a technology at the service of real and virtuous uses?

A multitude, even an infinity of trajectories are still possible for blockchain technology. However, it appears to be taking hold, as announced, as one of the new cornerstones of the global web’s technical infrastructure. The blockchain will be everywhere and in all sectors: healthTech, Legaltech, LuxTech, AgriTech, Edutech, etc. And of course Fintech.

Even when it comes to talking about the future of the blockchain, I don’t venture into forecasting but always in this area of ​​near certainty (absolute certainty does not exist) in terms of trajectory.

Blockchain: an infrastructure technology for real use

Blockchain is an infrastructure technology. A technology at the service of the human being animated by different intentions. The “Layers 1“, actors of the main architecture of the blockchain, are therefore technological overlays, more or less complex variants of the same infrastructure.

Over the course of human history, infrastructure technologies have consistently led to the creation of an ecosystem of application technologies around them. Plus, without too much reward most of the time for their creator father. The inventor of the wheel probably did not win anything unlike those who thanks to it developed trade and empires. Ditto for the steam engine or drilling technology. Unlike the companies that have been able to exploit them and create great industrial fortunes.

The same goes for the Internet. The civilian and military researchers who invented the Internet are unknown, yet today we are all customers of digital giants such as Facebook-Meta, PayPal, Tencent, Google, Alibaba, Amazon & co. All of these services rely on the Internet and its multiple additional infrastructure technological layers. The same goes for virtual reality. The Facebook-Meta OCULUS, like all VR viewers, are interfaces: here we are not talking about the technology itself but about an access door to this infrastructural technology.

Ultimately, these infrastructure technologies have only two possible alternatives: implementation or disappearance. The contemporary is always aware of the technologies of the moment but no one looks at the cemetery of the latter, which died of inactivity. We only remember those who managed to create an ecosystem of services and applications and therefore a use rooted in reality.

Level 1, first step towards the application level

Blockchain protocols like Bitcoin, Ethereum, Fantom, Algorand, Cosmos, Polygon, Avax, Massa, Solana, Tezos, Elrond, Terra (RIP) etc. – layers 1 – are competing for key roles in the world of tomorrow. There is room for coexistence because the properties are different. However, they are competing to create these usage ecosystems around them and seek to become the go-to blockchains in their segment. It is around these blockchains that the giants of the web3 of tomorrow are created or will be created. The top players in the sectors of health, games, e-sports, education, transport, finance, the web3 are in the making or in the making and will naturally be application services.

However, the token economy has opened up a new dimension for infrastructure technologies. Technology becomes intrinsically profitable to the extent of its use. The owner of the native token of a layer 1 holds, in a sense, an intellectual property right on the technology that gives it the right to a revenue mechanism shared with all owners, indexed on use. He imagines that he invested in the H20 token of the “steam engine” project in the MECA 3.0 era and took a few cents for each revolution of an engine piston. The deal would be nice. But, despite everything, without the possibility of comparison with those who produce a manufacturing with high added value thanks to the underlying technology.

In finance, the comparison could be made between Visa and Goldman Sachs. While Visa is not an infrastructure technology, it is a service closer to infrastructure than Goldman Sachs, which is one of the very many investment banks that use Visa, among other things. In the first quarter of 2022, Goldman Sachs’ revenue was $ 14.3 billion versus Visa’s $ 7.20 billion. Application is the direction of the history of any technology.

Web3: The New World Analogy

If web3 is a new field of technological applications, then it is interesting to draw a parallel with the discovery of a new world. Let’s draw an analogy between the conquest of the web3 and the conquest of America from the 15th to the 19th century. The first settlers first tried, made contact, fought and then quickly laid the infrastructure of what would become: cities, roads, bridges, railways, etc. Blockchains are the cities, roads, railways of the web3. And between 2014 and 2020, web3 entrepreneurs were the settlers who came to lay the infrastructure for this new world. And as for the colonies, these are competing with each other for the upper hand, others will follow but now that the infrastructure is sufficient in number and performance, it is a new wave of settler entrepreneurs that is set to conquer this new world. the application level and the essential services for its adoption and growth.

But this new world, like America before with Europe, is by no means disconnected from the old world. The applications that will take the lead of web3 are the ones that will unite these two worlds and will be able to bring people to frictionless use. And this new world needs health, insurance, logistics, education, legal services … and payment. That too is ballistics.

Blockchain, the possibility of ethical finance

As the saying goes before the hour is not the hour and after the hour it is no longer the hour. Every sector knows this momentum, its great years of change. We are in those of payment means whether web1, web2 or web3. Furthermore, Gafam is not mistaken and everyone wants their share of a growing promised cake (+ 30% by 2023).

But it is also, and above all, the possibility of an ethical and unitary approach to payment rooted in the economic model. A profound paradigm shift in financial capitalism: make as much profit as possibletowards a new paradigm: make as much profit as possible by sharing. Create an efficient, profitable and virtuous payment system. The three pillars of the new economic equation: satisfying needs, generating profit, solving social problems. In my opinion, this equation has become essential for any form of economic sustainability.

If the uncertainties are numerous and the challenges immense, the adventure promises to be exciting.

We are only at the beginning of the history of this new world.