With a lot of movement happening lately in the web3 space and decentralization being tossed around as if some grey area version of it could also be called decentralization I thought it important to go over how this all applies to the hive blockchain, how it currently works and how this space is most likely going to evolve in the next bull market.
What Is Decentralization
The true definition of decentralization is the transfer of control of an activity or organization to several local offices or authorities rather than one single one.
In the crypto world it means more though. It means token holders based on how many tokens they hold can cast votes on the direction of the chain.
The Levels
For myself I seriously don't believe a full decentralized option will ever become a thing. With fully decentralized there's no one person or entity giving direction and thus projects are all over the place as everyone throws around their own ideas. Now this could be fine for other things like blockchain itself and the core structure with proof of work and
Instead what seems to be working and fitting the best right now is the ability for the community to issue out projects they want to have being worked on and then vote on it. If it passes then it receives funding from a decentralized organization which then funds the projects and development time.
This method still gives the derealization feel but it opens it up to still having a structured release and tracking much like a normal business would operate.
The worst cases I've seen though are so called decentralized platforms that are simply just using the word an there's nothing decentralized about it at all. There's a central figurehead pulling all of the shots and the community has no pull in the choices and direction of the project. They often use and abuse their users to extract funds out of them or collect information much like a web2 platform currently does.
Anonymity
One of the key features about web3 and decentralization is going to come from people getting back their freedom to privacy. Currently web 2 platforms have collected a treasure trove of information on you which they use in algorithms and now AI to push more ads in your face and present that information to ad buyers.
Web3 and Hive I believe is the vision of what the next evolution of web3 will be. Applications built on top of the hive blockchain which is decentralized enough that it keeps each persons information secure and secret with no identity is attached to the account unless a person chooses to do so.
This hidden identity allows users to restore their right to privacy once again something that has been greatly taken away and abused by mega corporations and the government.
The next movement in this will be an ID or some type of tracker which would be set in a way to be full decentralized as well. It would collect data but not tie it to a person directly and thus ads and other systems could still operate in a very functional way.
From this that ad revenue and other revenue earned by the platform would be owned by all users thus giving them a share of the pie spreading the revenue out across many instead of directly into the hands of corporations.
Think about it this way and what a better world we would be in.
One of the worst culprits for collecting and selling users data is Facebook or otherwise now known as meta. In the 3rd quarter of 2023 Meta's total revenue was 34 billion dollars. Yes BILLION dollars by a single company. With 3.96 billion users world wide. Spread those funds over that population and it's rather small but it is at least something and creates a more equal playing field. However that shouldn't be the case as people investing time, money and resources into the success of the platform should in fact be rewarded more and we do see that taking shape today on things such as InLeo on the hive blockchain.
Time invest, quality content and engagement gets rewarded by the community. While investors who stake and hold on to the token are rewarded as well.
We also are seeing this take shape more and more within Splinterlands where the company still acts but takes feedback and other votes into consideration from the DAO voting on direction of projects while putting forth their own. This creates a decentralized line that keeps the main game a little more decentralized. While it still has room to grow in terms of this it is slowly making progress towards it. It also seems like a great example of the direction of hive where we are becoming more and more decentralized with more users, more voting happening and rewards being spread out across more people.
It wont happen over night but it is shaping currently and I feel like it could put the Hive blockchain in a much better spot during this next bull run.
Posted Using InLeo Alpha
