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Web3 is not a hype, it is revolutionary

· 2 min read
Ravi Kaushik
Ravi Kaushik
Founder @ Simtel.AI

When you start to feel some things are crumbling and more pain points faced by small businesses, people in general, you know, its time for a change. What do we see in the current world?

  • Corporate Monopolies and Hegemony, Price wars, Lose-Lose
  • Power concentration in the hands of a few, less reliance on collective intelligence
  • Inefficiencies due to siloes, bottlenecks

DeFI​

Decentralization - StableCoins​

A classic example of Stablecoin is USDT (Tether), where 1 Tether is close to 1 USD and there are many ways to create the value of the currency including Fiat-backed, Collateral-backed or Algorithmic to keep the value of stablecoin close to its native countries physical currency

Decentralization - Central Bank Digital Currencies (CBDC)​

Central Bank of each country is planning to issue or on pilot to issue CBDCs backed by physical currency of that country. The underlying technology is a blockchain or similar decntralization technology to ensure smooth operability across borders. Digital eRupee is oone such initiative by Rserve Bank oof India to tackle a host of cross-border trading problems

Decentralization - Cryptocurrency​

As most are aware, cryptocurrencies have cyclical boom annd bust periods for valuation of currencies such as Blockchain and Ethereum.

Decentralization - Web Applications (DApps)​

Smart contracts form the heart of Web3 Applications. They are decentralized contracts that get executed on interaction of users or events that lead to changes and triggers in the smart contracts.

DAOs​

Decentralized Autonoomoous Organizzations are sub-systems within the decentralized networks and establish governance/rules in a democratic manner, which is followed by its uers with rigor.

Between Smart Contracts and Crypto​

The combination of cryptos and smart contracts enable decentralized governance systems and Apps that drive the web3. This will eliminate central players, known as disintermediation and ensure equal opportunities for all users to participate in the activities without any FOMOs