We’ve enjoyed a decadent decade of summer: general political, economic, and social stability have been good to us. But, winter is coming and pressure for a panacea is mounting. Indeed, the debate as to what that ‘cure-all’ is has petrified the air of Web2; a move to the next incarnation of the web – decentralized, efficient, transparent, non-discriminatory – is inevitable. Today, we’re going to be taking a look at the symptoms of this shift, the technologies that we deserve, and a project that is spearheading the revolution that we so yearn for.
Centralization is on its way out
Centralisation has indoctrinated us on the basis that there is no suitable alternative – storing your hard-earned cash in a bank like the rest of us, or hiding it under your mattress; it’s a no-brainer. However, an alternative has risen its hand – decentralization – now exposing the grease, clog and tallow polluting the system that we once had so much faith in.
Some of the reasons that banks ‘legitimately’ freeze funds might scare you. A report, produced by members of HSBC’s UK Conduct Risk said the bank had effectively frozen 1.9m accounts by labeling them “dormant”.That’s right, if an account isn’t used for a certain amount of time, banks are able to sever access to them.
Moreover, the study shows that once an account goes dormant, over 50% of customers never regain access to their funds. But who do these accounts belong to? Most belong to the elderly.
As an added bonus, these centralized ‘authorities’ take cuts and fees at every juncture you hit. The average cost of sending money internationally from the U.S. is 5.52% of the sending amount, while the average credit card processing fee charged to businesses can be as high as 3.5%.
Slow, heavy, and restricting interlocking intermediaries like cogs in an Orwellian nightmare are exacerbating the global cost of living crisis at a time when people simply deserve better. The good news in all of this? Turning and turning in the widening gyre, Web3 is coming.
Decentralization is on its way in
The blockchain is booming – despite what you might think. Noting Bitcoin’s marked decline, bankers are quick to quash the gentle dream of Web3 with the ‘volatility of crypto as an asset’, but the truth is, the underlying technologies accompanying the blockchain are fascinating facets that will endlessly endure the test of time.
The blockchain as a payment medium, for one, is allowing for companies to cheaply and quickly onboard remote talent part-time to their projects. Instant, low-fee cross-border payments are enabling remote workers to be wherever they want in the world. Talented IT engineers from third-world countries such as Pakistan are able to attain high salaries working part-time in US projects; in nations such as Nigeria, smartphone users can earn money through GameFI; in Turkey, for instance, workers are able to convert their money quickly and cheaply to USDT to safeguard their earnings from the Lira’s instability.
The benefits of the blockchain extend far and wide, both in the direction of the employee and the employer. These benefits combat poverty, support startups, and increase global aggregate demand through the speed of payments. Decentralization answers the calls of the current crisis – and yes, it is beautiful.
The Spearhead of the Revolution
There are many Web3 projects currently in incubation, but one, in particular, stands out – PLC Ultima. If you aren’t already familiar, it’s a blockchain-based ecosystem of products already with over 1.5 million users. Development of the project began back in 2016 and continues to this day, where several hundred technical experts from around the world are working on PLC Ultima – headed up by Alex Reinhardt, a venture investor, economist, entrepreneur who launched dozens of startups and fintech platforms.
What makes the project unique, however, is that it provides a microcosm for this shift from the dusty, clanky forces of centralization to the shiny new era of decentralization. It realizes in a physical sense these ‘answers’ to the current crisis.
First of all, its mission is to give people around the world access to a borderless financial toolkit that aims to improve their quality of life. The PLC Ultima blockchain hosts a dozen of fintech services, from e-commerce platforms, where all items and services can be bought using cryptocurrencies, to crowdfunding platforms empowered by smart contracts.
Instruments such as the PLC crypto card can be topped up with cryptocurrencies, offering outstandingly high daily limits, while the Ultima Farm smartphone app can be used for minting new PLCUX coins, one of two native coins of PLC Ultima blockchain, stimulating users to stay inside the ecosystem and keep it decentralized. This is aside from the obvious benefit of allowing talented but geographically-constrained talent to profit from a source of livable income. As a result, it’s already improving the quality of life for hundreds of thousands of holders in developing countries across the globe.
Secondly, the user is the sole owner of their coins. They can freely produce, spend, transfer, store, or inherit their coins, performing operations quickly, cheaply, and safely. They’ll never have to worry about their accounts being frozen off the back of some faulty algorithm; the power lies in their hands.
PLC Ultima, being an ecosystem, also services businesses. The PLC Ultima marketplace called ‘PlatinDeal’ helps new merchants and brand creators quickly scale and enter new geographies. Startup support is key to combating the exorbitant expenses of Web2.
It’s clear that PLC Ultima is a perfect spearhead for the revolution aforementioned. Too many of us are plugged into the centralized system, unaware of the better-suited replacement fast approaching. It’s therefore important that we understand the problems facing our world in this dreadfully difficult decade, propose solutions, and then manifest those solutions. The aforementioned is what we have endeavored to do today, with a crushing descent into the horror-filled caves of centralization, an elegant rise to the fluffy clouds of centralization, and a soft landing on the lapping shores of Great Alexandria with PLC Ultima at the gates.
For more information on PLC Ultima, please check out their official website.