Why Web3 Is A Game Changer

5 Mental Models To Understand Web3 And Its Potential · 2 min read

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Hello

This post is a 5 part summary of The Bankless Podcast featuring Chris Dixon, called 5 Mental Models For Web3¹, posted on November 2021.

Chris Dixon is a General Partner at the venture capital firm, a16z, and is a prominent voice in the Web3 ecosystem.

More than any other piece of content, this 1 hour 50 minute episode of the Bankless Podcast helped Web3 "click" for me. This summary will hopefully do the same for you or encourage you to watch the full episode. Each mental model builds on top of each other.

Chris has written about each mental model extensively over the years, and I have incorporated insights from his blogs² and twitter threads³ on each subject. Some lines are in fact lifted directly from there. As always, plenty is plagiarized and paraphrased. Even quotes. Like the one above.

All credit goes to Chris Dixon and the Bankless podcast, hosted by Ryan Sean Adams and David Hoffman. Links to all source content can be found at the end.

Read Time: 2 — 4 Minutes Per Mental Model

Time Saved: 1 Hour 40 Minutes

Prerequisites: Bitcoin, Tokens. (Need a refresher? Start with the basics here)

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Why Web3 Is A Game Changer

A ‘mental model’ is simply a representation of how something works in the real world. We need such frameworks to map Web3’s potential on to the digital world we know today.

Here are 5 mental models to understand Web3 (individual summaries for each):

#1 - Web3: An Internet Owned By Users

• Web1 - Consume. Web2 - Create. Web3 - Own

2 Minute Read

#2 - Tokens Are The New Websites

• Can be complex and programmable

3 Minute Read

#3 - Your Take Rate Is My Opportunity

• High take rates are the soft underbelly of Web2

3 Minute Read

#4 - Turning Networks Into Economies

• Value can flow through networks, not just ad revenue

3 Minute Read

#5 - The Trap Of “Its Just A Toy”

• Disruptive tech often arrives expensive, flawed and of limited use

4 Minute Read

In summary:

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Appendix

Source

I am grateful to the Bankless Podcast for publishing this episode. 
Episode: The Bankless Podcast Featuring Chris Dixon
Interviewers - Ryan Sean Adams and David Hoffman, The Bankless Podcast
Guest - Chris Dixon, General Partner at a16z

Additional Sources and Readings

Blog by Chris Dixon - Why Web3 Matters 
Blog by Chris Dixon - Why Decentralization Matters
Twitter Thread by Chris Dixon -

cdixon.eth @cdixon

Why Web 3 matters 🧵

Footnotes

1. YouTube Link. See Sources above

2. See Additional Sources And Readings above

3. See Additional Sources And Readings above