There are no web 3 experts in the world because literally, no one knows what it is. Muhammad Omar Nasir – A Fintech Expert
Explaining Web 3.0, this is generally what Mr. Omar Nasir had to say:
- So in the ongoing cycle of the web, clients are the item that implies the stages are free (Google, FB) and you have zero commands over your information. Your movement on the web is adapted, however, you get no part of the income.
- Web3 proposition is to guarantee all administrations are somewhat client claimed, and when you play out some movement on a stage you fundamentally get compensated in crypto coins. That takes care of the adaptation issue and creates income for both the client and the stage (if the crypto cost goes up). Is there something more than monetization to it? like Social Media banks? Or exchange of clout like Klout or Kred? (Exchange like for like?) For the time. No. It is just monetization.
- Another more treacherous application is making the client pay crypto tokens to get help. You can get too specific elements on stages provided that you purchase those coins and spend them on the stage. For example, if you need to post a status update on web3 FB, you need to spend crypto tokens. You can also probably earn crypto tokens on the same platform by engaging in other activities. This will only serve to make your internet experience completely miserable. Omar believes the concept would be that you need to spend tokens to upload a video and then other people need to pay to watch it, thereby generating revenue. Not sure how TikTok would work in web3.
- What makes all of this staggeringly moronic is that it professes to remove the power from focal specialists (like FB, yet it’s clearly false) and give it to the client, yet there is just no restriction to the number of coins an individual can possess. You will without a doubt wind up experiencing the same thing as a couple of rich people who will support every one of the coins and have unlimited authority over the stage. It settles the score more regrettable: crypto can be made difficult to follow so essentially some obscure very rich ppl will assume command of significant administrations with no guidelines set up.
- Is NFT and Fintech part of it? NFT, yes. Fintech is just a term. You could apply it to web3 monetization. Or not.
- Does this mean employing people to engage with content to earn coins and in return being paid a small portion in terms of the real money? This is about DAOs, a form of user ownership in which people who own the tokens behind a service get to make decisions. Trouble is, that a single person can own majority tokens and abuse the voting system. there was a recent $180m hack based on this exact same flaw.
The hacker loaned themselves a lot of crypto tokens, enough to give them control over the company. They then voted to allow themselves to take control over all the tokens, thereby giving themselves free money.
- So to finish up, it’s a very crappy thought that just reformats the current issues of the web into another worldview with not so much oversight but rather more open doors for misuse.
Social Media Banks
With the accumulation of funds owned very large, perhaps only Google, Amazon, Facebook spread its wings into a bank, at least has a subsidiary specialized in banking that can support their business expansion. Globally, some people assume that the World is not in position to have one currency, walls are already there. Bitcoins have very little recognition. Euro has problems too. According to these people times are not ripe for global bank. But the future is all about tech. Therefore, the technology giants are going to dominate the financial landscape. Facebook just secured an e-money licence from the Central Bank of Ireland too in Dec 2016 that is. It will change everything from financial services companies going bust to banks closing down because big data is now more centralized with Facebook and Google. These corporations are almost certain to offer banking services in the near future. Personally, we think Apple has the best chance of being first and successful.
