source. The state of crypto is quite fragile. With the original foundation being the concept of Bitcoin — originally a peer-to-peer cashless payment technology — it’s safe to say that the many alt coins deviated far from the original intention. With the SEC recently cracking down on classifying the top coins as securities, it’s safe to say that alternate cryptocurrency is heading for one of two paths: most Being blacklisted, and no longer legally tradable. Classified as a security by the SEC. Although seemingly dreary for the days of shitcoins and regulation of seemingly decentralized tech, there are many upsides. As many people might have realized within the past year, cryptocurrency and the technology backing are actually not synonymous with one another. Funnily enough, there are a multitude of protocols that have begun to recognize this fact, and offer solutions to store and transfer value other than digital currency. Crypto as an asset class, than a currency Most people don’t buy crypto to utilize it as a currency, rather moreso as a store of value. Bitcoin essentially became a digital gold, with its scarcity and originality of being first to market being its primary features. The shift of focus from crypto brings light to something better — the technology behind it. Whether it be web3 or termed something else, the restoration of our digital rights will be and is highly enabled by this technology. It accomplishes this by bypassing traditional standards that have been established in the past 30 years. Identity, record tracking, storage, has changed fundamentally from a technical aspect. Even implementation for the tech has changed tremendously, to the point where finding developers capable of implementing web3 are scarce. The control, is handed back to the people. Users are much more responsible for their actions on the web, but they own those actions — versus before, with the service provider being the ultimate authority. The future of tech — going into 2023 By 2023, most investment money will shift towards projects using blockchain— and no, not like the ICO craze of 2017, but towards impactful projects doing meaningful things. If there now a time to start building, it’s now. As traditional systems built on archaic technologies begin to crack, people will naturally look elsewhere for solutions. Solutions that present more control, robustness, and especially viability in emergency scenarios. By late 2023, P2P solutions will be highly desirable as traditional infrastructure crumbles. Tech stacks that combine and use technologies like blockchain, AI/ML,VR/ AR, distributed storage, and high level graphical engines will be very relevant for upcoming startups. Whereas before these technologies were used separately, they will now be used much more homogeneously to create highly interactive ecosystems and communities of value — minus the cryptocurrency (at least as we knew it!). Direct interactions will prevail — web3 tech, which is mostly peer based by nature, will start to show its true strengths. Start building and learning on web3 tech now. By next year, you won’t regret it. cryptocrash or not, any company or developer will be a good spot once familiarized with this tech and what it can do. More importantly, with focus on real world use cases that solve pressing problems — problems that will become more prevalent as time goes on. Stop speculating — start building. pce out! Also published . here
