Crypto flows in cycles and I don't just mean crypto prices. The actual industry narratives flow in various cycles. For example, the launch of Ethereum created the 2017 ICO hype mania. Then we saw the 2020 NFT narrative and the DeFi narrative. This ultimately wrapped up into the Web3 narrative being born.
In my opinion, Web3 is the "final narrative". There will always be others, but I believe that Web3 is broad enough, understandable enough and catchy enough to be the wrap-up term we use to label the cycles of past, present and future.
Web3 can mean a lot of different things. To me, it encompasses the major ideas of crypto:
- Utilizing blockchain
- At least some aspects of decentralization (spectrum of decentralization, as I always like to say)
- Tokenization of any kind
- GameFi / Play-to-Earn
Web3 = all of these things and more.
Mass Adoption for Web3 | The Next (and Final?) Crypto Cycle
I believe that mass adoption for Web3 is around the corner. I know a lot of people say that quite frequently "crypto mass adoption is coming!" is always something you hear in this space. Especially when prices start to go up.
There are more layers to peel on this onion. We have seen some major breakthroughs in this industry over the past few years that tell me that we are on the verge of onboarding millions of people to this industry and soon ™️, billions.
I was just reading up on EIP-4337 on Ethereum. This proposal allows account abstraction on Ethereum.
Essentially, this mans that accounts can be utilized in the "real-world" while still having a tie to the blockchain:
I'll write another post at some point diving into the technical details of how this works but imagine that simple mobile apps / web apps will now be able to bundle activities and push them to the blockchain for their users.
Lite Accounts on Hive
We (@leofinance) actually built a somewhat similar abstraction protocol. You'll see it go live with the newest version of LeoInfra soon, but you can see the early Alpha version of it live on the old UI (https://leofinance.io). This allows users to leverage their Web2 accounts to control a Web3 Hive account.
Essentially, we've opened up the access to Web3 without forcing people to learn about Private Keys and all the blockchain jargon that accompanies it out of the gate.
This is a key milestone for mass adoption: easy af onboarding.
You should be able to onboard a new user with 0 explanation of how anything works and you should be able to do it in under 30 seconds.
That's what is required. That is the BARE MINIMUM to play the game.
Hive offers the most diverse Web3 ecosystem on the planet. I'm not just saying that out of a major bias to building stuff here and having been on this chain for so long.
I'm not a Hive maxi. I use other blockchains all the time. I believe in other blockchains and the value that they bring to the table.
I think that gives me some more credibility when I talk about Hive. I'm not talking about it from a hopium standpoint. I'm talking about it as someone who uses it and builds on it on a daily basis while simultaneously using and building on other blockchains like Ethereum, BSC, Polygon, Bitcoin on a daily basis as well.
Hive is powerful but there is a massive hurdle to jump over when it comes to onboarding. @leofinance is solving that with https://alpha.leofinance.io... when it gets paired with our newest version of LeoInfra onboarding with Web2 accounts, I think it will blow your mind and onboard tens of thousands of users per month in the not-so-distant future.
Why Does Web3 Adoption Matter?
Always drive down to the bare bones of a question. We're talking about Web3 adoption and we all have a firm belief in the future of crypto... but why should any of it matter to anyone else?
Web3 brings a whole new layer of experiences to the world. With Web3 you can still:
- Play video games you enjoy.. but have the added layer of tokenization
- Socialize on apps you enjoy.. but have the added layer of tokenization
- Collect and share art you enjoy.. but have the added layer of tokenization
- Create content and build a business.. but have the added layer of blockchain immutability
These things are important. From a technical standpoint, we can nerd out over them.
From a user standpoint, we can see a clearer picture: people are fed up.
People are fed up with corporations and governments stealing all the value from social media content for themselves. Tokenization solves this.
People are fed up with video game companies making billions from users buying skins meanwhile their account can get banned and they can lose it all. Tokenization solves this.
People are fed up with the art industry, shadiness, backroom deals and fraud... Tokenization solves this.
Web3 does a whole lot more than tokenization or "just put it on the blockchain"... but these are clearly the things that matter to me and are relevant to what I do.
If we take a step back and use the examples above, we can see the clearer picture of what the end user wants: the end user is fed up with everyone else having power except for the little guy. Web3 solves this.
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage & share micro and long-form content on the blockchain while earning cryptocurrency rewards.
Our mission is to democratize financial knowledge and access with Web3.
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Web3 & DeFi
Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:
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