We have now entered a stage where the vast majority of people have heard what blockchain is. However, not everyone understands how the #blockchain will impact their lives. In order for us to answer this question, we must first define what the blockchain is exactly. 

“A blockchain is a distributed database or ledger that is shared among the nodes of a computer network” - Adam Hayes, seen in Investopedia

As many of you know, the current #web2 internet architecture is comprised of multiple server centers storing and collecting, the world’s internet data and information. Well, the blockchain can be used to ‘distribute’ this data across multiple locations.

By distributing this data and information a few things begin happening, one is, no one controls all the data and information and secondly, each individual has ownership over their specific set of data, meaning privacy is at the discretion of the holder. Any information stored on a blockchain is either encrypted or anonymized, and the retrievable data is only accessible by the owner. 

Digital twins stored on a blockchain

Now that we have defined what the blockchain is, we can begin defining what are the use cases for this technology. Considering that blockchain technology in itself is nothing new, nor revolutionary, instead, the technology built above a blockchain architecture can be considered ‘game-changing’. 

A key characteristic of blockchain technology is twofold, one is the limitless storage potential a blockchain could grow to (in the future of course), and the second is the personalization of an individual’s blockchain.

An individual, in theory, can create their own blockchain/sub-net that is only accessible to them. Afterward, any data or information that an individual generates will automatically be sent to and stored on their blockchain. 

This individual could then give streaming rights to companies in return for products and services. Incidentally, this individual would be creating a digital copy of themselves that can be used for all types of applications which can become a way, in the future, for humans to customize every aspect of their lives. 

Predictive technology

Currently, in the real world, we are unable to create perfectly formed simulations of two occurrences with a 100% accuracy of data variables being played out in the exact same order.

For example, if we were to create a “what if” scenario about a car driving at 50km/h down a straight road, with the same driver under the same wind speeds, car speeds, car mechanics, driver’s emotional stability, etc… and we simulated a new type of tire turning a corner, or a new road sign with oncoming traffic, or even a different ring tone on a phone. We could pinpoint with 100% accuracy the cause of the outcome under these conditions due to our digital twin simulation tests. 

Where does this data come from? Well, this could be one of the services an individual may sign-up for, whereby they grant access to these predictive companies to run simulations about that individual’s upcoming day and cross-reference them with other users’ days. When we begin creating complex simulations using thousands of people’s variations it becomes a headache, however, the technology is applicable due to blockchain technology. 

 

One key characteristic of blockchain technology is immutability, this means anything stored on a blockchain cannot be altered once being submitted. This is incredibly helpful in the finance sector.

Metaverse

Ok, there will be many people who’ll inevitably disagree, regardless, the metaverse is not as simple as people make it out to be. For example, there are centralized metaverses such as Zuckerburg’s #Meta company, and then there are decentralized metaverses, perhaps the closest example would be #Decentraland.

For this example, we’ll focus on decentralized metaversal worlds, as the core concept of a web 3.0 environment is one that removes the need for intermediaries. 

In the future, the world may begin transitioning toward working, playing, and communicating within a metaversal environment. A decentralized metaverse will inevitably use a blockchain to host and store applications and data. However, the decentralization/distributed aspect of a metaversal world will utilize blockchain technology.

The blockchain’s functionality for a decentralized metaverse is the distributed storing of its data combined with the authenticity of metaversal activity by each user.  

Finance

Perhaps this should have been the first major point for how blockchain will impact everyone's lives in the future, but, blockchain in finance is somewhat of a dying feature, it’s no longer exciting. The idea that #cryptocurrencies are here has already been proven to a point that people no longer discuss the core concepts of what drives it anymore. 

 

Of course, people are still raving, and complaining, about the fluctuations across the crypto markets, but these are often people who have missed the entire point of what blockchain technology truly offers. 

Regardless, finance will be an important aspect that will govern our online lives in the future, the only difference is, the currency used will be in the form of a cryptocoin/token/asset, which will more than likely make paper money redundant in the future. 

Conclusion

Blockchain technology is only the foundation that has for a long time needed to be built upon and integrated within the current systems we have used today. A big part of our future will use some aspect of blockchain technology.

 

 

 

The main purpose of blockchain technology is to create a secure and decentralized digital ledger of transactions that can be shared and verified by multiple parties without the need for intermediaries like banks or other financial institutions. 

This means that transactions can be conducted securely, transparently, and efficiently, without the need for a trusted third party to validate or settle them. Blockchain technology achieves this by using cryptographic algorithms to ensure that each transaction is authentic and cannot be altered or deleted, and by distributing copies of the ledger to a network of computers, making it highly resilient to tampering or attack. 

The most well-known use case for blockchain technology is a cryptocurrency, but it has many other potential applications, including supply chain management, voting systems, and smart contracts.

Many people in the blockchain industry have a huge misconception of what its all about. We see numerous individuals associating the blockchain with making money, which in a sense, isn’t entirely wrong, but that’s not its true purpose.

