Technology in the service of true uses and virtue?

A large number of paths, even infinite, are still possible for blockchain technology. However, it appears to be taking root, as has been announced, as one of the new cornerstones of the global network’s technical infrastructure on the Web. Blockchain will be everywhere and in all industries: healthTech, Legaltech, LuxTech, AgriTech, Edutech, etc. And of course Fintech.

Also when it comes to talking about the future of the blockchain, I don’t venture to predict but always in this area of ​​near certainty (absolute certainty does not exist) in terms of trajectory.

Blockchain: an infrastructure technology for real use

Blockchain is an infrastructure technology. Technology at the service of humans is driven by different intentions. The “Layers 1The main actors in the blockchain architecture are thus technological superpositions, rather complex variants of the same infrastructure.

Throughout human history, infrastructure technologies have continually created an ecosystem of application technologies around them. Moreover, most often without a reward for their Creator Father. Perhaps the inventor of the wheel did not gain anything other than those who developed trade and empires thanks to it. As for the steam engine or drilling technology. In contrast to the companies that were able to exploit and generate large industrial fortunes.

The same goes for the Internet. The civilian and military researchers who invented the Internet are unknown, but today we are all customers of digital giants such as Facebook-Meta, PayPal, Tencent, Google, Alibaba, Amazon & co. All of these services are based on the Internet and the multiple additional technological layers of the infrastructure. The same goes for virtual reality. OCULUS from Facebook-Meta, like all VR headsets, are interfaces: here we are not talking about the technology itself but about the access door to this infrastructure technology.

In the end, these infrastructure technologies have only two possible alternatives: implementation or disappearance. Contemporary always aware of the technologies of the moment but no one looks at the tomb of the latter, dead to disuse. We remember only those who have succeeded in creating an ecosystem of services and applications and thus use rooted in reality.

Layer 1, the first step towards the application layer

Blockchain protocols like Bitcoin, Ethereum, Fantom, Algorand, Cosmos, Polygon, Avax, Massa, Solana, Tezos, Elrond, Terra (RIP) etc. – Classes 1 – They compete to play the leading roles in the world of tomorrow. There is room for coexistence because the characteristics are different. However, they are competing to create these usage ecosystems around them and are trying to become the standard blockchains in their class. About these blockchains are created or will be created web3 giants of tomorrow. The best players in health, gaming, e-sports, education, transportation, finance and web3 are in the pipeline or in the pipeline and will naturally be application services.

However, the token economy has opened a new dimension to infrastructure technologies. In essence, technology becomes rewarding for the extent of its use. The owner of the original Layer 1 token has, in a way, an intellectual property right over the technology that gives it the right to a revenue mechanism shared with all owners, indexed upon use. Imagine you invested in a H20 token for a MECA 3.0-era “steam engine” project and took a few pennies with each revolution of the engine piston. The deal would be nice. But, in spite of everything, without the possibility of comparison with a person who produces manufacturing with a high added value thanks to the basic technology.

In the field of finance, the comparison can be made between Visa and Goldman Sachs. Although Visa is not an infrastructure technology, it is a service closer to infrastructure than Goldman Sachs, one of the many investment banks that use Visa, among other things. In the first quarter of 2022, Goldman Sachs had sales of $14.3 billion versus Visa’s $7.20 billion. The application is the trend of the history of any technology.

Web3: New world analogy

If web3 is a new field of technological applications, it is interesting to make a comparison with the discovery of a new world. Let’s draw an analogy between the invasion of Web 3 and the invasion of America from the 15th to the 19th century. The first settlers touched, communicated, fought, and then soon laid the infrastructure of what would become: cities, roads, bridges, railways, etc. Blockchain is the cities, roads, and railways of the Web 3. Between 2014 and 2020, Web 3 entrepreneurs were the settlers who came to lay the infrastructure of this new world. As for the colonies, these are in competition with each other to seize the upper hand. Others will follow, but now that the infrastructures are sufficient in number and performance, a new wave of settler entrepreneurs are set out to conquer this new world to bring the application layer and services necessary for its adoption and growth.

But this new world, like America before it with Europe, is not all that separation from the old world. The applications that will lead Web 3 are those that will connect these two worlds and will be able to bring people to use without friction. This new world needs health, insurance, logistics, education, law… and payment services. This is also ballistics.

Blockchain, the potential for ethical financing

As the saying goes before The hour is not the hour, and then it is no longer the hour. Every industry you know Pushing forceHis great years of change. We are in the means of payment, whether it is web1, web2 or web3. Moreover, Gafam is not wrong and everyone wants to grow their share of the promised pie (+30% by 2023).

But it is also, and above all, the possibility of an ethical and standardized approach to payment rooted in the economic model. A profound paradigm shift in financial capitalism: Make as much profit as possibleTowards a new paradigm: Make as much profit as possible to share. Create an efficient, profitable and virtuous payment system. The three pillars of the new economic equation: meeting needs, making profit, and solving societal challenges. The equation, in my opinion, that has become essential to any form of economic sustainability.

If the uncertainties are numerous and the challenges are formidable, the adventure promises to be exciting.

We are only at the beginning of the history of this new world.