Amazon (AMZN), (META) – Blockchain is here to transform much more than just money
As blockchain has entered popular consciousness, much of the hype has surrounded its disruption of currency. Digital cash is how a large majority of people think about cryptocurrency and blockchain.
And while this aspect is undoubtedly revolutionary, blockchain has the power to radically transform more. There is a real and tangible democratizing force behind the technology.
Community and contact
At the very core of blockchain is the idea of community. The technology was built by and nurtured by a small community of idealistic members with a new vision for the future. This community was based on empowering all members, leveling hierarchies and wresting power back from large institutions and mega-corporations to put it in the hands of the people. This ethos has carried over into much of today’s Web3.
Some individuals say that it stands in stark contrast to the current Web2 model – Here Meta Platforms Incpp META of the world has much of the power. They own the content and data produced by their users.
Blockchain offers users ownership of their own data and self-direction. One of the most exciting outgrowths of the crypto world is known as a DAO or Decentralized Autonomous Organization. These are communities that are completely self-governing. Members vote on decisions that concern the group in a direct democratic system that is protected from any form of fraud by the underlying blockchain technology.
Web2 has given us more social interaction than ever before. But some say the model has replaced quantity with quality. The mental health costs of social media are being documented at this time, and as working from home has become the norm, “Zoom fatigue” has reportedly struck many.
Despite these very real costs, digital connectivity brings countless benefits. Fortunately, Web3 may be able to provide easy connectivity without the costs associated with the current model. There is some evidence that the metaverse and augmented reality (XR) may be able to offer similar benefits as real human contact does, reducing the mental strain and costs associated with Web2.
Environment
As the world approaches climate change, the need for real solutions has never been more critical. Criticism has been made that a drain on the planet’s resources are the hyperscale data centers favored by Web2 companies that Microsoft Corp. MSFT and Amazon.com Inc. AMZN.
An example of a company that says it appears to be creating promising solutions comes from Cudos CUDOS/USD. The layer 1 blockchain is building a layer 2 distributed computing platform called Cudo Compute that will use the world’s idle computing power. This helps save valuable resources and can help the world move away from the hyperscale model favored by Web2.
education
In addition to building community, the metaverse presents an exciting new frontier for modernizing education, ripe for disruption and innovation. Mountains of student debt are crippling Americans as tuition costs balloon. The ability to educate students effectively while cutting costs is essential.
Web2 has presented a solution in the form of MOOCs or massively open online courses. These online courses brought free classes from institutions as prestigious as Harvard University or Stanford University to the masses. However, their effectiveness is still in doubt. Without the contact and presence of a traditional educational environment, learning suffers.
The metaverse allows for a simulation of this personal contact and creates an immersive learning environment where students can thrive. And the work that Cudos and other blockchain projects are doing to enable the metaverse is helping to realize this vision.
To learn more about the transformative power of blockchain, check out https://www.cudos.org/.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended as investment advice.
Featured image by Ales Nesetril on Unsplash