The blockchain can be described differently according to many different people, but, all the blockchain is, is a fancy database. One that stores information and data across a decentralized architecture. The amazing aspect though is that its immutable and considered trustless.

Meaning, the stored information is not stored in one location but is instead stored across thousands of different locations. It’s immutable because once something is added to the blockchain, nothing can be altered or changed. 

In essence, the blockchain has actually been around for numerous years, dating back to the 1990s, it is only now that it has become so popular as it is the perfect solution to initiate peer-to-peer transactions, without the need of an intermediary. 

 

Building on top of its function

If we look at the way the internet is currently structured, we will uncover that it is comprised of a lot of information and data stored in central locations. For example, all the information we see on Facebook is stored on Facebook’s servers, and any data we (users) generate while using Facebook becomes the ownership of Facebook. 

This is a centralized architecture and is also referred to as web 2.0. But, imagine if we could access similar services, but have our data stored in a decentralized/distributed network, and all the data we generate is owned by us. 

Well, that exists, and this is due to the blockchain. If the entire internet is run on servers, and databases, then the blockchain can become a substitute to the current internet, with the advantage that users have ownership over everything they do. 

Yes, cryptocurrencies are another great example of how blockchain is being used, and one that we can all use today. Any money we transfer over the blockchain is completely peer-to-peer, and any money we receive is owned and viewed by us.

The applications that can be applied to the blockchain are slowly becoming more than just a novelty, as we could eventually integrate blockchain into the public service sectors such as government, medical, transportation, etc…

The blockchain is a technology, and a solution, that will solve many issues that have plagued us online. Many people are still unaware of what the blockchain is actually used for, but, its technology is only just beginning.

Eventually, the world will be capable of seeing an integration between our offline lives with our online ones, with zero data issues. By applying this analogy to the future, we are certainly entering the next level of our digital evolution. 

 

The world of #crypto has brought about a new bubble, that so many people have benefited from financially. There have been ups and downs across the industry, but numerous people have remained resilient when faced with catastrophic bear markets.

Especially in recent times, with the collapse of TerraLabs, FTX, and now the fall of SVB, with continuing uncertainty around the war in Ukraine. It has been a turbulent year and a half for the crypto markets.  

In light of recent events, could this be the early signs of the crypto bubble popping, or is it the next stage of crypto asset prices ready to soar to all-time highs? Regardless, there are many challenges that await #investors, and here, we discuss what those challenges are. 

Trust and transparency 

Before investing in the crypto markets, or any markets for that matter, there must be a connection of trust between the project and the investor. When you look at founders publicly taunting investors online (as Do Kwon (founder of Terra Luna) did) then you begin to feel a sense of distrust within the project and become discouraged from 'buying into' the industry as a whole. 

It is important for a crypto project to maintain a strong sense of integrity among investors, especially from the founder’s side. For too long, there has been a stigma attached to crypto projects that show founders creating pump-and-dump schemes that leave the 'believers' with long-lasting financial stress. 

This has been a worrying challenge among investors, as, it is difficult to gauge the authenticity of a crypto founder’s intentions. Which, as an investor, you must dig much deeper into the project as a whole.

This leads to the second point, and that is transparency. Many projects in the industry have hidden behind a facade, and this raises red flags among the investing community, or at least it should.

Before investing in stocks and shares, a public company’s information is well documented with the SEC, allowing investors to get a better understanding of what they’re investing in. In contrast, the crypto world is not as straightforward, forcing investors to run their own analysis of the project, and make a judgment based on what they uncover. 

As a crypto project, they must be willing, and open, to share similar information, as you would find with a publicly traded company so that investors can make a more informed decision. Without this information, then it is entirely down to the investor to take the risk. 

An insecure market

Today, the crypto market is not stable, and in many ways, it won’t stabilize, at least not for a few years. Due to the volatility of the crypto market, it has become a dis-trusted industry for investors to hold on to for the long run. 

There is still money to be made in the crypto world, but the smallest issue that arises will set off a downturn of stocks, easily wiping billions of dollars off the market overnight, as seen recently with the collapses of the aforementioned above. 

This has been proven time and time again, as, corporations, hedge funds, VCs, etc… often have cryptocurrencies in their portfolio, among other assets, but when there’s turmoil in any aspect of the trading world, these crypto assets become high-risk and is often the first asset (using the word asset loosely here) that’s sold off.

 

This triggers a domino effect bearish market, as these institutes cannot hold on to the faith that crypto markets will see stability in times of crisis. This becomes a challenge among crypto-focused investors, as, their crypto portfolio will inevitably be hit during these times. 

In many cases, the crypto market has been deemed a high-risk market, and this won’t change any time soon. Ultimately it is down to the investors themselves as to whether they can overcome these challenges, and be convinced to invest money into the market. 

