Decentralization: Real-world crypto projects are revolutionizing global economics, says Serge Gianchandani.
Admittedly, it took longer than most of us expected. We are now 14 years past the launch of Bitcoin, the “genesis” cryptocurrency. Its main use-case is replacing the fiat dollar and beating fractional reserve banking (i.e. banks).
While originally criticized by many as a Ponzi scheme or a passing fad, the statistics do not lie. Crypto use has exploded. Usage of Non-Fungible Tokens (NFTs), a modern type of cryptocurrency used to denote ownership of a specific digital asset, has also risen drastically.
Tokens are accepted for payment in increasing numbers of outlets and with many different uses. But despite this explosive growth, it is in industry-specific tokens where the real revolution lies. These are tokens tied in with a real-life problem. They have the potential to completely change our behaviors and our approach to economics in daily life.
Why do real-world crypto projects matter?
The issues with the current global infrastructure are obvious to see. This could be summed up as ‘centralization.’ The banking system is heavily centralized, meaning small numbers of people have the most capital and the most influence. This influence extends to areas like law and politics where key players dictate global policy.
But the issues go beyond finance. Facebook is known for actively working with a political firm (Cambridge Analytica) and passing on sensitive user information to them. Google owns YouTube and has immense power to influence what comes up in user searches and to simply ban content vaguely deemed as “inappropriate” or “hate speech,” very loose and nebulous terms.
Pfizer, a company responsible for making vaccines for the public, pleaded guilty of a felony violation for misbranding Bextra with the intent to defraud or mislead. This was (at the time) the largest case in medical fraud history with a settlement of $2.3 billion.
Despite the fact that the company willfully lied about its products, affecting over 10,000 workers, no actors went to jail – executives are almost never named in cases. And even when they are handing over millions, statements from Big Pharma will deny any wrongdoing, as Pfizer did.
Even charity suffers from centralization. Multiple Oxfam executives have been jailed for pocketing funds. On average, only about 30% of donations are sent towards the actual cause. Some charities spend as little as 3%.
These are all specific industries that need to be changed with real-world crypto projects. Blockchains have the power to democratize all centralized industries (including those mentioned above). Ultimately, this raises the quality of life for all global citizens financially, socially, and medically.
Paradigm shifting Web3 projects for global equality
Some projects have very futuristic use-cases. A little like Apple which kind of created its own market for tablets and high-resolution computers.
Metamall is doing something similar by offering a spaceship-themed mall for owners to invest in. Metamall is at the intersection of a number of interesting industries, but it certainly opens the doors in terms of retail and real estate investment. It allows for people to own their own property in the Metaverse. It further allows them to develop this property using their own VR designers.
Real estate owners can purchase property, or ‘space,’ in the form of NFTs. There are 5,714 ‘units’ or ‘spaces’ for sale. Store owners purchase these spaces.
They can then sell their own NFT assets within their retail outlet within the metaverse. They can also sublet/lease their property to other retailers and make a profit through third-party advertising, or by simply staking the native MALL token.
The retail property market is currently dominated by big corporations, and only those with huge bank accounts can lease property in major centers. Moreover, most retail outlets have been ruined due to the pandemic, though they were declining even before this occurred. Metamall can blow the market wide open so people can get in on prime real estate early and cheaply.
It also provides people with a completely new experience through its VR technology aimed at retailers, not just store owners. This is especially relevant as it can be done from the comfort of your own home, at a time of extensive geo-restrictions due to the pandemic.
Decentralization: Other disruptive use cases
Web3 blockchain projects have the potential to disrupt a variety of industries. The charity sector, with its many ethical and technical issues, is a prime candidate. The benefits of being able to send funds directly, at a low-cost, cross-borders, cannot be underestimated. Instead of about 3% to 30% of user funds reaching the destination, 99% of funds would reach the destination.
The main issue lies in the recipient in these areas having access to technology and crypto. Blockchain-based charity organizations like GiveTrack, AidCoin, Pinkcoin, and Electroneum are working on bringing equality back to charity. Transactions are easily recorded and immutable on blockchains – no executives can steal donations.
Social media is a particular area of interest with its potential to influence public opinion. However, it could take a while to shift as these companies are well entrenched. There is no viable alternative to sites like Facebook and YouTube at present, though many content creators have voiced concerns about censorship.
GetZion, Dtube, BitTube, and Minds could be workable alternatives, though they have a long way to go. Parler, a social media platform promoting free speech, was shut down after Amazon effectively confiscated its servers. It was also the number one Apple app before they were banned.
Decentralization: The future is easy to predict
Based on current trends, it’s easy to see where the world is heading. The support for decentralized technology is massive and increasing, while public faith in mainstream narratives is rapidly declining.
Practically all industries – social media, banking, retail, stock investment, charity, and more –are centralized and power is held in the hands of the few. Many crypto projects are actively working on creatively decentralizing these industries. This means you retain ownership of your funds and your sensitive data.
Moreover, the capability to earn profit without paying third parties is far more lucrative with decentralized finance. Even career opportunities are more lucrative with crypto-based projects as opposed to traditional professional roles.
The world as we know it is being broken up, decentralized, and redistributed to those it belongs to – you, me, and all global citizens, in equal proportions.
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