By Duc Hoang
The internet has revolutionized the way we communicate and interact with each other, but it has also led to a centralized system where tech giants have complete control over our data. The rise of Web 3 technology offers an alternative approach, empowering individuals with self-sovereignty. In this blog post, we will explore the concept of self-sovereignty and how Web 3 can help us take control of our online lives.
Self-sovereignty refers to the ability of an individual to have complete ownership and control over their data and identity. In the current centralized system, our personal data is controlled by tech giants, who can use it for their own benefit and even sell it to third parties. This lack of control over our data can lead to privacy breaches, identity theft, and manipulation.
Web 3 technology is built on a decentralized infrastructure, where the power is distributed among all users rather than centralized entities. This means that individuals can own and control their data, without the need for intermediaries like Facebook or Google. With Web 3, individuals can create their own digital identities, control their data, and decide who can access it.
One of the most exciting applications of Web 3 is decentralized social media. Platforms built on top of Blockchain layer 1 which help users complete control over their content and data and assets. They also incentivize content creators with cryptocurrency rewards, making it a more democratic and fair system.
Web 3 technology also offers an alternative to traditional finance with decentralized finance (DeFi). DeFi platforms like Uniswap and Aave allow individuals to borrow, lend, and trade cryptocurrencies without the need for intermediaries like banks. This gives individuals more control over their financial assets and reduces the risk of censorship.
Web 3 also offers improved privacy and security features. With decentralized storage solutions like IPFS and Filecoin, individuals can store their data on a distributed network, making it less vulnerable to hacks and data breaches. Web 3 also uses encryption and smart contracts, ensuring that personal data is only accessible to those with permission.
While Web 3 offers an exciting alternative to the centralized system, there are still challenges and limitations. The technology is still in its early stages, and there are concerns about the scalability and usability of decentralized platforms.
Web 3 technology presents a new paradigm for the internet, empowering individuals with self-sovereignty and control over their data. Decentralized social media, finance, and storage solutions offer a more democratic and fair system, reducing the risks of censorship and manipulation. While there are still challenges and limitations, the potential benefits of Web 3 are too significant to ignore. As individuals, we have the power to shape the future of the internet, and Web 3 offers a promising path towards a more equitable and decentralized system. With the token incentives, any activities onchain need to be paid by the gas fees. As the network growing up, the demand for token usage and token ultilities which eventially growing up the token values and creating the network effect around the network. Imagine, you are the creaters, builders and early users of the platform, you get the rewards by staking your tokens into the networks, or selling/building things in the platform.
Once network are growing up, all our holding values growing up together with the network. This is the new paradigm to incentive the whole networks and win – win situation between creater, builders and early users
With this technology, you can store your assets, USDT, USDC, your investments, anything in the networks without concerning any banks, government, centralized platfarm which shutting down your accounts with any reason. . You can generate the wealth on the digital, store this, stake this and do what ever you want. This is the Self – Sovereignty.
Have you every wonder, you are the early users, creaters for facebook, you have created alot of blog posts while it is very small platform. What do you have after facebook reach trillion USD market cap? after 10 years?).
Their revenues, network effects are only poured in only few stake-holders as their business model only rewards those guys. Then, have look back from Etherium Networks, all early contrinutors , 3rd developers and users, creaters have awarded million USD after ETH only reach billion USD market cap.
More important, we are in early phase of this era which are alot of exciting, golden opportunity of investments. However, there are alot of frauds around this grey area. I do hope that we will equip with sufficient knowledge to distinguish with the real stuff trying building great things and fraud & scam trying to steal other people money.
For folks are still argueing about web 3? What do you have after all while you surfing the social media like tiktok and facebook? you are just their products and they get alot of revenues buy dumping ads into our heads.