What We Have Seen
Ever since Steemit launched back in 2016 we have had a taste of what it means to have an “account” that we actually own. An account that exists on the blockchain and is in essence, held privately. This was later met by the introduction of DeFi, which is in essence based upon Web 3 technology. What we have already seen is extremely impressive, especially in such a short amount of time. How will Web 3 operate in the years tome come? This is exactly what we are all so eager to see! All technology advances significantly from its point of “origin”. It is this fact that encourages future development and advancement that we perhaps are unable to conceive at this stage. This makes this whole “idea” and space so very exciting.
The Sovereign Individual
What we are in fact witnessing is a shift in society that enables a person to enjoy a “level” of sovereignty. This is becoming extremely attractive as time passes. Many people are active and invested in blockchains such as Hive. Essentially, Hive enables a person to hold their own “money”, as well as account, and in some instances, a business. Yes, for many Hive is a side hustle and even business to some extent. A business that is not tied to any location, building, or any of the other criteria that so often affect legacy-styled businesses. When you consider the immediate and most beneficial aspect of this dynamic you are left with a “mental impression” of independence. This is exactly what Web 3 aims to provide, or what we expect to experience in a web 3-based world. Financial censorship is a terrible idea and often comes at great cost to innocent and unsuspecting individuals. When we consider the frequency and severity of bank runs all over the world, we are able to sympathize with innocent victims across the world. China is of course the focus of attention currently, and one can only speculate as to how far this can actually go.
When banks refuse withdrawals to clients we are actually witnessing a very “dark” and evil outworking. The same can be said of all the “casualties” within the Crypto lending sector. However, it is not of the same magnitude. Banks use the “selling point” that your funds are never at risk and are always readily accessible. In regards to lending services, it is somewhat different. Risk is implied and investors are often made aware of these risks, at least within the community. What essentially happens in an event such as this is a transfer of responsibility. The bank makes mistakes and then faces liquidity issues for whatever reason. The consequences of those mistakes are then transferred to the innocent and compliant client. This is disgusting by any means of comparison. Why is it so dark? Well, for many caught up in a situation like this, their funds to survive have simply been taken away through no fault of their own doing. A “world” where the powerful have a license to fail and then simply transfer those consequences to others. If I were a client of such a bank, that would be their last performance. How people can remain faithful to a service that treats its customers in such a manner is beyond me.
Benefit & Responsibility
A Web 3 world enables people to hold and “operate” their own money and assets. This is ultimately one of the biggest driving forces behind the growth and adoption of digital assets. Physical assets can be seized unethically. However, that which cannot be seen cannot be touched, provided your storage place in the “invisible world” is your own. This is a massive catalyst for the adoption of digital assets, as well as Web 3! At this point in time, this is the purest form of “true ownership” that exists, which is why so many are advocating for a Web 3-based world. This simultaneously encourages development and growth within the sector. Along with this “privilege” comes responsibility. This is something that cannot be avoided and is why so many have not adopted this idea. Laziness encourages many to simply entrust their assets to an exchange or custodial service. Many are also afraid of losing their private keys and subsequently, access to their capital.
What Web 3 offers should be attractive to every human being living on this planet. However, society will have to up its game in relation to taking responsibility and actually “owning” their wealth in real terms. This process is likely to be accelerated by further casualties within TradFi and the banking sector. Countries like Lebanon no longer have any trust or loyalty toward traditional banking entities. As this continues to accelerate, so will the adoption of Web 3, in my opinion. You cannot deny the “shift” that is currently taking place. As with every meaningful advancement, early adopters reap the rewards.
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.
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