Cryptocurrency Decentralization and its Impact on Society

Decentralization is undoubtably the future of the web (or web3 as we call it). It is coming whether you like it or not, whether you want it or not. As we are a company based on broadening the use of decentralized currency, we obviously have an opinion on it (a positive stake in it if you will).

This is a trying time both politically and socially for the USA. We‘ve seen first-hand that the internet is not just an ethereal place. Ideas and written words can have physical consequences. Now we‘re at a turning point in deciding what to do with that.

What We Have Now

The internet we have now is undoubtably centralized. Our communication is centralized. We have big social media platforms like Facebook, Twitter, YouTube, and Reddit that people tend to flock to. Our work is centralized. Even the gig economy, while being peer to peer in some ways, is centralized under a few companies (Uber, DoorDash, etc). The infrastructure we build on is centralized. Most of the companies I just named get their computing resources from Amazon Web Services (AWS).

At all levels, censorship is an available avenue. You’re on their platform so they can choose to silence you if you become too much of a problem. Sometimes that is oppressive and prevents people from having any freedom of speech. Sometimes you agree with that censorship. Maybe you think it is beneficial or necessary to the safety of the public. Guess what? Both have a level of truth to them.

What the Decentralized Web Will Do

It will eventually eliminate censorship. There will be a platform just like Twitter or YouTube. It will function just like it does now, except no one will be able to edit or delete what you write.

Further, it will be harder to connect your identity online to your physical identity. People will be able to work together independently and in their best interest. The transparency will prevent businesses from abusing individuals. On the other hand, terrorist plots and advertisements will be available for all. It’s freedom, which will always be used for both good and evil.

It’s inevitable

The decentralized web is coming whether you like it or not. It’s never been possible to stop human innovation.

This conversation happens with every technological breakthrough. If history has taught us anything, the benefits tend to outweigh the harm. A few decades ago, people were condemning the personal computer and the internet. Sure, digital crimes happen. By now we also know how important the dissemination of information has become. It entertains us, it informs us, it connects us to our loved ones (especially when we can’t physically gather).

What’s more important than hiding and attempting to suppress innovation is to learn from it. As with anything, we can take measures to protect people from the dangers of it while promoting the benefits.