Web3 is a term used when the authority and ownership is transferred partially or fully into user hands - something what bigshortbets is about.


April 15, 2022

DAO, DeFi, Web 3.0 … When asked “what are they?” most crypto-veterans will respond without a hitch at any time of the day or night. Unfortunately, it’s not about crypto-veterans, but about full-scale society. It is said that social media in the framework of Web 3.0 will replace the current — centralized (Web 2.0). What does this mean in practice? What is Web 3.0? What is DAO? — I will show you on the example of the bigshortbet$ — a social information platform.

Web 3.0 — Internet owned by Internet users.

If you wanted to answer the question “who does the internet belong to?”, Many will answer that of the so-called Big Tech. In terms of nomenclature, you can argue whether it is a correct conclusion, but on the level of ownership and handling of data, it is difficult to argue. This is what Web 2.0 is all about — almost any content or extensive data is highly centralized in the hands of the largest corporations. Some deal more with hardware, others with software — but ultimately the circle of interested parties is narrow. Advantages of such a solution can be found, but due to various incidents related to ownership and privacy, the disadvantages are the main ones.

The fundamental difference between Web 2.0 and 3.0 is — and if it were otherwise — blockchain. Web 3.0 is the internet that is anchored to this technology. But what does that mean? Well — blockchain technology not only allows for a much better distribution of content with respect to copyright in a decentralized manner. Web 3.0 puts the Internet in the hands of Internet users — at least in terms of having certain resources circulating on the Internet. Certainly, it is also a tool that makes it easier to maintain anonymity, but these are matters that are constantly regulated — unfortunately.

And where is the bigshortbets platform in all of this? The tools available in this environment are completely based on Web 3.0 / blockchain technologies — this means that our identity and the center of activity is a wallet (private key) in the ERC20 (Ethereum) network.

bigshortbet$ DAO — the authority over the platform in your hands.

Thanks to the use of Web 3.0, it is possible to create a decentralized autonomous organization (DAO). The attribute of DAO is primarily the voting power of community participants. An environment based on such a value is a generic, bottom-up environment. All changes and decisions are made by the entire community. And when we compare this phenomenon with a reputation system based on the Wilson Score pattern, we get an independent ecosystem, free from censorship, where the full value of content and information remains in the hands of society. Thus, it is the community, not the publisher, that decides about the existence and scope of the content appearing on the platform.

“The more and more frequently used model is a certain development of the DeFi idea and technology DAO (Decentralized Autonomous Organization). The bigshortbets platform is fully based on the assumptions DAO and ultimately will function without a centralized management, but with a decentralized community. The reputation system based on voting, the implementation of solutions proposed by users is one of the DAO mechanisms on which the platform will be based. This solution is simply to “put control into the hands of the people” and this power will influence bigshortbets events based on the size of the community participation due to the rank held and the number of $BigSB tokens.” [Read more in White Paper]

Information Marketplace & Paid Baits.

It has been known for a long time that information may be worth much more than any capital or even the best job. The social platform has all the known mechanisms from other social media — entries (baits), comments, group reactions, etc. The practical difference is that in the bigshortbets app, everything is encrypted. As part of the social platform, you can not only exchange information for free. bigshortbets offers an information market and paid baits. The information market is nothing more than a mechanism that allows you to liquidate any content — entry, document, image, recording and others. This allows users to easily monetize their knowledge.

Paid baits are an extension of the above — the author of the post has the ability to limit the visibility of the published content for certain groups — for example, holders of a wallet with a certain value. It can also completely restrict availability to only those participants who pay the requested amount. Creating paid baits allows creators to earn money on their knowledge, research or analysis. Paid baits will be able to take various forms — including subscription, one-time payment from one user, or from many.

This information can be used in the market later, but how do you do it? For this purpose, bigshortbets DAO Market is being created, but that is a topic for the next story.

Stay tuned.

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