Web 3, Decentralization & The World It Promotes
There Is No Perfect World
Despite the fact that there is no perfect world, or system, the benefits of a decentralized life are rather obvious. Whenever a select minority has control, corruption follows. Power corrupts, which is why the more hands that hold an “entity”, the less “damage” can be done. Distribute power to a handful of individuals and watch what happens. Distribute the same power to thousands, and you have a more moderate effect. Greed, personal agendas, and nepotism thrive in centralized entities and organizations. Decentralization however doesn’t solve all the problems, but it definitely helps.
Decentralization – A Work In Progress
True decentralization is most likely a dream that will never ever be realized. However, varying degrees of decentralization is possible, which encourages the pursuit of stronger decentralization. Ethereum is a good example of where the idea of decentralization is in place but succumbs to the pitfalls of typical legacy-styled centralized institutions. A decentralized protocol is only effective if everyone plays by an “unpublished rulebook”. Even a chain that is largely decentralized today, might not be tomorrow.
It’s a better alternative, but it’s not perfect, and never will be, in my opinion. There are no perfect systems or ideas. It’s a fallen world. However, what we have already experienced via Web 3 and DeFi thus far, has been extremely liberating. It has encouraged us to believe that we can have better versions of the apps and services we use each day.
What Makes Web 3 So Attractive?
Unless you are a Crypto enthusiast, you are probably wondering what makes Web 3 such a big deal. What’s wrong with Facebook, and other “everyday apps”? Firstly, companies like Facebook literally make “products” out of their users. Your activity and engagement are monetized for their benefit, and none of this is shared with you. Secondly, there is no privacy, and users have to part with personal information, in order to create an account. This is just in terms of social media. It becomes even more extensive when you begin looking at financially based applications. There are three very important benefits to a Web 3-based application.
Monetization
Privacy
No red tape
There are of course other benefits, such as being censorship resistant. This is not a given but is most often the case. Unfortunately, we have seen instances where certain DEXs and wallet providers have put restrictions on certain jurisdictions. This once again shows that even though it is a better model, it’s definitely not perfect.
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Final Thoughts
At the end of the day, though not perfect, it does put more power back into the hands of the users and communities that exist within these entities. It also promotes greater freedoms and seeks to empower inclusion, whereas the current models seek to position “barriers” in place that are inherently designed to benefit the model or entity in question. There are always risks to both sides of the coin. However, if you have made use of a Web 3 protocol, you are unlikely to opt for centralized services again. The user experience and benefits simply outrank the existing models. This is obviously my own opinion, and some may disagree. However, I would choose a Web 3 world any day!
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.
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