Business changing is not novel. Over the centuries, we saw massive shifts in how things were done. We often categorize these changes as ushering in a "new age". For example, we had the Agrarian Age which then became industrial. Of course, this was followed up by the Information (Computer) Age, a time which evolved into the Internet Age.
Each transition radically altered society. It affected where we lived, how many children we had, the laws we wrote, and the governance models we operated under. All of this severely impacts each person on a daily basis.
Most of us are aware that we do not live like our great grandparents. They were from an era that is totally gone. Actually, many of the younger generations can claim they are not in the same world as their parents. This is most likely true.
We are seeing things change at an unprecedented rate. Basically, each generation is seeing a marked difference from the one before. The reality is that we are probably seeing that every half generation now.
Source
The Fall Of The Traditional Gatekeepers
This is a shift that took place over the last 20 years. Remember when broadcast television was the norm? This was followed up by the massive "cord cutting movement" where people decided to dump this service. Here we see a generational component in play: the Boomers still have cable television while the Millennials do not.
Not only is the service changing, the actually platforms are different. How many people get their video information from the likes of YouTube? We are now seeing this expand to TikTok. What is crucial here is those who are delivering the "news" are much different than 30 years ago.
Here we see a tremendous impact upon business. To start, a great deal of the money departed. Broadcast news is a high-cost, big revenue game. Anchors can be paid millions of dollars with advertising priced to reflect this. Of course, the idea is simply to get the ratings, so the companies keep coughing up the big bucks.
To see how the traditional model changed, consider the plight of Psy. This was the one who brought out the YouTube sensation Gangnam Style. Here was a video that was the first to get billions of views. It made YouTube millions in advertising and Psy probably took home 7 figures for it.
But notice how this sensation was created. Was there a massive marketing campaign? No. Did someone put together a program to enlist the aid of research groups and grass roots organizations? Still the same answer.
Instead, this video took off because a few people watched it. After that, they shared it with their friends which ended up setting off YouTube's algos. Once this happened, the video was suggested to more people and, as they say, the rest is history.
From this example, we can see how "luck" played a part on Psy's success. Sure, the talent is there while the effort was put in. However, the viral nature of what happened occurred outside the realms of any traditional business or marketing model. The fact this could target a global audience shows how different things are.
Yet, there is one group that did not benefit from this: the viewers.
Here is where we are seeing cryptocurrency radically alter the entire business world.
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Paying The Community
Many are perplexed how cryptocurrency can be sustainable. They look a the returns being paid and feel it is impossible to keep up. While that is the case for many individual projects, it is not for the overall.
What is missing, to start, is the fact that we are no longer dealing with scarcity. This might seem like an obvious point yet it does change the entire structure of business. Much of what we are accustomed to is a result of a system built upon scarcity. Few of us truly grasp the concept of abundance. When we do, then entire outlook instantly changes.
For example, what happens if we are dealing with abundant energy? How does that alter things? It is a proposition that gets the mind flowing. Certainly it takes us to another level altogether when we consider the increased output ability.
The digital world is the epitome of abundance. When we add in automation, we really see how all of business is changing again.
Going back to cryptocurrency, we are watching the traditional lines of separation being eliminated. The idea of a prosumer is a novel one. Here we see where the producer of content is also the consumer. This means there has to be a different incentive system.
Cryptocurrency is helping to generate that. In the Psy example, the viewers of the video did not get anything. Their efforts, even by licking the video, did nothing for them financially. This is no longer the case.
We can see how this is changing on a blockchain like Hive. Simply consuming and liking content provides monetary benefits depending upon one's stake.
With the elimination of the gatekeepers, there is more to spread around. Few realize how much is taken in by these entities simply for positioning themselves between buyer and seller. As they are removed, those revenues can be directed towards the users, who are now part of the community.
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The Internet Changed Everything
For those old enough, it is hard to dispute that life did not completely change due to the Internet. When we ponder the business that sprung up over the last few decades, along with those that disappeared, we can see how different things are.
