The evolution from Web 2.0 to Web 3.0 (and with the advent of Blockchain) has triggered a paradigm shift in the digital space, particularly in three key dimensions-- Data, identity, and tokenization.
Decentralization of data and transactions thereof, powered by smart contracts, is the new fintech evolution. Data is the new gold. But decentralization of data is an imperative to ensure equity of data and its use/control. That is where Blockchain comes into the picture.
AI is the fiery energy now among the Web 3.0 enthusiasts, but we must take it with a pinch of salt, as AI is mostly premised on a centralized database; therefore, even though AI seems to be enticing, it is a double-edged sword now. If we do not decentralize data, we can not liberate AI from the clutch of centralized control; it will remain in the same vicious cycle. Becuase AI is contingent upon data. So, how we feed the data is more important than how we use it.
If decentralization is your first choice, then feeding blockchain-based data should be your objective.
I got an exposure to Web 3.0 for the first time in 2018. And my primary motivation at that time was to earn some money to survive, to complete my graduation. Hive fulfilled my requirements to a significant extent at that point in time. And I am grateful to this ecosystem for that.
But the true benefits I got are the intangibles-- connections, intellectual acumen, coming across some great authors, and learning the writing skills which helped me immensely in my academia & personality traits.
I will be honest to admit that I had a tendency to "unit of user", not "unit of owner". But a decentralized ecosystem can not be strengthened without a "unit of owner". Karl Marx's "theory of surplus value" is very relatable to this concept. If we dump the earnings (even though it happens to be for survival), we can not build that strength in "space & time". And Hive is a unique Blockchain that rewards for "unit of labour". So the labour value should at least be partially converted into stake value to create the providence of the future.
Our strength should have incremental denominations when it accounts for space and time. So, according to the "theory of surplus value", we continue to become a labour or "unit of user" if we do not build the stake ("unit of owner").
A decentralized ecosystem demands behavioral equity, which implies we should tend to build the stake that would give multifarious benefits down the line. And that will also discourage "circulation of elites". Here, it is not just about strengthening governance, but also about strengthening the individual prospects.
In gist, even though we have embraced Web 3.0, our behaviors have not translated in that tune, we have to revisit our Web 2.0 behavior and make necessary adjustments to make it adaptive and conducive to Web 3.0. When I say so, I am also criticizing myself.
Finally, I would say it is a beautiful journey. And I am loving it. It truly feels like an immutable digital home with absolute ownership.
Thank you.
This article has been published in response to the Weekly Prompt by
