India’s advantage is the lack of attachment to the past (In the 2000s, only a single-digit % of people were online)
The H1B Visa for Indians has now become the TCP/IP Visa
Building checklist:
India might become a Tech & Media superpower where it’s going to be Indians (World’s best away game) vs China (World’s best home game)
A non-custodial version of every western financial service will do very well → Put every financial services app on-chain → Monetize that with a token
2000s scare resource : Bandwith : : Today’s scarce resource : Block Space (What exactly do you put on-chain?)
The perspective of building things in India has changed, which warrants a large scale mindset change
It will be really difficult for incumbents to do bits in Web3 because of three major reasons
Web2 companies’ risk budget is very less compared to their overall budget to build a newer Web3 product because that would require them to completely change their business model. Eg. It was easier for Twitter to integrate OpenSea rather than building one
Web1 → Can we build it? (Technical Risk)
Web2 → Will people buy it? (Market Risk)
Web3 → Will they ban it? (Political Risk)
Do users come in for usability or financial incentive in community-led tokens?
⇒ More consumer-facing you get → More likely that people come in for the actual product (utility) vs for the tokens (financial incentive)
For tokenized protocols - 2 products exist: Token & Actual Product → Makes it harder to find PMF for both simultaneously
Transfer physical work done by anon as Proof of Work on-chain → Establish Trust & Reputation
In web2, you got the users first & then monetized. In web3, you build the money base first & then provide utility.
An easy way to eliminate or minimize the political risk is to educate the regulators