Look at these names:
- Priceline
- Amazon
- Netflix
- PayPal
None of these are even 30 years old. Yet they are some of the largest companies in the world. We also know there are comparable Chinese versions of many of these such as Tencent and Alibaba.
Many feel it is "too good to be true". This is one's conditioning rearing its head. While we have to be prudent with what we do, seeing the bigger picture shows how a major transformation is underway.
Fortunes are made whenever there is a major transition. The great industrialists are now household names. While we can disagree about their modes of business, there is no doubt they were able to build huge empires (and enormous wealth). Of course, the concentration was in the hands of maybe a dozen people.
The Internet Age spread the enormous wealth over more people. We not only have the billionaires, but these companies also spawned countless millionaires. It is not only the founders who ended up with generational wealth. We see people like Eric Schmidt and Tim Cook worth billions, people who headed up the technology companies.
A final key point is how the Internet Age generated a lot more wealth than the Industrial. This means that we are going to see a repeat with the Cryptocurrency Age. The amount of money created will dwarf what we saw the last 30 years. Of course, through the tokenization process, we are going to see how it is spread to even more people. Millions are going to spring up all over the place.
And yes, we will see a number of billionaires cropping up.
This is going to change society completely. Here is where we see how massive fortunes are made. Lucky for everyone reading these words, we have the opportunity to involve ourselves with it.
Cryptocurrency is changing all of business. This means it will also end up altering society as a whole.
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The world changes so fast. How do we keep all the older generations updated? Do smart TVs have configuration profiles for different generations or how do they wrap all the new features without totally breaking the UX for those who consume mostly only the TV broadcasts? How do older generations receive money in the future, will voice assistants replace bank office staff?
I agree with you. Gap is growing fast between those who have access and use these new technologies, and those who do not. I do not speak about older generations only but also about people who live in poor countries where the main concern is to eat everyday. I would like to be convinced that Cryptocurrency age will give everyone a better life more or less equally and not large wealth to a few and crumbs to the majority.
I've understood that smart phones have quite long lifetime and resale value if the app service vendor does not cut the service. Androids seem to work long after the support from the vendor ends but I don't know how Apple deals with developers trying to push updated apps to older unsupported devices. I keep hearing that iPhone resale market is huge but I'm skeptical as I can't confirm.
Anyway I agree with you that this is an issue. Even if they could afford the tools, do they have the money to use them.
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The biggest advantage that is forming is that, once online, people can tap into economies outside their local area. That is one massive shift that will help the poorer areas.
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It is a tough question. The basic truth is the older generations are dying off. In the US, the Silent and Boomer generations are starting to decline in a massive way. This will only accelerate.
The key is that we are all tasked with becoming technically proficient to some degree. This is imperative as the world changes before our eyes.
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Yes, you're right. We are for sure better prepared to new technologies than the current old generations. So let's wait for some decades to see if this will be enough for the majority of us to follow continuous technological progress. I'm already 59. 😀
We are from the same era. It does not come easy to us but at least we wont totally shy away from it.
That is our advantage over previous generations.
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I guess you are right and the technically nonproficient will vanish in time. I guess I'm just lagging two decades behind with some weird futuristic gear, like Win2K with kernel mods somehow supporting USB3. This is weird :)
Well there is a big difference between know how things work and using them. One needs enough technical proficiency to use newer stuff that isnt totally refined.
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I think the proficiency threshold is being able to click buttons on a screen. Security hardware will handle the keys or centralized exchanges can provide services for those who can't store their wallets on their own. All the rest is pretty much the same online banking and shopping unless one wants to learn and opt in for advanced features.
Yes, true. Few even licked the video :P Sorry for picking that
I agree. It is not program to condition our mind away from the scarcity model. The model worked for many centuries. Even the concept of BTC is around the same scarcity concept with limited supply. It is tough for me to understand and get accustomed to the abundance economy. Unlimited internet, unlimited interaction and multiplying network effect are some of the variables that we were introduced recently. How do we utilize the shift in the concept is what will be interesting in the context of utility and social tokens. I am glad that I am taking part in this movement of disruption and innovation.
