Web 3 Doesn't Exist

You've never seen a viral video of a poor child in a school being harassed for wearing a pair of shoes that weren't adequately cool?

If you mean those who can read and write well, then yes.

Where would they do this public shaming at? On Twitter or Facebook? Presumably Web3 social networks will be much more fragmented than the megalithic social networks of today.

It's also non-trivial to de-anonymize an Ethereum wallet that hasn't made an effort to be public (by registering an ENS and listing it in public, for example). I personally have dozens of wallets. They're not traceable to each other in any way and I fund them independently from each other.

1) I think what he means is that some of our brightest minds are currently making $250K or more working for FAANG companies or similar. It's all well and good for people not to have money be someone's primary driver, but if you're making $250K a year at big tech co. it's gonna be hard to leave for a risky Web3 endeavor if the upside doesn't make up for the stability of the current role.

2) I think ENS is a great example. Here is a domain registration entity that considers itself a public good: https://ens.domains/. A few weeks ago, they airdropped governance tokens to anyone who had registered a .eth domain in the past several years that they have existed. When you claim your tokens, you delegate your votes to a representative who represents you on the ENS board.

Those delegates make various proposals and vote on changes to the protocol: https://docs.ens.domains/v/governance/governance-proposals/e...

If a delegate starts acting a way you don't like, you can switch your votes to a different delegate in the next round.

The token itself has monetary value (the marketcap for ENS has ranged near $1B) but it also has intangible value. Hundreds of thousands of users were airdropped equity in a protocol that will have a significant part to play in the transition to Web3. They can participate in governance forum discussions and influence outcomes, such as which workgroups to prioritize or how to spend the treasury, or just passively hold the token and enjoy a return on its growth as a protocol.

ENS was not funded by VCs. They created a product and then transitioned ownership of that product to the community. That's pretty remarkable.

I think DAO governance and token-based incentivizes are still in early days. But I'm already quite impressed by what I see. There's a vast array of experimentation, but this sort of structure can be created for anything, from charity to SaaS to gaming to creative collectives.

It's just an abstraction, not a technical term. Think of it as the third generation of web applications.