The Current State of the Internet: A Perfect Illusion?
Da Hongfei, the visionary NEO founder, initiated a thought-provoking dialogue at BlockShow Asia 2019. He framed the internet as a marvel that seems flawless, yet he posed a challenging question: Is it really as perfect as it looks? This introspection led him to cite alarming real-world examples, shedding light on dark corners of our digital world.
Scandals and Centralization: A Wake-Up Call
The names “Cambridge Analytica” and “Equifax” resonate with anyone who has followed the news. These incidents serve as case studies in the dangerous realms of data misuse and centralization. They paint a picture of a web riddled with monopolies and singular points of failure. For Hongfei, these scandals signal an urgent need for change.
Navigating the Challenges Ahead
- Vertical Friction: Interactions and transactions within the web are often cumbersome, creating barriers that stifle innovation.
- Lack of Standardization: Without universally accepted web standards, fragmentation leads to confusion and inefficiency.
- Technology Immaturity: Many solutions exist in theory but are still in their infancy in practice.
Hongfei warns that these issues could delay the fusion of our physical and biological worlds, a phenomenon he refers to as the “industrial revolution 4.0.” The introspection may be grim, but his outlook for progress is brighter than the A.I. dystopia we often fear.
Competition: The Catalyst for Change
It’s not all gloom and doom; Hongfei believes that increased competition within the blockchain sector can spark the necessary changes. He proposes that decision-making transparency, decentralization, and data ownership should return to the users. Lay off the data hoarding, folks! Users should wield the power, not just the platforms.
The Road to a Decentralized Tomorrow
In a prophetic statement, he quoted Gartner’s projection that the blockchain industry could generate a staggering $3.1 trillion worth of value by 2030. This could stand shoulder to shoulder with the market caps of tech giants like FAANG. This isn’t merely wishful thinking—it’s about a wholesale transformation of the how we interact with the digital world.
Legacy Applications vs. Blockchain Evolution
Looking forward, Hongfei envisions a world where today’s applications become relics of the past. He predicts a progressive journey for blockchain applications, transitioning from their current niche appeal to an integral part of everyday life. Prepare for a future where blockchain moves from marginal to alternative and finally to mainstream application, forever altering our interaction with the internet.
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