Hive keeps churning along.
While there are some hiccups, each day, the network keeps processing blocks. The same is true for Ethereum. And Bitcoin. And Cardano. Heck, even TRON is plugging along.
Certainly, this is casting a wide net and there are major differences among the different chains in terms of trust. However, when we size it up against what is taking place, we can see how a major opportunity is arising.
Image by Ideogram
Collapse In Confidence
Trust in institutions is waning.
When we look at what is taking place, those involved with something like Hive see the importance of what we are dealing with.
This year, much of the global population is voting in elections. There were already a number of countries where fraud was asserted. It is likely a preview of what I believe we can expect with the United States later this year.
Looking at the ratings of the legacy media, along with surveys regarding trust, that has completely collapsed. In the United States, the numbers for the cable news outlets are in the toilet.
Hollywood films are bombing allover the place.
The rating of the U.S. President rival that of Congress, a level that is historically awful.
It has been decades since the bankers were trusted.
Mega-tech companies are, in many instances, proving themselves to be nothing more than arms of the government. This is being compounded as more powerful technologies start to role out.
All this is leading to calls for a breakdown of society. Whether that happens or not is outside the scope of this article. What we are focusing upon is the evident lack of trust that is taking place.
Of course, it is warranted. Many institutions now are threats to those they are suppose to serve. To use a financial phrase, counterparty risk is everywhere and people are starting to realize that.
This is what can set the stage for something different.
Web 3.0: A New System of Trust?
The major premise of Web 3.0 is to provide trust in a "trustless environment". This certainly sums up the times we appear to be living in.
What happens when you cannot trust your eyes?
Deep fakes due to advancements in generative AI is going to become a problem. This will simply add another reason to not trust what is being espoused. After all, how will someone be able to tell if something is true or not?
Web 3.0 could provide an answer.
The problem with much of what we are seeing is a lack of transparency. We often hear the phrase "hidden agenda" and we can apply it. Very little is as it appears.
In spite of this, people keep returning to the same institutions. Some of this is because there is no other alternative. To be realistic, one is going to have a tough time if not dealing with banks. It is almost impossible to operate in the developed world without those entities.
The same is true of government. It is very difficult for most to simply pick up and leave their present location. Many countries make it very difficult to leave their sphere of control. Even if one physically leaves, the citizenship is still tied to the original nation.
Web 3.0 and the network-state change this concept. However, we are a long way from anything viable being constructed in this realm.
That said, we can start to apply Web 3.0 to solving some of these problems.
We are seeing a host of initiatives seeking to provide alternatives. Hive, as an example, allows for immutable text storage. The blockchain is fully transparent, being accessible to anyone. Accounts cannot be closed or information deleted.
This might not sound like much but, keep in mind, judges in New York actually change court transcripts. That means that what is written as taking place in the case is potentially not accurate.
A Lack of options
The worst thing for humanity is a lack of options.
We are seeing many area of life forming where there are no viable options. People are choosing between bad and worse. This is true whether it is the news, political candidates, or mega technology platforms. The largest technology companies, by market capitalization are Microsoft, Apple, Amazon, NVIDIA, Google, and meta.
Which ones of those would you trust completely? Another question is how many do you deal with on a daily basis?
Also, left unchecked, do you think their influence will grow or wane over the coming years?
Web 3.0 has the potential to kick off the largest flywheel effect in the history of the world. This is not going to be one network, digital platform, or company. It is going to be the collective action touching most aspect of society.
Trust is a fragile thing and institutions have completely destroyed it. Bankers use to be an easy target, earning the hatred they generated. At this point, a case could be made they are not even the worst of the bunch anymore.
In other words, their thievery pales in comparison to what others are doing.
A lot is operating in the shadows. Even when the agenda is known, bet the ranch it is not to your benefit. Zuckerberg isn't real secretive about what he is doing. However, we can conclude that, if he is successful in what he wants to develop, it will not be to the benefit of those on the platform.
Can you image a world where most of your digital life (which includes finance, money, information, career, and entertainment) went through him?
He is just one who is pushing to amass more control.
Pushing Things Further Out
The key, as always, stems from some of the basics of Web 3.0.
When we look at the power of decentralization, open source, and immutability, we see how people suddenly are given resiliency. This is something that strikes at the heart of what we are witnessing.
Pushing things further out is the anti-thesis of centralization. When we keep moving the power center in that direction, it cannot be consolidated. From a structure standpoint, it is why hierarchies are preferred. Horizontal structure are impossible to control. Vertical is what allow a few at the top to maintain power. They simply get the people at the next level, who have less power but are more in number, to buy in and carry out the objectives. As this flows down, numbers grow yet power diminishes.
Web 3.0 needs to be the opposite.
It is why, if there is a network where an individual is the "face", we are not likely dealing with something that is fully resilient. Here we see a similar hierarchy, wrapped up in Web 3.0. This is part of human nature but something we much fight.
In the end, the institutions that are threatened by Web 3.0 are going to be the greatest allies. As they destroy confidence, people become open to other options.
Here is where the responsibility of Web 3.0 enters. It is up to those involved to provide those options.