WEB3 – The Foundation Of Financial & Economic Restructuring

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28 Apr 2024

Introduction
Everything changes and continues to do so until it no longer exists. The concept of money has changed significantly over time, and even now, we are in the midst of a significant shift that will eventually bring about a complete overhaul, regarding financial transactions, and how human beings interact financially. Shifts that require a new technology, as well as an infrastructural overhaul, simultaneously require time.
It is often this extended “window period” that lulls society into thinking it will never happen. In other words, it’s just another bright idea that won’t get very far in terms of actual adoption and incorporation into everyday life. The irony is that many of these shifts not only go on to experience meaningful adoption but end up becoming the new standard. We saw this with the motor vehicle, email, and of course the internet.
There is only so much development and innovation that can unfold, regarding any given idea before it must be scrapped and replaced. Failure is often a distress signal. Ongoing failures within any given system are indicative of an inability to meet demands and requirements. In other words, any additional performance tweak will have limited effects, essentially signaling the need for an entirely new system.
The System Is No Longer Under Stress
The world has experienced significant stresses, regarding global financial and economic constructs for some time now. The system is no longer under stress but in complete failure. As with everything, the weakest are always the first to go. Consider for a moment, Turkey, Lebanon, Venezuela, and Argentina. The banking collapse of 2023 was also an enormous shock to unsuspecting, and trusting Americans.
Just last week, Republic First Bank, was the first FDIC-insured bank to close in 2024. Once again, there are rumors that this is just the beginning. The amalgamation of TradFi and DeFi will bring about a new hybrid financial system, in my opinion. The benefits of DeFi and its Crypto-based mechanics and economics will bring about a fresh wind. The fact that DeFi and WEB3 are synonymous points to a WEB3, blockchain-based world.
When you begin to consider Larry Fink’s views on tokenization and the future of finance, it’s not such an outlandish idea, but actually, rather plausible. Of course, his idea of a perfect execution regarding this idea is a far cry from that of the average knowledgeable Crypto enthusiast. However, compromise has always been part of the story. Considering that early Crypto advocates were completely opposed to KYC reveals just how disconnected they were/are from reality.
Unfortunately, it’s an unfavorable, yet inevitable outcome. Privacy lovers are often painted with a black brush. However, some individuals happen to enjoy higher levels of privacy than others. It’s not indicative of being criminally minded. It’s simply the preference of a privacy-centered individual. There are, of course, cases where privacy is being leveraged for nefarious activities. However, it truly is a minority, regardless of what Elizabeth Warren suggests.
Final Thoughts
WEB3 is a technology that does not necessarily require economic or financial elements within its use and deployment. However, why would you want to exclude this dynamic? A technology that marries execution, monetization, and financial transactions is the perfect solution to simplifying everyday activities on planet Earth. WEB3 is beginning to creep into many areas unnoticed. It’s just a matter of time before it becomes a prevalent force to be reckoned with.
It is sometimes difficult to hold to one’s convictions. However, it’s encouraging to see my convictions of the last decade becoming a reality in this present age. Simply follow the road… WEB3 is evolving and maturing into an incredibly valuable technology. All the best, see you next time!

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Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.