Talking Web3 With NEU Dev & Solon Finance
For this session our Director of Technology, Nishay Madhani talked about all things web3. We talked about the inception of BTC and Ethereum, what new technologies they bring to the table, how they will change the world, what are smart contracts, NFTs, DeFi, and much much more.
For the second part of the event, we had Crypto Jesus from Solon Finance who talked about DeFi protocols such as Uniswap, Balancer, Olympus DAO. We also discussed NFTs, the future of finance and NFTs, and the new algorithms and protocols they have developed at Solon Finance.
Director of Technology
Our Director of Technology, Nishay Madhani started by talking about the evolution of the web and how/why web3 is being built. He started with the evolution of the web and explained the early web which was just a bunch of computers connected, hosting data that they had.
In Web 2.0, we saw the creation of the tech giants that we know of today like Amazon, Google, Facebook, Azure, etc. These companies control the flow and storage of data making them the giants of the internet. When these companies shut down just for a few hours, it costs billions and billions of dollars for all the businesses around the world. The reliance, dependence, authoritarian control these few giants have on the whole world is not ideal.
To put this in perspective, platforms such as YouTube, Spotify, Twitter can delete, block or mute any account they wish. Their algorithms decide whom we see, what we see, and when we see it. YouTube has deleted the account of many creators, making them lose their only source of income overnight! without any prior notice!
Verizon blocked the messages of the abortion-rights group. India ordered Twitter and Facebook to take down posts as they wished. There are many more such instances where few entities have misused their power.
This is what Web 3 is trying to solve. So, you might ask — What is web3?
Web3 introduced the concept of money or value in everything within the internet. Ideally, the creator can use a token to raise funds, get users, build the idea, and in return give equity to all the token holders. This allows everyone to get involved, not just the VCs.
Moreover, the whole code would be open-sourced so if the creator of a few people with most tokens tries to misuse their power, anyone can just copy the code and create the clone version of the software. Since the data is decentralized, they can even get all the users and their content into the new platform.
Here’s what the web3 stack looks like —
But how does this work? How do I code these apps myself?
Smart Contracts are self-executing code that runs automatically run when certain conditions are met. Ex- if a certain amount is paid by Alice, release her collateral.
The best thing is, these contracts are not controlled by anyone after it’s created and it automatically runs when the condition is met regardless of what the two parties may desire.
Ethereum popularised the concept of smart contracts and made the creation of it possible through the programming language called Solidity. Now there are many platforms such as Solana, Binance Smart Chain, Cardano, Avalanche, and more that support smart contracts.
While this is great, smart contracts do not have APIs which is a key ingredient in Web 2.0. So the next big question is, how will it scale. The short answer is through Oracles.
Oracles are nodes that provide trustless data through blockchain and function as APIs for the web3 world. The biggest oracle network that exists today is Chainlink and they have partnered with almost all the web 3 projects to support them.
According to their website, Solon is creating the world’s largest decentralized exchange for cryptocurrencies and NFTs. Our goal is to bring the entire world of DeFi into one ecosystem.
Solon Finance released their NFT collection a few months ago to raise funds to develop the platform and their code audit. This was one of the best fundraising events in the space since it was very open, decentralized, and they managed to raise over $320k.
The platform combines the features of the biggest DEX such as uni swap, balancer, and NFT marketplaces such as Opensea to create an impermanent loss-proof liquidity pool with an NFT marketplace which is unheard of in the industry. More details of this would be revealed when the code becomes public.
They also worked on a new protocol to provide collateral-free NFT rental service which would go along with their NFT marketplace. All of this would be fee less!
When all of these features are launched with Solon Finance, it would be the only platform that provides all of these services with minimal or no fees in the Ethereum Blockchain.