Shane Vitarana, Co-Founder of Cosmos-Based NFT Stargaze Project, Explains Nuances of Terminology to Iconic Entrepreneur and Investor
AngelList co-founder Naval Ravikant claims that distributed crypto is a frontier. And what about Web3?
Rebranding required
Mr Ravikant took to Twitter to share his take on the difference between “Silicon Valley technology” and next-generation cryptocurrency products.
Shane Vitarana, co-founder of Stargaze protocol that is focused on bringing non-fungible tokens (NFTs) to Cosmos blockchain, stresses that the prevailing definition of “crypto” does not work in this context.
According to him, the concept evoked by Mr. Ravikant should rather be qualified as “Web3”. This includes building sophisticated decentralized systems such as decentralized autonomous organizations and decentralized financial protocols.
Regarding “crypto” in 2021, Mr. Vitarana emphasizes the speculative features of digital assets. Trading Shiba Inu Coin (SHIB), an overhyped memetic dog-coin with zero real utility, fits the term “crypto” better, he thinks.
What is Web3?
The Shiba Inu Coin (SHIB) is one of the symbols of the “dog-coin mania” inspired by Tesla’s Techno King, Elon Musk, in early 2021.
SHIB is the second largest dog coin, surpassed only by Dogecoin (DOGE), the inaugural crypto of this class.
Introduced by American Internet entrepreneur Jason Calacanis in 2007, Web3 (or Web 3.0) refers to the idea of the Internet as a “Semantic Web.”
However, nowadays it is used to describe the entire segment of distributed ledgers and related technologies.
