In the realm of digital assets, despite their rapid growth and sprawling userbase, there is a sentiment within the crypto-circle over the elusive “killer use case”. However, it’s important to appreciate innovation as an organic process featuring countless discoveries rather than a singular solution tailored to fit the fabric of our society.
Reflecting on our past, who would have fathomed the idea that our mobile phones would usurp global taxi networks, or traditional media would relinquish its stronghold to digital advertising and social networking? As paradoxical as it may seem, the bewilderment and confusion vested in the exploration is a significant part of the journey to uncover what lay in the unforeseeable future.
Crypto has revolutionized the canvas of digital scarcity and financial abstraction, merely akin to how Web2 revolutionized informational accessibility via hyperlinks. On this evolutionary wheel, decentralized finance (DeFi) has pioneered a banking industry catered towards Web3, a composite of techno-utopians, ferocious arbitrageurs, and artistic (Decentralized Autonomous Organizations) DAO enthusiasts. This paradigm shift towards digital property rights and financial infrastructure seemingly outperforming its traditional counterparts puts us at a crucial paradigm shift.
However, amid hyper-financialization and sticky Ponzi schemes, we grapple with a sobering realization that our industry still harbours many challenges. Without productivity generating exchange and tangible operation economy, viable financial services cannot sustain themselves. Consequently, transitioning traditional economic activity into the digital space and bridging the gap between Web3 and the financial sectors hold precedence.
DAOs magnify mirroring the function of small businesses, fostering digitally driven human activity for economic gain. While we are yet to recognize a substantial market, technological progression yield promising avenues for future consideration. We are witnessing the genesis of a new machine economy where Humans and their software counterparts collaborate, unified through fintech networks and rooted in blockchains.
However, despite promising leaps in technological innovation like Artificial Intelligence, there are inherent risks that could magnify prevalent Web2 issues. Unregulated, it could enable endless addictive content, compromising data privacy and human dignity. Addressing these issues while promoting open-source movements in AI is an imperative task, which could turn Web3 into a fortress safeguarding our data.
Therefore, as we progressively embed our lives into this digital construct, there’s a need to scale up components of the machine economy. Fintech, Web3, and artificial intelligence form a unified economic entity, and nurturing each facet depends on their harmonious interplay. This understanding has sparked the inception of Generatives Ventures, a venture fund devoted to catalyzing digital growth within the upcoming machine economy era. The future promises a symbiotic existence, harmonizing humans, AI and blockchain technology – we are at the cusp of a digital renaissance.
Source: Coindesk
