What Is A Web3 Protocol?
As the web2 was a frontend revolution and the web3 id backend solution, it is based on some protocols led by blockchain.
This explains how the Internet is wired in the backend, adding up the logic of the Internet with computers user. So it’s not only about the protocol’s popularity but also the combination of its popularity and defensibility.
Parker McKee is a principal at Pillar VC, where he focuses on crypto and web3 investments. This quality of the project is called “unworkable utility.” This means hard to replicate value to a protocol user.
The 6 types of unworkable utility are as follows:
• Protocol collateral
• Protocol liquidity
• Critical mass of network participants
• Scaled value + critical mass of network participants
• Asset Acceptance
• Asset liquidity
These qualities make it the best protocol.
Explore most asked questions and answers related to Web3.0 from here: Best Questions And Answers On Web3