Web 3.0 is a phrase many toss around. Some problem it the "next big thing" and it is easy to agree. It will be, however, more evolutionary than revolutionary. In short, these things take time.
Nevertheless, we are looking at a system that is radically different as compared to what we are dealing with today. The entire nature of business is going to change. Many industries will be disrupted, with cryptocurrency factoring in to a great degree.
Once we accept this as an evolving concept, we then start to project where things truly are headed. This is something that most of the existing business world is overlooking. This is especially true during the bear market. Since cryptocurrency is nothing more than price to most people, they miss the meat of the transition.
It is safe to say the entire basis of the global economy is going to change. Much of what we see today will be revamped into something completely different. If we look at money, finance, and business, we conclude that most are primed for disruption.
Blockchain is going to play a large part in this. The impact of the Internet is undeniable. Whatever the outcome there, this is going to be 100 times as powerful.
To overlook this is a mistake. Trillions in value is going to be lost as companies are replaced with those who are paying attention.
In this article, we delve further into this.
Building On Web 2.0 Success
There is little doubt the power of Facebook, Google (YouTube) and Twitter. Elon Musk admitted that he is overpaying for Twitter in its present state but that is something that will change. Musk seeks to turn Twitter into a more comprehensive application.
Have you ever thought about why the Super Bowl commands such high advertising rates? The answer is obviously because there are 80-90 million people watching. That attention of the audience is enormous.
It is also why Facebook was so successful. It doesn't have 100 million set of eyeballs but, rather, a couple billion. This opens the door to a lot of opportunity for monetization. Sadly, the platform only went as far as selling advertising and data.
Web 3.0 is a difference maker in that it brings the earlier iterations of the Internet and adds a vital feature: commerce. However, it does not stop there. The most valuable aspect of Web 3.0 is going to be the addition of finance. This is where we see the major revolution taking place.
Providing commercial applications such as a marketplace is very powerful. That said, it is nothing compared to the world of finance. Whereas one deals in billions, another is trillions. It is one thing to take on Walmart; it is another to go after Wall Street.
Web 3.0 is honing in on the later.
Social Media + Finance
Social media is not going to disappear. We see more options popping up all the time. Granted, few have the impact of the big three but that is only a matter of time. As more options appear, the network effect spreads out. When we add in a monetized aspect to the platforms, we see how radically different things are. No longer are we dealing with just a "social" gathering place.
Businesses are always looking for customers. They are consistently seeking to target new individuals to become potential buyers/users. What happens when the concept of finding customers changes completely? This is the idea behind communities. We already see built-in customers.
There is a difference. With Web 3.0, no longer are these passive participants in the commercial process. With tokenization, people have a financial interest in what is going on. The lines between the parties is blurred.
It is a situation we already see with content. The term "prosumer" was coined to describe how those creating and consuming content tend to be the same. As ecosystems such as Hive expand, we can see this only growing.
Today there are brokerage, banking, social media, and retail apps. All preform different function. If one is investing, the investment app is opened. This differs from the bank app where money is moved around. Of course, we hit up the social media app to engage with "friends" until it is time to go shopping, Then Amazon is utilized.
All of this is going away. We will see a merging. It was partially the motivation to write about The Hive Financial Network. There we discussed the design of financial system providing many of the services that Wall Street offers. It is something that any application on Hive could tap into, offering the services as part of their package. At the same time, we see social media along with wallet operations (banking). The only think missing is commerce.
When people start to grasp this concept, we see how everything changes. Businesses will be disrupted that lack the ability to tap into communities. Essentially, we could be watching a reversal. Instead of the companies targeting users, it will be the other way around. Communities will decide who they engage with.
Hive Has Incredible Potential
Every application on Hive should be looking at filling these four roles.
Again they are:
- commerce (marketplace)
- banking (wallet system)
- finance
- social media
So far, most hit up the second and fourth. That is what we have on Hive. The other two, however, are even more important. It is where the foundation of the entire ecosystem will change.
Elon is going to spend billions trying to build the "everything app". He is well aware of what is being discussed here. In his own way, he is going about to create it.
For that reason, it is up to those on Hive to start constructing things in a different manner. We have the advantage that, once something is tied to the blockchain, others can tap into it. This makes growth and expansion much quicker since development can multiply across a number of applications in a short period of time.
Even though teams are doing their own things, it can be shared among the other front ends. Again, anything tied to the blockchain can be accessed by the rest. This is a huge advantage.
The only change that is required is in the minds of the development teams. It is becoming clear the future is social media plus finance. Thus, the task is upon those on Hive to ensure that decentralized finance (DeFi) is what is utilized.
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