Recent Actions Showed How Web 3.0 Is Still Centralized
We often see how things operate when the pressures of the world are placed upon them. This is true for cryptocurrency and the world changing opportunity before it.
So far, it is falling short of the intended outcome. People who promote decentralization are still referring to an ideal that is not being hit. For this reason, the entire industry is getting a wake up call.
How decentralized is Web 3.0? The reality is that we are not seeing a lot of it. Most of the major names within the industry are proving themselves to be highly centralized. Coupled with the transparent nature of cryptocurrency and this could set the ideals of Web 3.0 on its ear.
Source
Russian Sanctions
There is no doubt that Russia's aggression towards Ukraine is deplorable. The world has a right to be upset with this nation's leadership and take action to counteract it. However, in doing so, we see a fundamental flaw within cryptocurrency: it is too centralized.
Governments appear able to approach the crypto holdings similar to how they operate within the existing financial framework. The idea of sanctioning Russia extends to cryptocurrency. We are seeing some interesting applications joining the mix.
This week, Metamask users in Russia found themselves unable to use their wallets. This was in response to the events that took place over the last few weeks. At the same time, those in Iran and Venezuela found themselves in the same situation. They were barred using geo-blocking.
OpenSea followed with similar actions. While there are claims of outages, it has to make us wonder.
Cryptocurrency was designed as a way around the reach of any government or bank. Unfortunately, the industry took it upon itself to creates it own "banks", points of vulnerability.
Bitcoin still serves this role, at least to a degree. The Bitcoin network operates outside the framework of the established system. We see the point of weakness arising in the applications that tied into it. Of course, for much of the rest, it is evident where this falls on the decentralized scale.
Source
Distributed And Open Source
The only true way for things to change is for projects to develop with the intent on being distributed and open source. It is a proven method of countering the actions of governments. For the last 30 years, numerous legal battles were fought regarding encryption and other aspects governments deemed a "threat". Nevertheless, the cases usually went against the establishment.
Here is where we see the problem of WebVC. Venture Capitalists have no interest in either distributed nor open source. That does not fit into their business models. Instead, they seek to centralize as much as they can because that means control. If an application is successful, it is also very profitable.
While this might be a money maker, it is not a great path to freedom. As we are seeing, cryptocurrency and Web 3.0 is far from advertised. With all due respect to Elon Musk, what we do see is highly centralized. It is time for the industry to acknowledge that fact and change its course.
Most of the industry got caught up with monetary aspects of cryptocurrency and failed to focus upon the main objectives. Cryptocurrency was birthed as a means around the existing system. The establishment did a great job at building a system that is highly vulnerable and corrupted. It is also highly exclusionary. Sadly, we are seeing the same thing within Web 3.0 so far.
The bottom line is that if Russians, Iranians, or Venezuelans can be targeted, than anyone can. Here is where we have a problem. We know the power of governments and politicians is dangerous. Few, if any, use it responsibly. The last couple hundred years make this clear. Designing a new system of tyranny does not make much sense.
Source
There Is Always An Opportunity
Of course, with each failure is an opportunity. We can learn from the examples being set forth before us. Since the ideals and focus of the industry are obviously awry, we have the ability to alter the path we are traveling on.
Decentralization is a direction, not a destination. Simply, we can acknowledge where we are at and work to improve. Each day there are opportunities to push the ideals forward. Making sure to protect what is being constructed is vital. We cannot presume that the establishment is not going to go after everything it can. It will.
A lot is evidenced by what we celebrate. Today, there were a number of articles just like this one discussing how the Virginia Senate approved banks within the state to be custodians for cryptocurrency. These are the things we tend to celebrate because we believe it will "moon" what we hold. The reality is we are handing the keys to freedom to those institutions that oppressed people for decades.
Why do we not celebrate and promote those aspects of this industry that are working towards the ideal we all seek? The obvious answer is there is so little that is actually seeking this end. However, when we come upon it, this is something that should be shouted from the rooftops.
Look at what the SpkNetwork is doing. That is a project that is flying under the radar. While that could be an advantage, it is exactly what people in the industry should be seeking out. Yet, when it comes to that, crickets.
Fortunately, there are projects like that out there. As we see more of the centralized aspects of cryptocurrency being exposed, it will likely open the door for those solutions that are outside of the present reach. Wouldn't be ironic if that is where the ultimately success is found? To achieve that end, the existing business structure has to be completely changed. It can happen although it might take some time.
It is important to focus upon the process. If we can keep decentralization as an ideal, and look to distribute different aspects of the industry, over time we will see that expand. That is what is required to truly revolutionize the world and bring Web 3.0 into being.
If not, we simply will hand more power to those entities that seek to control and enslave the masses.
This is not going to change from the top-down. It is going to require the efforts of everyone involved.
