1.20 web2 Timescales vs. web3 Timescales

The timescale of innovation in web2, although it is seemingly fast (exponential in some ways: smartphones in just 15 years, PCs, Moore's law...), those timescales are really long when you compare that to the compressed timescales of innovation that happen in the web3 world and specifically Ethereum, which again is driven by a lot of these interrelated concepts we talked about: everything being open source by design, composable, permissionless and borderless. Plus combine that with the mechanism design where a lot of this is incentivized by tokenomics.

As a side effect, unfortunately, security has in some sense taken a back seat: it hasn't been really thought of as much as it should be in the design and development of a lot of these smart contracts (and hence, the applications they support). This was what contributed to a lot of the vulnerabilities we have seen within smart contracts or web3 applications, which led to exploits causing losses of millions or tens of millions of dollars overnight in a fraction of a second within a few transactions.

And remember this is all irreversible: all these aspects of pseudonymous teams in some cases, the presenting threat model, the use of keys, the use of tokens, the lack of any centralized third party that can reverse the negative side effects of some of these exploits... All these interrelated concepts affect the security aspects of Ethereum and web3 in general.