Activity-Based Crypto Mining - The WEB3 Lifestyle & The Ongoing Battle

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28 Jul 2024

Do2Earn & Other Similar Models
The majority of WEB3 participants are currently found within the SocialFi space. This is primarily where Crypto enthusiasts are introduced to WEB3 and its enormous potential. Despite SocialFi experiencing a fair amount of expansion, this particular Crypto sector is still incredibly immature. How am I able to make such a statement? Well, when you consider the potential within this space, you begin to realize how little of that potential has already been discovered.
There needs to be a lot more development, creation, and expansion. However, there is a reasonable base and foundation in place for Crypto enthusiasts to begin their WEB3 journey. When you consider that much of WEB3 is based on a Do2Earn model, otherwise known as activity-based mining, the potential of a WEB3 world with hundreds of millions of users begins to appear increasingly attractive.
Once the WEB3 space grows to this size in terms of a user base, it will simultaneously grow regarding WEB3 protocols, platforms, and opportunities. This is the outcome WEB3 is waiting on to begin entering into its true potential. However, it’s a bit of a dilemma like the chicken and the egg. Which comes first? The increase in users or greater opportunities within the space? In many instances, the one is waiting upon the other.
The Battle
Potential users want to see more regarding viable opportunities and developers want to see more users to justify creating new projects and platforms. In many instances, WEB3 opportunities are tokenized. However, expansion, demand, and utility are required for any tokenized model to become lucrative. In other words, given the correct circumstances, a well-designed tokenized model can be highly effective, and even, lucrative.
This is where I believe we are in the journey. WEB3 developers and participants are still busy figuring out how to run and operate these new models. In many ways, existing ideas are applied to an entirely new idea and technology. I believe this to be the source of much friction and confusion, which essentially, delays effective progress, profitability, and adoption.
Another point to consider is the inherent stubbornness of man. Holding onto an idea or approach that could be improved on many times over is not only counterproductive but foolish. It should be an obvious conclusion that a new technology will operate under a new set of rules. However, developers push square (WEB2 ideas) pegs into round (WEB3 tech) holes. Furthermore, the reality of WEB3 remains an ideology.
Decentralized models are still being, for the most part, directed by centralized entities. It’s this counterintuitive dynamic that is also holding WEB3 development and adoption back. One step forward in the appropriate direction is met with one step back in the form of existing methodology. The result of such a dynamic is stagnation. There are a lot of bright minds regarding WEB3 technology. However, that is not enough.
WEB3 lacks the wisdom of appropriation. A great idea that is inappropriately introduced, portrayed, or initiated is robbed of its greatness. WEB3 remains tethered to WEB2. Developers seem to be unable to honestly and correctly assess their creations. If they were, they would see how, in many cases, they are simply importing a WEB2 model. A few minor adjustments are made and then placed onto a “WEB3 rail”.
Regarding WEB3 authenticity, this is a fraudulent representation, and if deeply studied, the existing issues of centralization and personal gain are the driving forces. I believe that WEB3 projects that will enjoy future success will be the ones to break away from this pattern and provide an authentic and powerful representation of WEB3 technology.

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Final Thoughts
Struggling WEB3 entities can defend their approaches until the cows come home. They will remain in their state of struggle until they can address the elephant in the room. This requires a fair amount of character, integrity, and personal strength. It will be interesting to see, who, if any can travel this path. What is likely is that many will continue kicking the can down the road. Are there any great among us? That is the question. Will a true WEB3 behemoth arise from a position of introspection and adjustment?

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Disclaimer
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This article was first published on Sapphire Crypto.