What comes to mind when we mentioned the idea of "Web3"? For most, this would be cryptocurrency.
There is no doubt the focus upon markets is the base case for most people. They concentrate on the money, believing that is the extend of it. To them, Web3 is "new money".
Of course, there is the next layer, those who believe Web3 is the tokenization of social media. Here is where Hive stands out. It is an ecosystem that is different from Twitter of Facebook. We have a wallet system incorporated along with new governance mechanisms.
To them, this is the extend of Web3.
However, that is scratching the surface. In fact, it really does not convey what Web3 actually is.
In this article, we will discuss what that entails and how the most basic of concepts are overlooked.
Decentralized Internet
If we want to truly understand what Web3 is, then we have to start with the concept of the decentralized Internet.
Here is where the true foundation resides.
Web3 is the taking of information, making is accessible in a manner where it is unowned by any single entity. It is turning the traditional centralized server system on its ear.
At present, whenever we access most anything online, there is a company behind it. Someone is in control of the data. The URL is tied directly to that information, creating a situation where both the front and back ends are controlled by a single entity.
Take Instagram as an example. This is part of the Meta family of products. Whatever is posted there is housed on servers controlled by that company. Any changes that it wants to make are at it sole discretion.
We all know the flaws in this kind of system.
Unfortunately, it is not just social media. It exacts to everything. Banks, brokerage houses, Wikipedia, flight information, or movie ratings. All are under the control of a particular entity.
For this reason, trust comes from that same source. How do you know the information in your bank account is correct? What makes you think the flight information is accurate?
To believe this means you trust the companies that are providing it. For the most part, this is not a problem. There are, however, times when we see issues arise.
Web3: Decentralizing Information
How do you know the food you buy is organic?
This is something we take for granted. The question is valid to the degree we do not really know. Our trust enters by believing the company that provides the food.
The same is true for grass fed cows. Just because we are told that is the case, there is a chance that we could have the beef from other cows mixed in.
To achieve this, transparency is required. Here is where blockchain enters the picture. Of course, like cryptocurrency, this is being hijacked.
Blockchain that are set up by individual companies could have some utility. The problem arises when we look into control. If the data is controlled by a single entity, then what are we dealing with? Ultimately, it is the same problem.
Nevertheless, we do see how blockchain can advance the cause with issues such as supply chain. It could also harken a new era for public data, such as that which is filed with different government agencies.
As we can see, this is much larger than just money.
Hive's Role
If we start with the concept of decentralizing the Internet, what does that mean?
It stems from the idea of decentralizing data. This means that whatever we are viewing online, a transformation is required from a centralized, controlled database to one that is housed on something public. Naturally, this is going to require encryption for much of the data but that can be addressed in the future.
For now, there is enough public data out there.
Hive has an advantage in that it is a decentralized, text database. As we keep stating, this is crucial. Originally utilized for blogs, this also have unrealized potential. Again, most focus upon the monetary aspect of things, completely ignoring the value of a permission-less, decentralized text database.
If you believe that Wikipedia is the source of the world's information, then we are in trouble. Everything you see is controlled by the entity behind it. That means if that is shut down for any reason, the data disappears.
Certainly, we could scrape the archived web and perhaps pull the information back. However, we can see how access to the database would be hindered.
This is such a simple yet overlooked concept. What type of data is being written to Hive on a daily basis? Certainly we have social media activities, which is important to decentralize. However, what about the nuts and bolts of our Internet? Is any of it showing up on Hive?
In fact, is any of it showing up anywhere on Web3? To me, this is why the process is hindered. The term Web3 is valid yet carries little meaning to most. As stated earlier, it conjures up the idea of cryptocurrency, rug pulls, and mooning. Nowhere in the equation is there any conversation about the decentralization of the Internet and how we need to construct decentralized databases.
If data is the new oil, just like with the Black Gold, the world is beholden to a number of centralized entities that control it all.
Think about that for a second.
Web3 is the solution. Of course, we have to start with the mindset of bringing important, public data to the blockchain so it is out of the hands of a few individual companies.