Think of this:
We now have basically unlimited information, video and music. There is more than we can consume in 10K lifetimes with more being produced each day. We can shop at near unlimited shops online. There are also countless ways (as well as people) to communicate with.
Now we are seeing money added to the list. There are 10K tokens listed on sites like Coingecko. But how many others are there really and what do they pertain to? This is how things keep expanding.
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Exactly, that's true. The key aspect of this expansion is the ownership and tokenization. Money is changing its purpose and drifting away from the centralized expansion that happened after the dollarization of the economy. I always consider tokenization the modernization of barter system. I know that's a coarse generalization. However, the tokens represent the value you have and the ownership is demonstrated with the tokens you can swap. Interesting times.
Hornestly I am really amaized with this write up,it actually opens what the feature is going to look like in few years to to come and I think the transformation we are experiencing with cryptos now is just a tip of what's ahead of us that most of us can't see.
What happens when there are tens of thousands of tokens representing all kinds of stuff that takes place online? That is the future we are moving towards.
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Yeah exactly
The internet truly creates abundance are we going to utilize it properly? Is it going to be something that a balance will be created to make sure that it isn’t wasted or under utilized? This is my worry
We are free to use the money how we see fit. The key will be to put it in projects that can help to advance things. Right now we are at the yield farming stage. At some point, we will have to fund businesses that expand into the physical world.
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I completely agree.
We are only at the beginning of the crypto era. Business models still have to emerge sharing value between DAO owners, consumers, providers etc.
Just as an example, a new DAO is being created in the Terra ecosystem which will sell wine ahead of time through NFTs.
NFT owners will pay ahead of time, will get specific content from wine producers as the NFT will give access to that, and also get a chunk of the yield gotten from putting the money to work at Anchor, a DeFi service giving 19,5% APR.
Wineries will get a small portion of the money ahead of time but will have direct access to those owning their wine represented NFT to offer them any other product/service and DAO owners will benefit from part of the yield as well DAO ownership and government.
Here we see, NFTs + DAO + Defi and profits usually taken mainly by the importer/dealer, now spread among DAO members and NFT owners. Things will get very interesting as the industry starts blending new innovative options yet to come
It is amazing to think of the creativity that is coming before us. With innovation, we can structure things however we want. This is the incredible shift that is taking place.
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this article is really great. I believe that the blockchain will distribute a lot of money that went to third parties to all users. It will also simplify many financial transactions or contracts… a new era is coming, and I really believe it will arrive in 2025
We have only started to innovate with smart contracts. It will be vastly different in a decade.
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I agree, Crypto is still in its early days and will have so much future ahead, the innovation of Crypto is much more than those companies you have listed and really amazing where it got them, but that would definitely change as soon as more people start and adapt or accept crypto which I believe we will see soon enough!
Another amazing writeup! !1UP
I think many are realising how much the Gatekeepers kept for themselves dominating most things and now that is being slowly eroded away. This is all good for anyone involved in crypto as you rightly say abundance will come eventually the more you stick with it.
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Look at the market caps of the gatekeepers and look at their quarterly (or yearly) profits. Then think of that funneled back to individual users.
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I am interested in seeing how the world works when we are living most of our lives in VR/AR. It looks like most of the existing companies would require quite a bit of change in order to fit the new digital world and those who fail to change would probably die off. Will NFTs be different from what they are today? Will Defi replace banks? I have no idea but there are probably going to be a lot of dead companies if they can't adapt.
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This world is changing so fast, from the time my husband started his computer programmer career in the 1980's until now. Sometimes things happen so fast you barley have time to figure out how or what to do.
I think as the tools and tech become more user friendly the easier it is for more people to adapt to these changes.
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Very nice written and informative.