Home
News
- Blockchains could help gamification of economy thereby creating selfless mechanisms, promoting Altruism.
- Furthermore they can help protect the intellectual property of individuals.
- The Web 3 revolution through blockchains could help make the internet a safer place to be.
The soul of cryptocurrencies resides in blockchain technology, where it is used as a ledger system to record transactions in such ways that it cannot be altered, hacked, or overwrite the code for the same. Apart from using it as a ledger, the technology could empower various different tangents of our society and economy.
There exists a natural intersection by virtue between impact investing & Blockchain creators, investors, programmers, miners & businesses in the forte of the blockchain industry have visionary goals that could change the shape of our existence on the planet, leading to both profits & social good simultaneously.
While things are fairly new to the world, to grasp & understand the full potential offered by blockchains, experts argue that it can be used to solve various complex problems like corruption & wealth inequality.
Creating selfless mechanics of social structure & gamification of economy
Blockchains at best promote decentralization powered by anonymity, where it is expected to host more networks, created by anonymous users or groups to host the wide range of services that currently the Web 2.0 provides.
Apart from decentralization, it includes Gamification of the economy both as a simile & in the literal sense, where opportunities are increased for the world when people can earn through games & activities embedded through real life.
Jeremy Dela Rosa, The Founder & CEO of the nonprofit NFT platform plans on creating a Decentralized Autonomous Organisation (DAO) that rewards users based on a Proof-of-Good mechanism to unlock various rewards & upgrades in their virtual worlds
Safeguarding Intellectual property
Another significant utility behind blockchains is to empower researchers & artists to safeguard their intellectual property by converting them into tokens, like NFTs which also would later be used as a legal entity outdating the whole process of filing patents. Many predators with malicious intentions easily copy specific information or artwork for free, which later happens to be profiting from the same work.
Upgrading Data security
While the tech companies receive a lot of flack over data breaches, overreach & leaks, the Web 2.0 generation of the internet is owned by a handful of companies with not so transparent policies.
While the Web 3 will still consist of Ads, the user data will be decentralized & run predominantly on a single blockchain that rules out the idea of data leaks & overreach. Jonathan Padilla, founder of Snickerdoodle, a data security company based on blockchains, mentioned that the firm valued the sovereignty of data the most & is on a mission to redefine the social contract through blockchains.
While talking about income inequality, the firm believes that if it gets its models right, the blockchains can also have a private sector base Universal Basic Income (UBI) parallel to Andrew Yang’s concept.
In the end, the scope & combinations of blockchains are unlimited & could enable humanity to an entirely new era of the internet where users aren’t sold out as products & where anonymity, privacy & safety happen to be the utmost priority of its hosts while also providing features of decentralization & possibly a new ledgerised world.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
