Sometimes it is difficult to see how things are changing when it is occurring. It is human tendency, it seems, to believe the status quo is in place. However, history is riddled, especially recently, with societal shifts that occurred in a relatively quick period of time.
These changes altered the way people did things. In other words, it struck society at a fundamental level.
Let us take a look at a few.
- The Internet obliterating the newspaper industry...and music...and long distance communications
- Netflix putting Blockbuster out of business
- Apple introduces the smartphone and crushed Nokia and Motorola's phone sales
- FintTech taking control of mortgage origination from the banks
It is all part of the reason why people are missing what is taking place with Web 3.0. After all, we are so accustomed to Web 2.0 there is no way the social media companies are at risk.
Yet a lot is changing and cryptocurrency is going to be at the core of it.
Decentralizing Work
There is a major discussion taking place regarding remote work. This is something fundamental to how society operates. Here is a major paradigm shift happening and few realize the implications.
Is remote a real thing or just a phase? After all, we regularly see reports of companies calling workers back to the office.
However, some of the stats might counter that.
According to Carta, in their H1 Compensation Report, this might be more than a passing fad. The number of new hires who are located outside the state of the corporate headquarters skyrocketed over the last few years.
It went from 35% in 2019 to 62% just 3 years later. That is an enormous shift.
What is also important is the increase took place across every firm size.
In other words, we are looking at the decentralization of work taking place right before our eyes. Certainly, some of these hires could be recruited from out of state and relocating. This is not, however, the majority of them.
As we can see, the development of work is already undergoing a shift at a societal level. How much will this fundamentally change everything?
Cryptocurrency Putting Change On Steroids
In this industry, we often discuss the idea of decentralization. We know that blockchains, at their core, are distributed ledgers. This means that all transactions posted to the ledger are housed on many different, unrelated nodes.
This technological foundation is the baseline from what the next phase of societal development can occur.
Building on blockchain, we see the opportunity cryptocurrency presents. Here is where the ability to take on many different industries at the same time stems from.
If we consider the idea of decentralized databases, and how powerful that truly is, we can suddenly see how vulnerability that exists with social media, as an example. We already covered how distributed ledger technology is able to take on the banking system. These are two of the most influential industries in the world today.
Cryptocurrency is helping to change the make up of a lot of things.
Going back to the idea of remote work, let us consider some of the ideas espoused over the last couple years:
Right now they might be catchphrases and hash tags on social media but they are in their infancy. Over the next couple years these ideas will expand as development takes place. Also, all of this immediately puts someone into the world of Decentralized Finance (DeFi)
Taking this one step further, how often do we see people writing about their desire to earn a living off Hive?
Obviously, most of what we discussed up to this point regarding the work situation deals with fiat currency and traditional businesses. Yet, in spite of the bear market, we know that cryptocurrency, along with the related projects, is expanding. Prices might be collapsing but the development is still taking place. We will emerge from this period with a clear focus as well as projects that have actual utility.
The Power Of Web 3.0
Many, like Elon Musk, are still looking for Web 3.0. Other believe it is just tokenizing a website.
The reason people are missing what is taking place is because we are seeing a transformation in database construction. As many of us already know, this is having a profound impact upon money.
When a digital wallet can replace most of what a bank does and distributed ledgers can take over the monetary system, we know something powerful it at play. And the power is: decentralization.
That is what Web 3.0 is all about. More specifically, it is about the data.
Here is where we see the real force for change. Cryptocurrency is really nothing more than data that has a market value to it. For this reason, decentralizing this process is bigger than most realize.
Web 3.0 is taking this decentralized data structure and incorporating applications into it. This will thrust the foundation into many different industries, affecting the shift in power throughout the world.
Through the tokenization process, which effectively turns that community into an economy, we have the ability to incentivize behavior. This enables projects to grow as more people can get rewarded for accelerating the forward progress. This will compound as the network effect grows.
In conclusion, cryptocurrency is not only going to affect employment but also the entirety of how business is conducted.
And we haven't even started innovating with DAOs yet.
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