we delve into a world where the line between sci-fi and reality blurs. When , a physicist at Lawrence Berkeley National Lab, casually dropped her recent research on Twitter with an audacious mic-drop meme of Obama, the internet took a collective gasp. Sinéad Griffin https://twitter.com/sineatrix/status/1686182852667572224?s=20&embedable=true Why the buzz? Her findings potentially catapult us into a future we've only seen in sci-fi movies. With the wave of a tweet, Griffin declared, in no uncertain terms, that , the material at the center of her study, could very well be the much-anticipated 'holy grail' of modern material science and applied physics. LK-99 In layman's terms, imagine a world where your morning commute is reduced to mere minutes because . Or a place where puzzle. Imagine our . Yes, we're talking about a world powered by room-temperature superconductors - a world that could make possible. trains can travel at speeds previously unthinkable energy could be stored and transferred with near-zero wastage, solving a substantial piece of the climate change computers and technologies operating at speeds so fast that 'instant' seems slow LK-99 Let's explore how this material might transform our world and how we might respond to the upcoming wave of innovation. Stick around, and you might witness a revolution in the making. No big deal, right? Unveiling the Marvel of LK-99 We are in the midst of a profound scientific shift. The innovative work carried out by researchers around the globe is reshaping our understanding of materials and their potential. LK-99, the new kid on the block, is challenging our expectations with its unique properties. According to the referenced simulations, LK-99 achieves its extraordinary capabilities through a fascinating mechanism. Copper atoms percolate into a crystal structure, replacing lead atoms, causing the crystal to strain slightly and contract by 0.5%. This unique restructuring enables a paradigm shift in superconductivity. Making the Complex Understandable Griffin investigated what would happen to the 'electronic structure' of this material. In layman's terms, she studied the available conduction pathways in the material. Turns out, there are conduction pathways for electrons under just the right conditions, enabling superconductivity. Intriguingly, these pathways are situated close to the 'Fermi Surface' – a level equivalent to “sea level” in the realm of electrical energy. This scientific breakthrough is a testament to the extraordinary potential of LK-99. Experts argue that this discovery could usher in a new age of technological innovation, with LK-99 at the helm. https://twitter.com/Andercot/status/1686286684424691712?s=20&embedable=true The Voice of Expertise Alex Kaplan further elucidated the findings of this groundbreaking research. Highlighting key parts of the computational results and crediting the team behind this success, Kaplan encouraged the scientific community and enthusiasts alike to scrutinize the discussion section of the research paper. It holds invaluable insights into the intricacies of LK-99 and the potential it offers. https://twitter.com/alexkaplan0/status/1686244162767552512?s=20&embedable=true The Future Unfolds The implications of LK-99 becoming a viable room-temperature superconductor cannot be overstated. Akin to the invention of the transistor, the successful application of LK-99 could redefine technological innovation, making what once seemed like science fiction a tangible reality. At the heart of quantum computers are qubits, which often need to be cooled to extreme temperatures close to absolute zero to function efficiently. With room-temperature superconductors, we might be able to devise a new class of quantum computing systems that are easier to scale and maintain, leading to quantum computers becoming more accessible and widespread. Quantum Computing: Superconducting maglev (magnetic levitation) trains, like those already in operation in some parts of the world, could become more efficient and commonplace. These trains, levitating over their tracks due to magnetic repulsion between superconducting magnets on the trains and coils in the track, could potentially reach even higher speeds, reducing travel times dramatically. High-Speed Trains: The most direct application of room-temperature superconductors would be in power transmission. Currently, a significant amount of energy is lost due to the resistance in wires. Room-temperature superconductors would virtually eliminate these losses, leading to a significant increase in the efficiency of electrical power grids and renewable energy systems. Energy Infrastructure: Medical devices such as MRI machines currently require cooling to enable their superconducting magnets. With room-temperature superconductors, these devices could become cheaper, smaller, and more energy-efficient, potentially revolutionizing medical diagnostics. Medical Technology: The efficiency of data centers could be substantially improved with the use of room-temperature superconductors, reducing energy costs and enabling faster, more reliable data transmission. This could revolutionize the IT industry, making cloud services more affordable and efficient. Data Centers: Room-temperature superconductors could make electric propulsion systems for spacecrafts more viable, possibly leading to more efficient and faster space travel. This could transform space exploration, making missions to distant planets and stars more feasible. Space Exploration: The advent of room-temperature superconductors like LK-99 could indeed bring about a transformation across many sectors. This could revolutionize how we compute, travel, consume energy, and even explore the cosmos. However, the path to LK-99’s broad adoption will not be without challenges. The material's unique properties hinge on copper atoms percolating into specific locations in the crystal lattice, a feat not easily achieved. But overcoming these hurdles could unlock a future we've only begun to imagine. The Verdict The verification of LK-99 as a potential room-temperature superconductor is a game-changer for humanity. With further research, experimentation, and refinement, the possibilities are endless. Isn't it electrifying to witness the dawn of a new technological epoch? The thrill of being part of this incredible journey is indescribable. Let's continue to push boundaries, defy norms, and redefine what's possible; let’s ACCELERATE together! The future beckons! Also published . here

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