An interview by Bitcoin.com News (BCN) with Joonathan Lintala, the co-founder and CEO of Phaver triggered me to reflect on how Web 3.0 empowers its users. As we all know, politicians love to talk about “empowerment” particularly during election campaigns. But when it comes to details, we are at a loss if voters understand what the political class meant by giving such subtle promises.
In the above interview, Lintala argues that the use of Web 3.0 social media opens the door to returning power to its users. Unfortunately, he identifies the slow progress of the technology behind Web 3.0 that prevents mainstream adoption and thereby prevents the realization of such empowerment. He believes that current protocols are not ready yet for scaling to support the entry of millions of users.
Nevertheless, Lintala anticipates that collaboration among Web 3.0 companies will help overcome such an obstacle shortly. Reading this section, I am wondering about the current status of Hive particularly with the experimentation going on with LeoFinance. Are we on Hive nearer to this goal of empowerment in comparison to other Web 3.0 networks out there?
Examples and Basic Characteristics of Web 3.0 Projects
Among the numerous topics that Lintala touched on, I just want to focus on three of them that I think are not just mere talk when it comes to issues of empowerment. Of course, Web 3.0 has many features that are not easy to understand. However, despite the complexity, I just want to reiterate these three familiar concepts among crypto enthusiasts, which in my perspective are concrete ways Web 3.0 can return power to its users. But before we do that, let me share my basic understanding of the character of Web 3.0. To assist us in this goal, allow me to utilize three tools that include Mr. Google, chatgpt, and LeoGlossary.
Asking Mr. Google to give me examples of Web 3.0 led me to this link that defines Web 3.0 as “an evasive collection of ideas on how the future web should appear and function.” The writer then enumerates examples of Web 3.0 technologies that include blockchain, cryptocurrency, ICOs, NFTs, dApps, Smart Contracts, DLT, and DAOs. Even AI, Machine Learning, and Metaverse have been included.
For those who have been in the crypto space for quite some time, the above terms are common. However, for those who are newcomers, their heads will surely spin understanding the intricacies and details of the above technologies.
Turning to chatgpt to inform us about Web 3.0 projects, this AI mentioned seven names that are familiar and three completely new names, at least as far as myself is concerned. The familiar names include Ethereum, Polkadot, Brave browser, DAOS, Tezos, and Chainlink. The new names are IPFS, Filecoin, and Mattereum. Of course, many on Hive would disagree with classifying Ethereum as a Web 3.0 project. As for Brave browser, I would also dispute its inclusion due to its KYC requirement, though one can decide not to undergo such a process. However, claiming your BAT would be a challenge without verifying your account. As for DAOs, crypto enthusiasts would have no problem with both Google and chatgpt classifying it under Web 3.0.
Shifting to LeoGlossary, to me this is the most reliable source on the web to have a basic understanding of what Web 3.0 is. Here we find an insider’s point of view describing Hive as “a Web.3.0 ecosystem.” Reading the information provided by LeoGlossary, a two-year-old Hiver cannot help but be impressed with an exhaustive description of Hive. The glossary covers a load of information that might overwhelm anyone who wants to have a basic understanding of Web 3.0. Nevertheless, even such a comprehensive explanation does not capture the entirety of the character of Hive as a cutting-edge technology and as a blockchain community. As mentioned earlier, among the numerous qualities of Hive, three of them deserve attention and provide tangible ways to empower people.
Issues of Control
The key word here is decentralization. In what way does the idea of decentralization in Web 3.0 empower its users?
Decentralization in Web 3.0 empowers people in several significant ways:
One is the removal of intermediaries. I read this first two years ago from a whitepaper by another blockchain network. Decentralization means the elimination of intermediaries like banks, Web 2.0 social media platforms, or any centralized entity that interferes with our direct contact with a fellow user whether in the form of financial transactions or content creation.
Two, true decentralization is the only antidote to censorship. Regaining this power is especially significant in the kind of political environment that we are living in right now where those sitting in centers of power are trying their best to silence you whether it’s in media, in the academe, or the political arena.
Three, the idea of government by the people or by the community. I love this. This means that the voices of the users are listened to in whatever direction any specific project or proposal is heading. Others describe this as the alignment between the interest of the platform and its users. This power seems strange for we have been used to being taken for granted and our voices are not taken seriously. This tells us that our decisions matter and that the interests of the majority are properly represented.
One last thing, access to decentralized applications or DApps. Of course, we could add more, but for the sake of memory recall, let us just confine ourselves to four. Imagine the power of such access that no matter where you are in this part of the world provided that you have access to the Internet, you can take advantage of someone’s innovation without the need to ask for permission from any centralized authority or gatekeeper.
Monetization
When it comes to monetization, cryptocurrency plays a significant role. Imagine that by simply playing a game or doing any physical activity such as singing, painting, exercising, climbing a mountain, cooking, and others, you can receive an incentive in terms of layer two tokens. Where can you find such an opportunity except in Web 3.0?
On Hive, there are so many ways to earn and numerous articles have been written about this monetization aspect of Web 3.0 platforms. And one of them is this article written by @taskmaster4450.
Among the many financial insights I learned, I consider the idea of Hive as a compounding machine via layer two tokens the most powerful one. This is closely related to micro-investment and micro-earnings. That is why since the day I understood this idea, I started to accumulate selected tokens as part of my preparation for my retirement years. Of course, the growth is slow particularly if you don’t have the capital to start with. Nevertheless, the most important thing is to capture the vision, hold on to that vision, and do your regular Hive activity no matter what.
Both the ideas of decentralization and monetization are best captured by the concept of Decentralized Finance (DeFi) for this platform offers opportunities in terms of trading tokens and earning interests by providing liquidity.
Staking and yield farming too are aspects of monetization that I only find in Web 3.0 like Hive. By locking up your digital assets for a certain period, you can earn rewards or interests as your passive income.
Lastly, the concepts of tokenization and financial inclusion. I love this idea that almost if not all physical assets can be tokenized. I still don’t grasp the full implication of this but I love it. As for financial inclusion, this is the exact opposite of the existing system, in which only a few can have access to financial resources. With Web 3.0, the door has been opened to anyone for wealth accumulation.
Overall, monetization in Web 3.0 shifts the financial power away from the political class, and central and commercial banks back to individuals.
Ownership
In the digital space, you own your data and it can be a source of wealth. I see that as a “treasure chest” that needs to be unlocked to maximize its potential for wealth growth and creation.
In the traditional world, most people don’t own anything. Ownership of land, house, cars, stocks, and paper assets are a privilege that only a few can have. This is not the case in the Web 3.0 world. Anyone can own digital assets. The first time I saw a gaming card more expensive than a physical house, I was shocked. I could not comprehend the value of such a digital asset. I thought it was a Ponzi scheme. Only later I realized that I didn’t understand how the digital economy works.
Imagine owning NFTs, cryptocurrencies, and virtual lands and saying that to your friends who know little about the digital economy, I won’t be surprised if he or she will consider you a fool for wasting your time on such intangible assets.
In short, the concept of ownership in Web 3.0 empowers you as a user by giving you rights over digital assets that were previously impossible both in the physical world and in Web 2.0 platforms.
In closing, all the above three ways are interrelated and there is overlapping between them. Moreover, Hive as a Web 3.0 ecosystem can empower you as a user in more ways than I identify here. However, it’s better to start with these three basic Web 3.0 concepts, understand them, and use them for your financial growth and empowerment.