Web 3.0 | Economy: Part I

— By Pierre Chidiac

Man is a social animal. This statement by Aristotle expresses a very profound truth concerning our race. We, as humans, can only exist in communities, as we have discovered since the dawn of time that this is our best chance at surviving the dangers of this world. Nowadays, individualism is very popular, and social life isn’t very attractive anymore. More people are choosing to live alone, as a sign of independence and freedom; however, it is important to remember that this possibility (to live alone) is a luxury only afforded to the humans of the 21st century, since we have succeeded at becoming the dominant species in this world, and therefore have no more threats to our biological survival.

Nevertheless, it is important to keep in mind that this success that we reached as a species is a direct consequence of what we did with the truths that we discovered about our nature. First, we understood that we needed to come together in order to prosper; then we realized that even if we had common interests, we needed to organize ourselves in order to be able to live together. This reasoning brought forth the two oldest fields of study in human history: Politics and Economics, the public sector, and the private sector. From then on, various theories emerged in these fields throughout history attempting to answer one question: “How can we make this society function and grow with the least possible collateral damage?” Hunter-gatherer society, monarchy, feudalism, capitalism, and communism are some of the socio-economic models attempting to create a society that is as close as possible to a utopia. As you probably might have guessed, the first few systems are almost non-existent at this point, and capitalism is the dominant system in the world right now.

However, it is important to realize that these systems worked for a lot of time before disappearing. One might argue that they were bad, which is true from our perspective because we know better, but for the people who were living back in the day, there was no possibility for a better system. According to history, socio-economic revolutions always happen after either scientific and technological revolutions or major wars like in the case of the 20th century. It is only after the industrial revolution that we abolished slavery and invented capitalism. Not that slavery was good, but somebody had to do the low-level tasks until they invented machines to do them.

As you might have realized, there was no system change after the internet revolution, the USA is still the dominant superpower, and capitalism is alive and well. Yet, despite it being the only system that works in our day and age, capitalism is highly unpopular among the new generation, one reason for this being that it exploits the poor and the middle class and only benefits the wealthy minority, which is why socialism has seen a rise in popularity lately. Just like in monarchy there was slavery, in capitalism there is poverty. In both cases, the lowest social class is in a tough spot, and all system changes should be about two things: giving equal opportunity to all the components of society and increasing the well-being of the lowest class of society. The lowest class is always going to exist, the goal is to make its state more pleasant than the lowest class of the previous system. But then, since our system is not perfect and we had a major technological revolution, why didn’t we see a system change yet? The simple answer would be because the internet revolution hasn’t begun yet. Yes, computers are an amazing invention, yes, the world wide web is an amazing invention, but the true power of the internet lies in something bigger than the digitization of information, it’s the decentralization of information. You might read these words a lot in our blogs, decentralization, blockchain, web3, at some point it may even become cliché, but once you understand them, they become synonymous with power, freedom, and independence, this is where the true revolution of the internet begins, it is inevitable and once it happens, then we will see major changes in socio-economic and even political systems around the world.

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