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Overcoming Obstacles to Building a web3 Economy

Developers
Kin Foundation
News
Dec 19, 2022
,
Kin
Foundation

Several players in the blockchain industry are working towards building a decentralized, open economy based on cryptocurrency. Kin augments this vision by allowing every participant to benefit from the opportunities it offers without being taken advantage of. This vision, known as web3, aims to solve the problems of the extractive big data economy, where large tech firms exploit personal data from consumers, app developers and content creators, leaving them unable to maximize monetizing their work. However, there are several challenges that need to be overcome in order to realize the full potential of web3.

One of these challenges is allowing developers to monetize the user experiences they create. Currently, many developers rely on an ad-based monetization model, but this can damage the user experience and serve as a vector for data collection and tracking. An alternative solution is to use social currency, where developers are compensated for creating compelling user experiences. For example, the Kin Rewards Engine pays out rewards to developers each week based on the collective actions of their end-users. 

Another challenge is teaching users that their personal data and contributions to platforms have value and that they should be compensated for their time online and engagement with content. Currently, many consumer platforms present themselves as free to use, but they do not disclose the types or volume of data they collect. To solve this problem, web3 can use decentralized digital currencies to incentivize and reward user engagement, rather than relying on data collection.

A third challenge is establishing a fair and transparent advertising ecosystem. Currently, the advertising industry is dominated by a small number of large players who have significant control over the distribution and pricing of ads. This leads to a lack of transparency and fairness, as well as a lack of innovation. web3 can solve this problem by using decentralized digital currencies to establish a more transparent and fair advertising ecosystem that rewards all participants fairly.

Finally, web3 needs to address the issue of scalability. Currently, decentralized technologies such as blockchain have limited scalability, which limits their potential adoption. To solve this problem, web3 needs to develop solutions that allow decentralized technologies to scale to meet the needs of a global user base.

Overall, the crypto industry is working towards building a better alternative to the extractive big data economy through web3. While there are several challenges to overcome, such as allowing developers to monetize their work, teaching users the value of their personal data, establishing a fair and transparent advertising ecosystem, creating a secure and private infrastructure, and addressing scalability issues, these challenges can be overcome to create a decentralized, open economy that benefits all participants.

If you are a developer looking to join a community that is working towards building a decentralized, open economy with web3, consider joining the Kin Ecosystem. As a developer in the Kin Ecosystem, you will have access to the Kin Rewards Engine, which allows you to monetize your work by creating compelling user experiences. Join in building a better future for the crypto industry.

About Kin

Kin gives everyone skin in the game – making it easy for apps and brands to reward users and create exciting experiences with cryptocurrency, all while generating new streams of revenue for themselves. Tearing down barriers to crypto development, Kin is leading the Web3 revolution by empowering platforms and their users to forge mutually beneficial relationships. Win-win is a cliché – Kin is the reality. Visit kin.org to learn more.

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