 

 

We are beginning to see signs of the emergence of a #decentralized internet. But, many people are still unaware of what this new internet will act like. No one knows for sure exactly how #web3’s development will eventually unfold, but the signs are clear as to what users will be able to do with it. 

 

Throughout the 21st century, data has been at the forefront of discussion when discussing the legacy web 2.0 internet. Whereby, large private organizations have been harvesting massive amounts of data from the public and selling it to other organizations without compensating the owners at all. 

 

In a web3 architecture, the keyword that’s buzzing around is ‘ownership’, and this ultimately means that users/individuals will have full control, I.e "ownership", over all their data and content. Let’s break this down into how exactly this will be done. 

 

A new communications network, owned by the people

 

Digital messaging is an aspect that many cannot live without. Over the years many messaging applications have revealed privacy flaws that leave many user accounts vulnerable.

Currently, a centralized architecture usually stores and records all of an individual’s messages. How this works is, person A sends a message to person B. But that message doesn’t travel directly from person A to B. It instead travels from person A to the service provider, whether that be Facebook, Tencent, or other service providers, and then gets sent to person B. This information is stored on a centralized server that can access your history at any time. 

 

What a decentralized communications network can do is, open a direct line between person A and person B, to allow direct messaging, completely removing the storage aspect of a service provider. Not only is the message completely private, but no one can see any information between the two parties. 

 

Although web 2.0 is dominated by companies such as Amazon, Google, and Facebook, a web3 decentralized internet will not push the attention away from these organizations but instead creates an opportunity for them to work with a web3 architecture. 

 

As data will still be an important aspect for these companies, there could be a hybrid model whereby these organizations pay individual users monthly for access to their data. 

 

There are numerous obstacles that stand in the way of a decentralized internet, but one main concern will be access to the information we see today. This poses a challenge for #Dapp developers to create a system that enables similar information to be categorized and stored among numerous nodes within a decentralized network. 

 

Currently, decentralized storage is slowly becoming more popular, but, blockchain projects have still yet to solve the access to content sharing and streaming model that we see in a web 2.0 network.

 

This is an aspect that many fans of the new internet must take into account. The internet is basically one huge library of information, and so, in order for a decentralized internet to offer similar information, there must be mass adoption of content creators all contributing similar content as they did on the web 2.0 to the web3. 

 

 

Individual identification management systems on a web3 network

 

A people’s-owned internet can also break down the barriers of identity management systems. Something that big-name companies have been unable to achieve. Not through lack of trying, but the liability would be too great if they were to be hacked. 

 

A decentralized internet can actually be used to enable an identity method that enables users to access any type of content, Dapps, and services without having to create numerous accounts to do so. Instead, have one account to access all. 

 

This can be achieved, as a decentralized internet architecture will be used in parallel with blockchain technology that uses systematic consensus mechanisms that can authenticate a person’s identity without actually revealing any information about that person. 

 

Although this system will have numerous issues when implemented on a government level, daily use of accessing the internet can be a viable solution that not only protects private information about an individual but also makes access smoother and more simple than what we see today. 

 

 

The decentralized internet will not be an easy transition

 

The transition from a web 2.0-based internet infrastructure to a web3-based one will be accessed differently from what’s being used today. A decentralized internet will ultimately be shaped by numerous distributed nodes across the globe.

 

Accessing these nodes’ content will need touchpoints in the form of some type of portal. As many blockchain networks are designed to solve different issues, it will be hard for users to continually cross between different platforms to access the content they’re looking for.

 

This means companies need to create a cross-chain solution that will enable users to move seamlessly across different networks and access the services provided on those platforms. The next generation of the internet seems to be moving in the direction that will be comprised of numerous blockchains all connected together through a bridging protocol.

 

Although there are not many chains dedicated to acting as a foundational layer for web3. There are multiple chains attempting to build the underlying network that will support the entirety of the new internet.

 

As these chains have set out to solve specific problems, A network such as NetFlowCoin’s protocol can act as the communications layer that will enable users to interact with the web3 similar to how users currently interact with the web 2.0.

 

Through a bridging protocol, NetFlowCoin’s network could be integrated alongside other chains within the industry, generating the glue needed to combine and expand the new internet into what everyone is envisioning it to be.

 

In conclusion: Decentralization is the future, and no one can stop it

Although there is hype around the novelties that we are seeing today, in terms of #NFT (non-fungible tokens), virtual real estate, and #cryptocurrencies. The bigger picture is more than what is being spoken about on the surface. 

 

We are part of a digital evolutionary stage that has unlocked a path for people to control what is seen, used, and shared online. The way in which we can communicate can be changed, and no longer be confined by the keyhole that so many companies are forcing us to only see through. 

 

Governments, media, and conglomerates will now need to adapt and change their digital strategy to be a part of this people-first decentralized internet and give value instead of blockades for what is to come, and for what is deemed the future.