Twitter, GameStop… enough! The world needs true decentralization

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GameStop and Twitter are each a mirage and an iceberg — however don’t strive tweeting that. Not since you received’t personal the tweet (since you received’t), however as a result of the one fully true expression that Twitter is able to delivering as a platform is unlocking the ugly reality in regards to the web itself. Or as Elon Musk lately tweeted:

Let me clarify.

Within the midst of Robinhood halting buying and selling for its supposed customers, Jack Dorsey has been speaking about decentralizing Twitter and social media generally. However apart from just a few fans, the phrase “decentralization” is the equal to syntactical Ambien. However don’t go to sleep simply but. I promise I’m not going to inform you to purchase Bitcoin (BTC), however I’m going to inform you why it’s best to be capable of personal a part of the following Twitter and Robinhood. First, let’s say what all of us clearly really feel.

Associated: GameStop saga reveals legacy finance is rigged, and DeFi is the answer

The decentralization has begun

There’s something… within the air. There’s a palpable electrical energy. A levy is about to burst — not a literal one, however a symbolic one which has stopped the river of progress and equality from flowing in far too many areas of our world. Energy has at all times been held by the few, and in all of those areas, the equality of energy is now at stake.

Individuals are beginning to transfer from centralized energy fashions to decentralized ones, shifting from the few holding the entire energy to the various sharing in it. When this dam bursts, there will likely be a large shift the place everybody concerned will turn into extra highly effective whereas essentially the most highly effective amongst us will begin to turn into much less so. A leak has already begun. It’s the dawning of the brand new energy.

Jeremy Heimans and Henry Timms, authors of the bestselling guide New Energy: How Energy Works in Our Hyperconnected World — and Tips on how to Make It Work for You, describe the state of affairs in a 2014 article:

“Previous energy works like a foreign money. It’s held by few. As soon as gained, it’s jealously guarded, and the highly effective have a considerable retailer of it to spend. It’s closed, inaccessible, and leader-driven. It downloads, and it captures. New energy operates in a different way, like a present. It’s made by many. It’s open, participatory, and peer-driven. It uploads, and it distributes. Like water or electrical energy, it’s most forceful when it surges. The objective with new energy is to not hoard it however to channel it.”

The brand new energy of the twenty first century

Whereas the traditional top-down energy mannequin, or tree or pyramid mannequin, has been round since not less than Aristotle, the twenty first century has been shifting towards one thing radically totally different. We now have seen it within the invention of the web, in political actions just like the Tea Get together or Black Lives Matter, within the Me Too motion, in open-source software program, in collective data tasks like Wikipedia, and naturally, within the invention of Bitcoin (BTC) and blockchain. Nonetheless, what could also be most attention-grabbing of all: The universe itself, the human mind, artwork and our pure ecosystems all resemble decentralized networks. Extra importantly, they don’t resemble top-down energy fashions.

Heimans and Timms go on of their guide:

“Those that are constructing and stewarding huge platforms that run on new energy have turn into our new elites. These leaders typically use the language of the gang — ‘sharing,’ ‘open,’ ‘linked’ — however their actions can inform a unique story. Consider Fb, the brand new energy platform that the majority of us know greatest. For all these likes and smiley faces we create utilizing what the corporate calls our ‘energy to share,’ the 2 billion customers of Fb get no share of the huge financial worth created by the platform. Nor any say in how it’s ruled. And never a peek into the algorithm that has been confirmed to form our moods, our shallowness, and even some elections. Removed from the natural free-roaming paradise the early web pioneers imagined, there’s a rising sense that we live in a world of participation farms, the place a small variety of massive platforms have fenced, and harvest for their very own achieve, the day by day actions of billions.”

Robinhood and Twitter — and extra importantly, the web design that allowed their enterprise fashions — are centralized and want toppling. They promote outdated energy whereas advertising and marketing themselves as the alternative. That is the place the mirage meets the iceberg. Nonetheless, after the turbulent yr of 2020, it appears the folks have had sufficient. The cat is out of the bag, so to talk.

The cultural and technological shifts

What was as soon as principle has now turn into actuality. The community mannequin is actual, and sarcastically, it wants a brand new house as a result of it at present operates on prime of a pyramid.

The web is run by central servers owned by central entities. Our whole human output of knowledge is managed, manipulated, studied, offered and used to affect our behaviors and extract as a lot worth as doable for a small group of individuals. That is merely the best way it’s, whether or not giant tech giants wish to admit it or not. Customers are merchandise, not prospects. Within the case of Robinhood shutting down the trading of GameStop and different securities, its free companies are actually pointing to the truth that person buying and selling information is the actual cash maker by promoting it to hedge funds. Within the case of social media platforms, they promote our information to advertisers and, generally, political campaigns — or worse.

So, the place does this lead us?

Proper now, we now have tens of millions of individuals desperately clamoring for brand new platforms the place they management their very own digital id, management their very own information and may even revenue from and govern the platform. This new energy proposition, the place democracy meets libertarianism, fortunately already exists.

From the mannequin Bitcoin created for peer-to-peer switch of worth, to decentralized exchanges for digital belongings that function on code alone, to decentralized finance staking platforms that enable customers to actually govern the foundations of the platform — all of which haven’t any central entity in management — the long run is brilliant.

However it’s not sufficient.

On a regular basis apps that we use on our telephones nonetheless function beneath outdated energy infrastructure. All of them use central servers and corporate-issued IDs (the typical individual has round 70), they usually all have firms that personal the entire information generated by their merchandise/prospects. This wants to vary.

New web, or Internet 3.0, builds new infrastructure and new roads for information to journey alongside and be saved. By eradicating central servers, permitting web IDs to be issued by public blockchains, not firms, and by giving customers selection over how their information is saved, functions have gotten a part of the brand new energy motion. With decentralized web, the favored adage “If it’s free, you’re the product” can lastly be confirmed unfaithful. How? As a result of Internet 3.0 is a world motion, not an organization.

That is how the web was at all times meant to be: an enormous, decentralized good community that nobody controls, like our universe, our brains, our oceans and now our cultural actions. Decentralized social media is already in improvement, with decentralized variations of Twitter, LinkedIn and WhatsApp within the works.

2021 is the start of the tip for the outdated energy of the web. For my part, it couldn’t have arrived quickly sufficient.

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a choice.

The views, ideas and opinions expressed listed here are the creator’s alone and don’t essentially replicate or signify the views and opinions of Cointelegraph.

Donald Bullers has over 10 years of management within the discipline of know-how, spanning from being a digital advertising and marketing vice chairman to founding Tuum Applied sciences. With an curiosity in digital id and Internet 3.0, he leads a number of groups creating software program for a completely decentralized web utilizing Elastos know-how.