If you found this article informative, please give an upvote and rehive.
gif by @doze
logo by @st8z
Posted Using LeoFinance Beta
PIZZA Holders sent $PIZZA tips in this post's comments:
pixresteemer tipped taskmaster4450 (x1)
shubhwaj tipped taskmaster4450 (x1)
@successchar(1/5) tipped @taskmaster4450 (x1)
You can now send $PIZZA tips in Discord via tip.cc!
This is not what Web 3.0 intended to have come to exist.
True so we have to change it.
Posted Using LeoFinance Beta
Decentralized blockchain take a great part in Cryptocurrency world make some new changes that's supersede centralization features. I believe the impact of decentralization on web 3 will eventually solve more problem around the world and will enslave the masses
I never looked at the Metamask risk, I hope someone makes a decentralized version somehow!
Posted Using LeoFinance Beta
My guess would be open source wallets need to take hold.
We will see if that comes about.
Posted Using LeoFinance Beta
I've never actually loved metamask in the first place, a good thing these flaws are out of the bag now. The thing is that most of the so-called decentralized platforms are being built on centralized servers...
That is an entirely different level of discussion, one that is important to have also.
We have a lot of these networks all on one server network. That is another level that needs to be broken up.
Posted Using LeoFinance Beta
It was rather saddening to see those restrictions happen.
Hopefully, the lesson would be learnt because it was quite a shock. Recent happenings between Russia and Ukraine is revealing.
This is really sad. How did the Russian government accomplish such restriction?
How long will people start to realize that big government hiding behind the rhetoric of public service, economic inclusion, and poverty reduction is the real enemy of religious, civil, economic, and financial freedom?
So is Virginia now added as a new member State that wishes to control cryptocurrency?
Posted Using LeoFinance Beta
More like handing it to the banksters.
As for governments, in the end, they all move towards the same area: control and tyranny. They claim it is for "the public good" but that is bullshit.
Posted Using LeoFinance Beta
New ideas always take a while to get recognized. I think web 3.0 falls in that category. Things have been centralized for so long, it will take time for people to get on board with decentralized. Thanks for the post.
Posted Using LeoFinance Beta
It is true. Things do take a while to for so we cannot discount that idea. Over time, we will likely see more distribution.
Nevertheless, bringing it to light is vital.
Posted Using LeoFinance Beta
The world still has a long way to go to actully manifest the essence of decentralization. But I am confident it will happen.
!PIZZA !LUV
Posted Using LeoFinance Beta
@shubhwaj(1/3) gave you LUV. H-E tools | connect | <><
Tap to help.
Sadly, it’s at the fringes where true innovation takes place.
We’re probably more likely to see the world grasp the concept of decentralization as a means of survival long before we see it adopted as a tool for progress.
Quite similar to what I was talking about here. I also linked a previous publication where I expressed my concerns about Ukraine receiving crypto donations.
It's true, Putin is a collosal dick but at the same time, crypto mixing with politics is absolutely a bad idea.
At the end of the day, Crypto gets a bad rep. Damned if you do and damned if you don't type of shit.
Posted Using LeoFinance Beta
Yeah well they will blame crypto for the failing of sanctions.
We just need to keep building around it.
Posted Using LeoFinance Beta
I've been saying that Ethereum and its ecosystem was not properly decentralised.
Metamask blocking access from Russia just proves it.
The Ethereum Foundation is an obvious point of vulnerability.
Anytime there is a company, foundation, or lab behind something, it is not going to be able to withstand the heat.
Posted Using LeoFinance Beta
So glad I didn't get into Ethereum or the metamask.
Posted Using LeoFinance Beta
This post could be a big eye opener for most. But thanks to reading here every day not for me. Tag lines. People love to use them when they don't apply. If it looks like a duck... ya know. Call yourself a swan. You are still a duck.
Thanks to Hive, SpkNetwork and others, we are Web 3.0.
We are the Swan.
Bradleyarrow
!BBH
!ALIVE
@taskmaster4450! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @bradleyarrow. (13/30)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.
Because this is such an awesome post, here is a BBH Tip for you. . Keep up the fantastic work
Indeed, anti russia and closing the financial routes goes to show that today it's russia in future some other country may get same treatment. This is why decentralized blockchains are required. I am sure russians behind anonymous ID or anonymous wallet IDs can find better safe heaven. But its too much left narrative leads to centralized mentality I suppose.
Political winds always change at some point and those targeting end up targeted.
This is where it is easy to get righteous when going after Putin but the question is: who is next?
That is the problem with allowing politics and, worse, politicians, to dictate things.
Posted Using LeoFinance Beta
Crypto don’t suppose to interfere with any government polities. It is bad to see one of the crypto giants doing something like this
Posted Using LeoFinance Beta
It actually doesn't matter much, in my opinion, that some centralized crypto entities said yes to sanctions and others said no. The problem is that they have a say in the first place.
From my research it wasn’t so much Metamask as it is the Infura node stucture that basically the entire ethereum app structure is built on, unless someone is smart and switches nodes or hey here is a thought, run their own nodes. But as we know that can get expensive and complicated.
