On January 18, 2022, New York Times writer, Ephrat Livni, wrote Tales from Crypto: A Billionaire Meme Feud Threatens Industry. Livni reported Jack Dorsey tweeting Web 3 is not owned by “you,” (us) but by Venture Capitalists and the Limited Partners of Venture Capitalists do: Livni asserted Web 3 is a tokenized Internet economy network (link).
The tokens, Livni continued, are of the form, cryptocurrency, a decentralized money information system. Livni claimed Web 3 is benefiting users in some way, but the central task is some addition to Web 3, which could be invention, playing, interaction, or financial exchange. Livni also claimed these tokens have the capacity to democratize community-run companies.
Without controlling the token exchanges, Dorsey’s warning about who is really owning Web 3 will prove correct. In order to offer big companies equitable opportunities small companies should have, we will have to set upper limits on how much of Web 3 companies own, since the Big 5 of Web 2, AMMAA (Amazon, Microsoft, Meta, Apple, Alphabet), have translatable skills such as handling traditional civilian data to handling military grade encryption based exchanges.
The process for doing this needs to start with defenses against the usual suspects. Penetration testing, social engineering, and more recently, questionable stock rallies (GameStop: link) can be contained within separated potential incident scenarios, and we can rely on the experience of seasoned professionals for an exact depth necessary for a usual suspect. For an introductory description of security and compliance concepts and methodologies, enroll in a free course offered by Microsoft, here.
So, we can say Web 3 is currently owned by VCs and LPs, an oligarchy. The current token exchanges are too trusting of a small population of people for others to earn the trust thereof. Reader, we can control cryptocurrency tokenization, but the control will encourage members of Congress to believe they have an aroma of trust. In every situation, the fundamental financial security error is misplaced trust.
The implementation of Zero Trust is a fighting posture. So, it should only be used when a threat needs to be stopped. We cannot put our money under our mattresses, and expect to earn $1 million dollars with that as the money generating implementation. Assuming communicating a business proposal by the strange language of the martial arts is not good business, either. For it is violence. We can recognize this as the form of communication the military industrial complex President Eisenhower warned against (link).
I am an American, born American, but I consider myself, as every American who is not of an Indigenous people of North America before 1607, when the English colony of Jamestown, Virginia, was established should, an immigrant to the land of the United States of America. We will, instead, each require a self-sustaining financial strategy for food production, utility generation, scholastics evolution, health clinic construction and operation, transportation, housing maintenance and improvement, and the reduction of carbon emissions. Today, purpose is a more common generator of money than the focus of monetary acquisition, itself. For detailed instruction, enroll in the University of Virginia’s Darden business course, New Models of Business in Society, taught by Robert Freeman (link). So, the lesson to learn, here, is this: it is that we give honor to stakeholders where due, and give respect to stakeholders where due.
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