Using Blockchain For The Virtual Economy Within The Web 3.0 Era.

Using Blockchain For The Virtual Economy Within The Web 3.0 Era.

2020-07-07 | Robin Williams

Using Blockchain For The Virtual Economy Within The Web 3.0 Era.

The CEO & co-founder at blockchain ecosystem Rally, Kevin Chou, believes that blockchain technology could lead on the charge toward a virtual economy within the web 3.0 era.

While speaking at Unitize earlier on 6th July, Chou, who is additionally involved with the firms Kabam, Forte as well as Gen G, added that content platforms should move faraway from the old business model of web 2.0 that consists of the platforms taking an outsized portion of the revenue.

Moreover, companies should form a new & decentralized business model that favors influencers, creators, “giving away the governance to the community," said Chou.

Explaining further, he said:

“The web 2.0 era of business models was considerably about how I build a really large platform and offer the service for free of charge but collect a bunch of that data. […] I’m surprised, and there are many great value services that are created, but we’re also seeing the drawbacks thereto today with the shortage of privacy, lack of control of your own data, and lack of control over the economics because it’s primarily advertising-based.”

“I think tons of the new blockchain projects along with the web 3.0 projects are all about how we create something which will eventually be decentralized. I feel the space started with everything that must be decentralized from the beginning ” Chou concluded.

Bitcoin, DeFI, COMP - Concept Of Decentralization

Chou even added that Bitcoin [BTC] “did an excellent job of pioneering” the discussion about decentralization by making people and businesses aware that decentralization is possible, adding, “But we also see now that there’s a path established by projects like Compound and Maker, and tons of other DeFi projects."

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