The True Potential Of Web3 And What Hive Should Do

in LeoFinance4 months ago

What comes to mind when we mentioned the idea of "Web3"? For most, this would be cryptocurrency.

There is no doubt the focus upon markets is the base case for most people. They concentrate on the money, believing that is the extend of it. To them, Web3 is "new money".

Of course, there is the next layer, those who believe Web3 is the tokenization of social media. Here is where Hive stands out. It is an ecosystem that is different from Twitter of Facebook. We have a wallet system incorporated along with new governance mechanisms.

To them, this is the extend of Web3.

However, that is scratching the surface. In fact, it really does not convey what Web3 actually is.

In this article, we will discuss what that entails and how the most basic of concepts are overlooked.

Source

Decentralized Internet

If we want to truly understand what Web3 is, then we have to start with the concept of the decentralized Internet.

Here is where the true foundation resides.

Web3 is the taking of information, making is accessible in a manner where it is unowned by any single entity. It is turning the traditional centralized server system on its ear.

At present, whenever we access most anything online, there is a company behind it. Someone is in control of the data. The URL is tied directly to that information, creating a situation where both the front and back ends are controlled by a single entity.

Take Instagram as an example. This is part of the Meta family of products. Whatever is posted there is housed on servers controlled by that company. Any changes that it wants to make are at it sole discretion.

We all know the flaws in this kind of system.

Unfortunately, it is not just social media. It exacts to everything. Banks, brokerage houses, Wikipedia, flight information, or movie ratings. All are under the control of a particular entity.

For this reason, trust comes from that same source. How do you know the information in your bank account is correct? What makes you think the flight information is accurate?

To believe this means you trust the companies that are providing it. For the most part, this is not a problem. There are, however, times when we see issues arise.

Web3: Decentralizing Information

How do you know the food you buy is organic?

This is something we take for granted. The question is valid to the degree we do not really know. Our trust enters by believing the company that provides the food.

The same is true for grass fed cows. Just because we are told that is the case, there is a chance that we could have the beef from other cows mixed in.

To achieve this, transparency is required. Here is where blockchain enters the picture. Of course, like cryptocurrency, this is being hijacked.

Blockchain that are set up by individual companies could have some utility. The problem arises when we look into control. If the data is controlled by a single entity, then what are we dealing with? Ultimately, it is the same problem.

Nevertheless, we do see how blockchain can advance the cause with issues such as supply chain. It could also harken a new era for public data, such as that which is filed with different government agencies.

As we can see, this is much larger than just money.

Hive's Role

If we start with the concept of decentralizing the Internet, what does that mean?

It stems from the idea of decentralizing data. This means that whatever we are viewing online, a transformation is required from a centralized, controlled database to one that is housed on something public. Naturally, this is going to require encryption for much of the data but that can be addressed in the future.

For now, there is enough public data out there.

Hive has an advantage in that it is a decentralized, text database. As we keep stating, this is crucial. Originally utilized for blogs, this also have unrealized potential. Again, most focus upon the monetary aspect of things, completely ignoring the value of a permission-less, decentralized text database.

If you believe that Wikipedia is the source of the world's information, then we are in trouble. Everything you see is controlled by the entity behind it. That means if that is shut down for any reason, the data disappears.

Certainly, we could scrape the archived web and perhaps pull the information back. However, we can see how access to the database would be hindered.

This is such a simple yet overlooked concept. What type of data is being written to Hive on a daily basis? Certainly we have social media activities, which is important to decentralize. However, what about the nuts and bolts of our Internet? Is any of it showing up on Hive?

In fact, is any of it showing up anywhere on Web3? To me, this is why the process is hindered. The term Web3 is valid yet carries little meaning to most. As stated earlier, it conjures up the idea of cryptocurrency, rug pulls, and mooning. Nowhere in the equation is there any conversation about the decentralization of the Internet and how we need to construct decentralized databases.

If data is the new oil, just like with the Black Gold, the world is beholden to a number of centralized entities that control it all.

Think about that for a second.

Web3 is the solution. Of course, we have to start with the mindset of bringing important, public data to the blockchain so it is out of the hands of a few individual companies.


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well said friend, many undermine the value of data and centralized systems have been taking advantage of the process. Data indeed is the new oil and every user needs to value this. This value can be created in the web 3 platforms.

It is a big part of our future evolution and that of the internet. We cannot have some of the technologies being discussed in the hands of corporations. That is giving the psychopaths too much control.

i love how you tied Hive in as the solution ;) it really is far advanced. Think that as long as we remain active the future will be bright for Hive

We need to keep building, that is for sure. We cannot ease up at all. To do so means we will get soft.

I think that many folks miss the point of Web3 because like the old saying goes:

Some folks are so poor all they have is money.

Which also means it is all they consider, ponder, think about and pursue.

Very true. We have to move ahead for something bigger than money. The most successful, those with super duper money, they do not do it for the money.

How do you know the food you buy is organic?

☝️ This made me stop to comment here.
It would give a post but I will resume it in your comment section.

The big question is not if it is organic and how we can trust in that.
Yeah I'm getting old lol
The big question is, since it seems that more and more people want to be, web influencer, podcaster, community manager, youtuber, builder (whatever it means..) and 1k of more activities related with online.
Who will make the food? Organic or not.

Optimus. LOL

The transformer? Great 😁

Web3 is the future of social media.
The concept of decentralization where everyone has a say in what is being done with their data makes web3 stand out.
Great post and really informative 👍

So many problems or potential problems it seems Web3 is facing, I must say hive has the solution to most if not all and that's to show the great future hive has to offer to the world of Web3

Many interesting things, it reminded me of a podcast about Venezuelan cheese. Many say it's very good, but what's inside it that makes it so). Not is very healthy hahahaha, but delicious.

It is a comparative. 😁

Transparency is vital and is strengthened by audits. It is what makes everything robust.

The Web3 is interesting because of that same transparency. Speaking of food, it would even be interesting to see a Foodtech startup here. 🧐

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