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Decentralization: Real-world crypto projects are revolutionizing the global economy, says Serge Gianchandani.
Admittedly, this took longer than expected for most of us. We are now 14 years after the launch of Bitcoin, the “genesis” cryptocurrency. Its primary use case is to replace the fiat dollar and beat fractional reserve banking (i.e. banks).
Although originally criticized by many as a Ponzi scheme or a passing fad, the statistics don’t lie. The use of cryptography has exploded. The use of non-fungible tokens (NFTs), a modern type of cryptocurrency used to indicate ownership of a specific digital asset, has also increased significantly.
Tokens are being accepted for payment at a growing number of outlets and with many different uses. But despite this explosive growth, industry-specific tokens are where the real revolution lies. These are tokens related to a real problem. They have the potential to completely change our behavior and our approach to the economy on a daily basis.
Why are real-world crypto projects important?
The problems with the current global infrastructure are plain to see. This could be summed up as “centralization”. The banking system is highly centralized, which means that a small number of people have the most capital and the most influence. This influence extends to areas like law and politics where key players dictate global policy.
But the issues go beyond finance. Facebook is known to actively work with a political firm (Cambridge Analytica) and pass sensitive user information to them. Google owns YouTube and has immense power to influence what appears in user searches and to simply ban content loosely considered “inappropriate” or “hate speech”, very vague and nebulous terms.
Pfizer, a company responsible for manufacturing vaccines for the public, pleaded guilty to a criminal offense to mislabeling Bextra with intent to defraud or mislead. It was (at the time) the largest case in medical fraud history with a $2.3 billion settlement.
Despite the fact that the company deliberately lied about its products, affecting more than 10,000 workers, no actors were imprisoned – the leaders are almost never named in the cases. And even when they hand over millions, Big Pharma’s statements will deny any wrongdoing, as Pfizer did.
Even charity suffers from centralization. Several Oxfam leaders have been imprisoned for pocketing funds. On average, only about 30% of donations are sent to the real cause. Some charities spend as little as 3%.
These are all specific industries that need to be changed with actual crypto projects. Blockchains have the power to democratize all centralized industries (including those mentioned above). Ultimately, this improves the quality of life for all citizens of the world financially, socially and medically.
Web3 Paradigm Shift Projects for Global Equality
Some projects have very futuristic use cases. A bit like Apple, which has somehow created its own market for high-resolution tablets and computers.
Metamall does something similar by offering a spaceship-themed mall for owners to invest in. Metamall is at the intersection of a number of interesting industries, but it certainly opens doors in terms of retail and real estate investing. It allows people to own their own property in the metaverse. This further allows them to develop this property using their own VR designers.
Property owners can purchase property, or “space,” in the form of NFTs. There are 5,714 “units” or “spaces” for sale. Store owners buy these spaces.
They can then sell their own NFT assets within their outlet within the metaverse. They can also sublet/lease their property to other retailers and make a profit through third party advertising, or simply by staking the native MALL token.
The commercial real estate market is currently dominated by large corporations, and only those with huge bank accounts can rent property in major centers. Also, most retail outlets have been ruined due to the pandemic, even though they were in decline even before it happened. Metamall can explode the market so people can access prime real estate quickly and affordably.
It also gives people a whole new experience with its VR technology aimed at retailers, not just store owners. This is particularly relevant as it can be done from the comfort of your own home, at a time of extensive geo-restrictions due to the pandemic.
Decentralization: Other Disruptive Use Cases
Web3 blockchain projects have the potential to disrupt a variety of industries. The charitable sector, with its many ethical and technical issues, is a candidate of choice. The advantages of being able to send funds directly, at a lower cost, abroad, cannot be underestimated. Instead of around 3-30% of user funds reaching the destination, 99% of the funds would reach the destination.
The main problem is that the recipient in these areas has access to technology and cryptography. Blockchain-based charities like GiveTrack, AidCoin, Pinkcoin, and Electroneum are working to bring equality back to charity. Transactions are easily recorded and immutable on blockchains – no framework can steal donations.
Social media is an area of particular interest with its potential to influence public opinion. However, this might take some time to change as these companies are well established. There are no viable alternatives to sites like Facebook and YouTube at present, although many content creators have expressed concerns about censorship.
GetZion, Dtube, BitTube, and Minds might be viable alternatives, although they still have a long way to go. Speak, a social media platform promoting free speech, was shut down after Amazon effectively confiscated its servers. It was also Apple’s number one app before they were banned.
Decentralization: The future is easy to predict
Based on current trends, it’s easy to see where the world is heading. Support for decentralized technology is massive and growing, while public trust in traditional narratives is rapidly declining.
Virtually every industry – social media, banking, retail, stock investing, charity, etc. – are centralized and power is in the hands of a few. Many crypto projects are actively working on the creative decentralization of these industries. This means that you retain ownership of your funds and sensitive data.
Additionally, the ability to earn profits without paying third parties is much more lucrative with decentralized finance. Even career opportunities are more lucrative with crypto-based projects as opposed to traditional professional roles.
The world as we know it is divided, decentralized and redistributed to those to whom it belongs – you, me and all citizens of the world, in equal proportions.
Do you have something to say about decentralization or something else? Write to us or join the discussion on our Telegram channel.
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