It is difficult to be optimistic when things are crashing down. Sentiment within cryptocurrency is simply awful. This actually could be a sign we are nearing a bottom. Nevertheless, there are many reasons to be optimistic about what is being developed.
Decentralization is a term that is so overused it lost its meaning. That said, the applicability and potential impact cannot be overlooked. We are embarking upon a magical time, one where we will see our digital world radically altered. This will, of course, affect the lives of everyone who is online.
At the core of this is the idea of Web 3.0. This is the next evolution of the Internet. It is a catchphrase since we can only speculate what this will truly look like. However, we are seeing some of the basic tenets being constructed.
It is hard to see the tyranny that confronts us all. The world is, as they say, going to hell in a handbasket. Usually, these are the times when things are prime for disruption.
Our efforts in this industry are exactly what that it. In spite of all the negativity, we see some overriding trends that will assist in our efforts.
Web 3.0 Cannot Be Stopped
With all the noise about SBF and FTX, we are obscuring a fundamental piece of all this: Web 3.0 cannot be stopped.
While political hacks like Elizabeth Warren and bureaucratic criminals like Gary Gensler believe they have power, the reality is decentralization is outside their reach. This should be a natural conclusion.
It is necessary to separate the fluff from substance. Much of what the cryptocurrency world evolved into was far from decentralized. We know it also had nothing to do with Web 3.0.
Instead, we were overrun with the same Wall Street garbage, scams, leverage, and lost money. As this was occurring, there were a few projects that were actually building. Here is where the impact will be felt.
As always, it is the technology. Exchanges, VC money, and power plays are not what will make a difference. This is unstoppable simply because of the technology. When projects are constructed in the proper manner. they are immune to regulation. They are also outside the scope of what is being promoted as "cryptocurrency".
The Meek Shall Rise Up
It is easy to fall victim to the big numbers. We saw VC firms investing tens of billions of dollars. This carries a great deal of allure.
This is not Ground Zero for this move. Unlike situations in the past, the revolution is not coming from Silicon Valley.
We have a battle that is taking place in places overlooked throughout history. Countries like Nigeria and India are the major players. This is not being waged by the governments but the populations of those nations. Here is where the most impact can be felt in the quickest period of time.
People who were displaced (or never included) in the banking and economic system are benefiting from cryptocurrency. Web 3.0 is what allows for a new level of economic opportunity. This is something that cannot be emphasized enough.
The idea of tokenizing online activities means that monetization is at hand. Individuals have access to pools of money that are far outside their geographic reach. Each day, they can fill their wallets, starting the journey to wealth creation.
At the same time, with the development of stablecoins, we are seeing people able to tap into the safety of the USD, especially against native currencies that are being slammed globally. This can offset inflation rates while protecting people from wealth destruction. It is something that is not provided by the banks since the system is suffering a major shortage in this area.
Governments Will Be Falling
The next 50 years will see the transition to the network-state. With Web 3.0, it is safe to believe this could potentially be decentralized.
What this means is that existing governments will eventually fall. Some will last longer than others but, eventually, they all will end the same. Simply put, the present governance model is applicable in the digital world. It was established during a time when people operated in a physical manner.
Some of the limitations are being exposed as we see how deep the corruption and tyranny goes.
This is not an outcome that is going to happen instantly. However, as nations encounter issues, we are going to see individuals starting to look for alternatives. Here is where Web 3.0 can step in.
There are already projects where we see some areas that normally were handled by the government being taken care of by Web 3.0. This is providing the funding to establish some basic necessities in life. The Hive Borehole Project in Ghana is a prime example.
Web 3.0 has the capability to get things done, quickly and in real time.
Whenever we see a time of division, we see fracturing. This will likely happen with government systems. For example, one move we can expect is the continue erosion of the EU. Brexit was not the last. In fact, my guess is that, by 2035, this is a skeleton of itself.
We could see something similar happening in the United States.
These are very interesting times indeed.
In Conclusion
Each of us has to ask if we believe the digital world is going to continue to be a growing part of people's lives. To me, this only makes sense. Take Tesla as an example. This company is going to sell around 1.3 million cars in 2022, all of them online. That was incomprehensible a decade ago.
We also have to keep in mind the potential of tokenization. At the moment, we really do not know the capabilities. There is going to be a lot of experimentation happening. For this reason, we are going to design incentive programs that align with billions of people. Properly constructed, this is not going to be within the reach of anyone in power.
The main idea behind this is to have nobody in charge. That is when we know something was constructed in a proper manner. When the majority are just performing roles, and there is no minority at the top, we can see the impact of this.
Web 3.0 could be larger than most think. Since the Internet is growing in both numbers and importance, this next evolution could affect almost all aspects of life.
The question is whether it can be stopped? Most of what we see is people operating under the presumption we are dealing with the same world. Web 3.0 is something completely different.
Whoever was behind Bitcoin unleashed a powerful tool for society to reinvent itself. The disruption that comes from all this is going to blow people away. Once we see it get going, it truly will be like hydrogen bomb going off. The carnage to the existing system will be widespread.
It simply is the path that computerization and digitization is taking.
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