SEC attacking Uniswap is why web3 ventures should run the full webstack on chain
The SEC attack on Uniswap is an attack on all DeFi
Abstract
The SEC attack on Uniswap is an attack on all DeFi. At the end of the day, the goal is twofold: 1) it is about making sure US citizens pay their taxes so that the US remains strong, and 2) it is about large financial institutions regaining control over the world of finance to keep the rich richer, and the poor as their financial slaves. Decentralized Finance (DeFi) was finally a step for mankind to get out of the traditional financial system that has enslaved them throughout history. Bitcoin was the first asset in a long time that enabled the nobodies to front run large financial institutions. Several hundreds of thousands of people worldwide were able to escape poverty over the past 12 years by transitioning into Crypto Currencies. However, as long as DeFi operates on a centralized web stack, it is vulnerable to bullying, and cohesion by the bankers. It is simply not enough to decentralize databases, we need the full software stack to be decentralized.
Introduction
There are currently very few technologies that enable to run a web application entirely on a decentralized architecture, the Internet Computer Protocol (ICP) is one of them, Arweave recently announced they were moving in this direction as well, but I always remain on the lookout for something new and different. Recently, I stumbled upon Web3 Onboarding, a brand new web3 startup that is attempting to solve the same issue. They are offering an unstoppable web3 domain, a no-code AI-powered website editor, and web hosting on a decentralized architecture.
Decentralized Software Stack
Thus far most blockchain and crypto currencies that have been launched have been decentralized databases specialized for storing financial transactions. There are a few decentralized storage blockchains that have been optimized for other types of data including video, picture, graph data structures, text documents, audio, etc. However, storage is only a portion of what is needed to provide a fully decentralized experience.
Typically, web applications are composed of a database, a middleware that controls the logic of the application, and the interface layer that interacts with users though a web browser or mobile application. A web server is the service that enables all the various files to perform computation, fetch, transform, and render that data back to the UI. Currently, there are very few decentralized compute mechanisms, and most of them were optimized for GPU computation for rendering movies, artificial intelligence, and similar other applications that require heavy computation. While ICP can be used to function as a web server, it was not strictly designed to serve only that purpose, so a dedicated system designed specifically for acting as a web server is much needed in the industry. Then you could store css, javascript, images, html, and the logic all on decentralized file storage and perform the needed computation on that web server. This way, it would become impossible for the government to bully web hosting providers such as Amazon AWS to shut down web services that interact with blockchain applications.
We may think things are bad currently with US regulators attacking crypto, but it is nothing compared to what could happen if the US went to war against a significant foreign power… we have seen forced conscription in the past where people are forced to go fight in the name of freedom. If the US government has the ability to seize crypto assets in order to fund the war effort, I wouldn’t put it past them in doing so… the Bitcoin ETF is an illusion when it comes to actual financial freedom. The reality is that everyone who buys these ETF are giving the ability to Blackrock and others to do whatever they want with their capital. Although it has its use for people who have zero knowledge of cybersecurity, I don’t believe it is good in the long run to have all powerful financial institutions in charge of managing your money.
If you are curious about Web3 Onboarding and their plan of implementation for this decentralized web stack, take a look at this website.
Web3 Onboarding available on Civitas
For the past few months, I’ve been working on a stakingpad called Civitas. Web3 Onboarding will be available on this stakingpad, so if you’d like to get involved in the private alpha testing to unlock some amazing rewards, please sign up on this form.
Summary
As a web3 entrepreneur, it is best to ensure the service you provide to the community can be tamper-proof not only from malicious entities but also from government intervention. While governments are not necessarily bad, they represent the interest of their political donors which usually comes from the people that do not want the masses to be financially independent because they rely on the workforce to do the work they don’t want to do themselves. No one would choose to work at McDonald flipping burgers unless they had no better choices. When 14 year old crypto enthusiasts become millionaires in crypto, it creates a vacuum in the workforce and the financial elite can no longer generate their wealth on the backs of others. So, if you want to be free from this vicious cycle, then you have to go full decentralization even though it may cause other problems.
About
Crypto Rookies is a crypto investor, serial entrepreneur in Artificial Intelligence and Web3/crypto with expertise in tokenomics and market making. Currently CEO of Smooth, which focuses on solving the problem of 95% of crypto-currencies failing in their first 2 years.
Smooth prevent such failure by:
1) Community building with AI (don’t waste money on marketing & influencers)
2) SEC-compliant Tokenomics
3) Market Making (hybrid between stablecoins & altcoins)
4) Treasury management (10%-100% APY depending on risk)
This blog channel generates 30,000+ views per month on the topic of tokenomics and crypto investments, so if you are interested in becoming a sponsor, please reach out to Crypto Rookies.
Meanwhile, please feel free to join the various communities I am involved in and do not hesitate to reach out.
- Youtube with Mikhail Yergen
- Cyrator (a transparent and reliable token review/ranking community where anyone can join, contribute and earn)
Also check out some of the early stage crypto assets that I’m actively using:
- DeBridge, a bridge technology that relies on market makers instead of actually bridging assets.
- GRVT, it’s a Decentralized zk-powered crypto exchange.
- MarginFi, it’s a peer-to-peer lending protocol on Solana.
- Drift, it’s a Decentralized crypto exchange on Solana.
- Swell, it’s a liquid staking protocol to use in conjunction with EigenLayer.
- Linea, a layer 2 protocol of Ethereum using ZK technology.
- GetGrass, a DePIN project for shared internet bandwidth with an upcoming data labeling system
Use my referral code below for various crypto tools used for trading:
Centralised Crypto Exchanges to trade with Leverage and Grid Bots:
