Web 3.0 is a massive transition that is taking place. This is going to revolutionize how people interact and how economies are formed. It is the next phase of the Internet.
For this reason, the foundation that is being laid is very important. It is a process that is going to take some time. However, even in these early stages we can garner some nuggets of insight.
Hive is overlooked. There is no doubt about it. We are not on the radar of most people within cryptocurrency. That said, there is a major advantage that Hive is carrying that we do not see in other places.
This can be summed up as distribution or, more accurately, the distribution mechanism.
As we will see, this applies not only to the base layer.
What is wrong with the present financial system?
While there are many ways to answer this question, one of the major drawbacks is the fact it is an exclusionary system. People have to buy in meaning one requires resources to start. These excludes the major of the global population since they have little beyond the basic necessities.
Even in developed countries, a large section of the population has no real assets to speak of. The ability to buy stocks, bonds or commodities is out of their reach.
Unfortunately, this is fatal financially. Ownership of asset is a crucial element to getting ahead. Without that, one is on a hamster wheel, earning money and using it on bills. Unless one is in the upper income category, there is never enough.
This is the plight for much of the world.
Sadly, cryptocurrency is following the same path.
Bitcoin is touted by many as being the revolutionary answer to much of what ails the world. The problem with Bitcoin is that it is no different than the present system with regards to distribution.
How does one get bitcoin? There are two primary ways: engage in bitcoin mining or buy it.
We know the former is not within reach of most since the equipment costs tens of thousands of dollars. Then one has to factor the energy required to run such a rig. Even then, there are no guarantees of success. Nevertheless, at least someone in this situation is in the game.
Then there is option #2: buy it.
Here we are back to the same dilemma that most face with the present system.
When the majority of the world lacks the resources to buy this asset, how it is solving the problem?
In this regard, it is not. To make matters worse, bitcoin is fixed money which, historically, has always pooled. The Michael Saylors of the world can get involved since they have access to the money to enter the game.
Hive operates on a completely different framework.
Can one buy into Hive or the associated tokens? Of course. The key difference is one DOES NOT have to buy in. There is another option which requires no resources to get started.
The Proof-of-Brain mechanism allows for coins and tokens to be distributed as a reward for actions taken. Each day, pools dole have payouts based upon the structure for that project. This applies to layer 2 also.
Here is where we see inclusion. Unlike the present situation, much of the world can be included. People can show up with nothing and start their journey. This is the epitome of Web 3.0.
We now have a system that provides people with the foundation for more advanced financial services. It all starts with getting some resources. After that, one can engage in decentralized finance (DeFi) to further expand their opportunities.
Again, DeFi is not of use to most people if there are no resources to participate.
We often hear talk about banking the unbanked and creating a more inclusive system.
However, what good is a digital wallet if there is nothing to put in it? Even if the security around the contents is improved over many banks, if it is empty, that means little.
This is probably why Hive is making some progress in countries like Venezuela, Nigeria, and Ghana. These people thoroughly understand the value of the distribution mechanism.
Of course, this is overlooked by the project teams, mostly from the developed nations. In an area where $50 doesn't mean much, the idea of that being a month's wages is beyond them. In short, they don't even consider it.
We have many opportunities if the resources are already there. However, as those dwindle, so do the choices. When there are no resources, we know how many opportunities exist.
Zero.
Hive is starting to change that. Each time someone joins the ecosystem and is able to garner a few units of a particular token, that is the system in action.
Communities, games, and a host of different projects are being developed to provide a revenue stream to the users.
Without distribution, especially on a global scale, you have a system that is going to pool. We repeatedly see this throughout the world today. For most, the only distribution they get is exchanging their time for money. This is not a way to a sustainable future for most.
Billions engage in social media activities. By tying it to finance, we can see how this can alter the financial path for those people. This is something that Web 2.0 will not deliver.
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