Web 3.0 is changing the nature of many things. We are in the earliest of stages. That said, it does not preclude us from discussing the potential of what is being developed. Over the next couple years, we could see a radical transformation in how people few Hive. In short, there are some things taking place which could create a fundamental shift in everything related to this ecosystem.
Recently, we discussed some of the progress relating to Virtual Smart Contract (VSC) platform along with SpkNetwork. Both, if all goes according to plan, should be running by the end of the year. The target dates are earlier yet it is best to give a bit of a buffer.
These are just two projects that could have a serious impact upon what is offered with Hive. To me, it is also the basis for massive expansion.
For that reason, let us look at some of the ideas relating to this protocol along with the financial opportunities available.
The Everything App
Once again, we harken back to Elon Musk. The reason for this is because he wrote out a plan to become the largest financial institution in the world when PayPal was created. This was rejected by his partners, leading to the development of the largest digital payment application on the Internet. However, that dream did not die on Elon's part.
He has set the objective for Twitter to become the largest financial institution in the world. Most could scoff at this notion since Twitter is a social media application. Those, however, involved in Web 3.0, know the merging of social media and finance.
Twitter is purely Web 2.0. Therefore, the question really is will the largest financial institution to from that realm or Web 3.0? If it is the first, it is a company; the latter means a protocol.
Web 3.0 is not about companies or corporations. These are layers that ultimately end up as a feeder system. The true value lies with the protocols when discussing something unsiloed.
The key is in the back end systems. Whatever Twitter creates is the property of that company. Anything tied to it feeds into Twitter.
With Web 3.0, projects (companies) can be created. The difference is they feed into something much larger. When the back end is not under the control of a single entity, it becomes a commonality. We see this with some of the Internet protocols already. For example, look at the size of TCP/IP.
If Hive is going to become the "Everything Protocol", then being the largest financial institution in the world only makes sense.
Web 3.0: Gaming
Many fell the path towards mass adoption for Web 3.0 is gaming. This certainly could be the case and makes a great deal of sense. That said, we have to consider the infrastructure that is required for this.
Blockchain gaming means in-game assets. This includes coins and NFTs. To support this, we need a smart contract platform along with the ability to swap these tokens. Hence, we need an exchange of some sort.
This is where VSC and some of the other development is important. It can offer the capability on Hive to develop NFTs. At the same time, developers could tap into this to put together DEX that handle the trading of different tokens.
Gaming is not going to thrive in Web 3.0 without this. At present, we are looking at some hodge-podge systems. People are having to utilize different blockchains to achieve what is needed, often requiring multiple wallets. This goes counter to the Web 3.0 idea.
Pulling a lot of this under the Hive umbrella, one where social media is already present, is powerful.
Everything Is Financial
One of the key points with Web 3.0 is to understand that everything is financial. This is the core essence of the transformation we will see. If everything is tokenized, that means it is all financial.
All projects tied to Web 3.0 platforms will have the financial component to them. It is unavoidable. It is also where something like Twitter falls short.
Harkening back to gaming, how is a new game going to integrate into Twitter? What can be done to access that platform? Certainly, it could be used for payments. There is also the social media aspect. Yet that is far from complete.
With Hive, as an example, with smart contracts, a game could integrate all the features of the blockchain. It is where the Hive account management system enters.
We discussed this concept regarding followers and social media. Nevertheless, it will be equally as important when it comes to finance. If everything is becoming tokenized, that means constructing the infrastructure and services that people will need. Suddenly, in game assets can be collateralized for a short-term loan to rent other components associated with the game.
Try to do that on Twitter.
Tying Hive To The Digital World
Right now we see Hive as an island. This is the case throughout the cryptocurrency realm. It is still rather fragmented.
There are some people working on things to help solve this. What about Bitcoin being incorporated into Hive? How would that alter things?
For example, the SpkNetwork is going to have the ability to transfer Bitcoin similar to the Lightning Network. We are told the technology is built and in testing. Imagine being able to use Hive for Bitcoin transactions (although many might not even realize that is what is happening).
At the same time, we know getting out of Hive based coins is difficult. Cryptocurrency is still dominated by centralized exchanges (CEX). Bitcoin is listed on all of them. How about the ability to easily swap $HIVE or HBD for BTC? This would provide easier access into and out of the Hive ecosystem.
This is another project that is being worked upon.
Again, now expand this concept to the typical financial services people are accustomed to receiving. Instead of turning to a bank or traditional FinTech company, Web 3.0 can be accessed.
The cool things about this is the protocol is what is essentially the service provider. Everything else is nothing more than a front end that taps into it.
It is simple to see a path to Hive becoming one of the most powerful protocols in the financial world. Gary Gensler could not answer if Ethereum was a security or not. If he was asked about Hive, the answer is a firm "no".
Of course, Hive is not on the radar of anyone vital so we have time to keep constructing.
We are laying the foundation for the future.
If you found this article informative, please give an upvote and rehive.
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Amazing post.
I am proud to be part of the Blockchain Eco-system, considering that i joined the right Ecosystem(Hive).
With the activities happening, there is no doubt that Crypto/web 3 is taking over despite some countries limiting their citizens.
Web 3.0 has come to stay, changing how the world works.
Aspect of Gaming
Web 3.0 Gaming system would be of great benefits to Gamers. There are Gamers that natural play games for hours with out getting any profit, but just imagine when a profit is attached.
Web 2 social media platforms that tends to take all the profit to themselves are starting to feel the treat of advancement in web 3.
That is all true. Gamers should get more vocal on Hive. I am not an expert in that realm but I know the potential is huge.
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I could not understand the part about hive being secure is : no . What makes you think/say that🤔 or where can I find more information about it 🤗
Hive is not a security because it is decentralized and controlled by no corporation, dev team, or foundation.
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So it is not secure to invest in hive ?🤔🤔
If you don't know the difference between the words "secure" and "security", then please Google the meaning of a "security" in a financial context.
I absolutely did not know the meaning. I've been searching for about half an hour now. Thank you for the clarification 🤝🙏🙏🙏
Okay cool, hope you learned stuff! ;-)
Not sure what you are referring to.
Please elaborate.
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@taskmaster4450
Elon musk intention to turn Twitter to a bank is a good decision which would have help users.
It is a good shift and will be successful.
However, Elon plans exclusively in the established system. He is just looking to move things around and act as the bank instead of the banks.
He is not involved in Web 3.0 at all.
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Hive is truly laying the foundation for the future and for the sake to keep building without interruptions, it is better Hive remains off the radar in the crypto world.
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Hive is under the radar for now. But there are things being built which is looking at taking things to another level.
The second half of this year could be interesting.
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I think the everything app on web3 will be a game changer. A lot of value and utility for the ecosystem allowing all users to partake in it.
More like the Everything Protocol.
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Even smart dogs have to be on web 3.0 and this dog is!
Woofs!
We still have a lot of room to grow but I still think the gaming aspect still requires good games. I just don't know if the quality of current web3 games are enough to appeal to people. I guess that could change over time though and I agree that Hive could work out well for the financial layer underneath.
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Without a doubt. User experience, game or social media, is vital.
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With the advent of GPT AI, I think we are getting closer to having anyone getting their Hive dapps up and running, game or no game.
Once this creativity is unleashed en masse, and Hive gets known as a creator's playground to earn from Hive economy. We will fly!
!PIZZA
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