Over the last year, I am very impressed at the progress that Steem is making. We are seeing development taking place that is laying the foundation for a future that is primed to be very exciting. It is part of a larger shift that is going to radically alter society.
Web 3.0 is a paradigm shift that is going to affect every area of life. It is something that many believe is far into the future yet the pace of things is making it appear that is it closer than many realize. This means that individuals are going to have to get active very quickly if they do not want to get left behind.
The same holds true for countries which are also facing a time crunch. Those nations, such as the United States, who are intent on holding the status quo and protecting the existing institutions are going to wake up one day only to realize the mistake that was made. Imagine the position a country was put in if it lagged Internet adoption.
How fast is this going to arise?
According to Gartner, we could be looking at this becoming a reality by the middle of this decade.
The potential of blockchain is enormous as it will be a foundational protocol for the next generation Web 3.0 which we expect will overtake the current Web 2.0 in 5-7 years.
While this could sound a bit far-fetched, it is important to know that smartphone adoption in the United States reached 70% in under 7 years. With the way people look at technology today, it is highly possible to see rapid penetration rates.
Contribution Replacing Ownership
There are three facets to Web 3.0 that are important to mention. These are the primary areas where we will see radical shifts taking place.
A) cryptoassets replacing shares of stock
B) contributors rather than employees
C) decentralized collaboration rather than centralized ownership.
In short, we are going to see contribution replacing ownership. Those who are involved with a platform will be the ones who gain the stake.
We are already seeing this on Steem along with a host of other blockchains.
Early on, I got involved with Steemleo. Over that time, through my posting along with buying of the tokens, I accumulated a pretty good stake. Contrast that with the NATURAL tribe where my stake is next to nothing. Since I have not contributed, I am not one of the major stake holders.
Ultimately, it all comes down to where I choose to focus my attention. In the world of crypto-economics, that is where my stake is derived from.
A New Business Structure
This is creating an entirely new business and economic structure.
Over the past 150 years, the corporation generated tens of trillions of dollars in wealth. This was done through the development of a market where corporations could be traded. The stock markets around the world saw rapid acceleration over the past 3 decades as technology made it easier and less expensive to buy stocks.
We should see a repeat of this same scenario. Token markets, i.e. exchanges, have the opportunity to generate tens of trillions of dollars in wealth. For the first time in history, someone with an idea can instantly create a market for it. With tokenization, an economy crops up overnight. For those ideas that get embraced by large numbers of people, exchanges will likely reward them with high valuations.
I surmise in 20 years, the idea of "ownership" will see foreign. There are too many advantages being proposed under this new system. Of course, we are going to have to wait until we see what business models prove successful. Just like the early days of the corporation, there is a lot of experimentation that is required.
Nevertheless, the ability to create a regulated market via blockchain opens up new opportunities. The collaborative aspect is enhanced since trust is automatically provided. It is the original coding that carries out the consensus of the system. Thus, anyone who contributes to said consensus is rewarded.
At present, about a third of our economy is dedicated to trust building mechanisms. The entire financial industry is built around entities that ensure money goes from point A to point B. Of course, there is a cut taken out of it for that service.
Steem and other blockchains do not have entities that serve in that capacity. Since the blockchain does it, a great deal of capital is freed up for other ventures. This is where innovation can explode. When entities, or individuals, are able to access the money required to follow their ideas, this establishes a mecca where billion dollar ideas can come from anywhere.
With the pace towards Web 3.0 accelerating, those who are active on Steem are going to be well positioned for it. Mark my words, we are going to wake up one day and a lot of people will be caught off guard. They will not realize that the entire business and economic model changed.
We are moving from a system based upon ownership to one based upon stake.
This is a fundamental component to Web 3.0.
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