This is showing that systems like Bitcoin and even Litecoin have their place because it hasn’t been able to be stopped yet. This is also going to become a big issue for that ecosystem when proof of stake comes into play. Litecoin implementation of privacy features is also going help as well.
Hive has a great structure and system, we just need more nodes running for further reach. And not just witnesses, we need more RPC nodes as well.
One MAJOR issue with proof of stake systems is that most of them are being ran in centralized data centers and many using AWS services. Now people that are smart will at least find independent cloud hosting companies that run their own machines, or build and manage their own hardware.
We are in probably our biggest test yet for sure.
Decentralization is what we want but it's kind of hard for most decentralized platforms to take off. After all, it requires quite a bit of money to build a solution and then you need the people to decentralize it (running nodes and being active).
Posted Using LeoFinance Beta
I've been a strong advocate of a decentralised crypto space. What's the point of having crypto if it is centralised. The developers just become the banks and their will ultimately is done.
This brought something to my mind apart from the fact that my country like you said can be a target anyday or anytime.
I can't help but compare the points you have laid to other aspects. Just like, working a 15hour job with little to no rest and total peanut as a salary and then stumble upon a decentralized platform where you can earn.
However, because of a plagued mindset and total dependence upon a system that has become part of you, you start to believe that it's best to partner both and try to "control" the situations around you. That's just how I understood everything. Don't know if I made any sense here...
Posted Using LeoFinance Beta
While crypto currency is not working in Russia was because of the saction and app is not working in the country again
Posted Using LeoFinance Beta
Even I didn't realise that we are working with so many centralized entities. Gradually we all should move to Decentralized systems in order to avoid such extreme measures taken by governments as per their will.
Posted Using LeoFinance Beta
Oh it's big time centralized and has only gotten worse over the last few years. Maybe this will be a wake up all to start building more decentralized options I hope.
Posted Using LeoFinance Beta
Better yet why not just stop using the term decentralization? Most of you all have already said democracy doesn't work anyway. You guys prefer a system where its a few people at the top controlling all the money, making all the decisions.. You all do posts that say democracy doesn't work. that's not what you want.
if we made it equal for everyone you same bit here would have a problem with that. So you don't really want that. I don't know why you all keep using the word you're surely not even close to it.
For all i know the centralized authorities will do a better job than having several billion of you all try to do the exact same thing. There is no indication you all will get it right or do things any better.
bitcoin is centralized by development, mining, geography, wealth and exchanges. You all don't have the right to use the term. bitcoin myk is the only project that's even got a chance or a shot in hell of being decentralized through the citizens dividend. Before a whale can control bitcoin myk guess what the citizens will force the market down so much they can't treat it like an asset they'd have to eventually treat it like a currency.
Which means highly distributed economic prosperity not centralized. Now are you all inept people on this chain? I think you all are. People ask why do you bother to insult whales. It's easy i don't want them or need them. To need them or want them defeats the entire purpose of what i'm trying to do. So yes you all are inept but that's fine.
I only ask you all stop using the decentralized term. Just let it go. The sooner you all let the baloney go i can go back to doing what i was doing. I don't have to respond to this info. As long as you all write about it. i gotta talk about it.
Why? because it's always going to be my job and my calling to educate against ignorance. You guys aren't creating any form of decentralization. You're creating just redundancy of similar systems.. With different actors but the same system. That's it nothing more nothing less.
The sooner you all accept that. The sooner i think you all can move forward from a nosensical way of thinking. Come on these are just like high risk penny stock like endeavors that give people a chance to make a few bucks that probably wouldn't make any money otherwise.
Okay that's great. You can also go make money at las vegas and create an opportunity you maybe never had before. That's not freedom. that's not progress of a new system. It's not anything but just another way to perpetuate and existing system where you aren't goign to be free in that system either. Being on top of a system doesn't make you free.
It makes you a rich slave. That's all it does. That's all you all are doing.
Posted Using LeoFinance Beta
I think it's important we find a way around how WEB 3 is getting blamed for sanctions as if they ever worked.
Posted Using LeoFinance Beta
There is always a workaround, like a VPN or a satellite internet connection.
But coming back to the root, yes, there is too much control and governments will do everything they can to stay on top of all, even in crypto.
Privacy tokens could be a solution to this.
Posted Using LeoFinance Beta
Very interesting topic. Although cryptocurrency is decentralized now, I believe that if it's up to the governments it will become centralized. for example; In the USA, you must report any cryptocurrencythat you sell on your taxes. Somehow the government still has some control. *As long as your trading between cryptocurrencies you're in the clear, however once you sell and it becomes Us dollars, it becomes income.
*Note For all that's reads this. know that this is not financial/tax advice, I'm just sharing what I discovered when researching if I had to report this on my taxes. You can read more on Coinbase.
!PIZZA
Posted Using LeoFinance Beta
Revisiting this article again from ListNerds. Still testing the platform and I am impressed.
Posted Using LeoFinance Beta