Web3 in 2030. Will Decentralization be a myth?

It is the year of our lord, 2030 AD and robots have taken all over the world. All hail your new emperor, 5121514.

Just kidding.

But what will Web3 in 2030 look like? Will decentralization be a myth?

For us to understand where we are going, we must first understand where we are coming from.?

Bitcoin which is largely considered the first cryptocurrency was created to solve one problem which is the current financial system with a simple solution called Decentralization.?

Decentralization is taking control of finances from a selected few and it putting it in the hands of everyone.

Encryption of data or cryptography was needed to protect the users, regulate the flow of transactions, create unique transaction imprints, and automate or govern itself. Hence, the name cryptographic currency or cryptocurrency or crypto.

The whole system was given the name Web3 (Read, Write and Control), which is an upgrade of Web2 (Read and Write).

But over time, the core virtues that drove the need for Web3 were abandoned, and tokens that were not deflationary were created.

P.S there is a difference between a Cryptographic token and a Cryptographic coin.

https://www.dhirubhai.net/posts/ral-andrew-a79b76138_web3-blockchain-cryptocurrency-activity-7009721043707654146-0AJR?utm_source=share&utm_medium=member_desktop

Centralized entities grew in power in the space all thanks to quick decision makings and the shared features with the old and new financial systems.

It was easier to onboard new converts into Centralized Entities in the Web3 space.

But!

The failures of Celsius, Voyager, and FTX and the quest for a more secure and limitless way of transactions have led everyone back to the path of Decentralization and self-custody once again. But then pessimistic as I can be, I can't help but wonder if Web3 will be bearing a new outlook in 2030.

And with the push for CBDCs and regulations by the same entities that had profited from the loose system on the ground, Web3 and the crypto space might be greatly influenced. But that remains debatable.

Why?

Take as a case study, my country, Nigeria came out with its own CBDCs a month after banning any form of Crypto transaction because of their inability to control or track the inflows and outflows of money. A year after E-Naira, Nigeria's CBDC has been introduced, a report has it that 0.5% of its population has adopted the CBDC. That will put the figure at about a million from a country of over 200 million.?

This is false and influenced by the number of total downloads of its wallet, which is an untrusted variable. Given my experience in integrating this CBDC and my knowledge based on conversations had with people, I am certain that the daily users are not above a hundred.

What's the reason for this?

For one, because of the policies against Crypto, many still see cryptocurrencies including Bitcoin as a scam. Thereby taking away chances of Web3 projects springing up and limiting the perception of Web3 to trading or as a hedge against inflation.?

Crypto trading has become a form of survival for the younger generation which make up about 70% of the population, thanks to the decline of the Naira, inflation, and an insufficient number of jobs to cover about 30% percent of this younger generation.

But not many understand the concept of cryptocurrencies and blockchain, and among the ones that do to an extent, there is a reluctance to go against the policies set and the hammer of law enforcement. The ones that dared these policies do not want to be controlled further by the government or seen holding or trading with Crypto.?

Aside from that, there is no real use case for E-Naira. Another aggravating factor is that E-Naira and other CBDCs built on private blockchains are lopsided. Lopsided in the sense that it only favors the government. It provides nothing different from what we are using in the country with online transfers. And it is tied 1:1 to a declining currency, which has led people to look for other substitutes in Dollars, Pounds, or Bitcoin.

And hence, the reason that decentralization continues to thrive.

Decentralization will continue to play a big role in the space in years to come as long as the various governments see a need to push for CBDCs or enforce their current system on the new space. And given that the current system was created to fight the old system rather than work with it, centralization will have a hard time succeeding in the space.

Perhaps, in 2030 there might be a hybrid of both decentralized systems and centralized systems. Some DAOs (Decentralized Autonomous Organizations) in the Web3 are a fair mix of both.

But the core message would never change as long as there is inflation, high taxes, distorted figures, absurd regulations, a high standard of living, and low security.

And the mantra remains, Not your keys, Not your Crypto!

Now, will banks be a myth in 2030?

That's a debate for another day as we continue to find where it all comes together.