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In this blog, we will sketch the trajectory of cryptocurrency to see how it was during the Medieval and Renaissance eras and how it contributed to rapid business growth. In addition, we will also investigate how it’s happening again and how the journey will continue in the future.
An Insight Into The History To Learn More About Web3
Let us start with the Renaissance.
What’s the first thing that comes to mind when you listen to ‘Renaissance’? Most people consider it a singular event that impacted art and launched industries. However, if you ask an expert working at the best crypto audit company, they will not agree.
This is not the case; the Renaissance is much more impactful than people can fathom.
If we look at the Medieval age before the Renaissance, you had to be tied to your identity. If you were a farmer, then that would mean that even your father and grandfather would have been a farmer. This tradition would have been continued for generations in your family! And there was no way to leave it.
The concept of ‘social mobility’- the ability to move from one class to another wasn’t even known. On the contrary, it is pretty easy for us today to look back and wonder, “why didn’t they just leave”? Leaving wasn’t even in the realm of possibility.
Meanwhile, a lot of micro-renaissances were taking place. It took hundreds of years to ignite the true Renaissance. And once done, it just took 20 years to impact the entire world.
The cryptocurrency industry is currently beginning to experience a cycle similar to this one. Several micro-events have been building up to something significant over the past 100 years, including television, cable, the internet, Web 1.0, Web 2.0, crypto, and Web 3. The effects that Web3 and crypto will have on the globe are now becoming apparent. That’s it. We are seeing a crypto renaissance.
How Did The Crypto Renaissance Reshape The World?
Ledgers and the Gutenberg press were two significant technological advancements that came out of the Renaissance and altered the course of human history. Education was then a privilege only available to the wealthy and elite. Less than 5% of people in the population were educated, and that education may have included something other than reading or writing.
Ledgers, or sheets of paper, served as a decentralized global financing system allowing individuals to record credits and expenses. Ledgers allowed people to provide credit to their friends, coworkers, and members of their community. People were suddenly free to trade without exchanging real things and no longer dependent on merchants and other intermediaries for their financial support.
The ledger was the only invention that allowed people to create something new. They were no longer required to remain in their current position and carry on as before. They might launch a company. Ledgers signaled the beginning of capitalism. Trading in treasures was no longer exclusive to the privileged and wealthy; it was open to all social classes. Consequently, social mobility became possible in a way that had never been possible before.
The Gutenberg printing press unleashed the world’s ability to exchange knowledge. This was the first time anyone had access to these novel concepts. Even if someone had thought about doing so, they would have needed to learn how to do it.
Ledgers and the Gutenberg printing press worked together to decentralize financing and knowledge to make it easier for everyone to access both. And as a result, more people than ever before had access to the knowledge they would need to alter their station, dissociate their identity from their circumstances, and do so.
This is an example of how Web3 and the world of cryptocurrencies are moving in the same direction.
What Can Be The Future If History Repeats Itself With Web3?
Web3 and cryptocurrencies are going much further in the decentralization of knowledge and fundraising than the introduction of ledgers and the Gutenberg printing press did, which ultimately led to the Renaissance. Humans will refer to our time as a Renaissance 500 years from now.
Fundraising is becoming more decentralized than ever, thanks to cryptocurrencies. They’ve made investing and launching new enterprises easier, increased resource access, and decentralized the currency.
Of course, given that the gap between the rich and the poor is still glaringly apparent, this may not be immediately apparent. The largest businesses, including tech behemoths Facebook, Amazon, Netflix, and Google, are at the center of much of the financial concentration.
However, you can observe the impacts of cryptocurrencies on these centralized institutions as they continue to develop and gain popularity. Their efforts are yielding lower profits. Profits are still substantial but decreasing as everything gets more decentralized.
Web3 is also supporting the decentralization of communication and knowledge. Who can keep learning behind barred gates and who has access to it are no longer important considerations.
Web3 is contrasted to Web 1.0 and Web 2.0, with Web 1.0 serving as the internet’s information superhighway, and Web 2.0 is all about data extraction, social media, and community development. Community building is still a fairly centralized idea while being one of the most crucial aspects of Web 3.
The marketers and brands trying to market their goods and services are the clients to whom they sell the data. By obtaining the data you give social media companies every time you act, they can generate revenue. That social networking application can collect that data and sell it every time you open an app, click on an advertisement, or post a comment or a photo in a group.
Furthermore, access to the knowledge you seek in Web 2.0 still needs to be expanded. You might only find some of what you’re looking for when you type information into a search engine, giving it data depending on your activities.
Web3 will combine our physical and digital realities in real life. More digital components will be added to physical assets, and vice versa.
It could not even be called cryptocurrency in a few years. Similar to how reading and writing are fundamental to everyone in today’s world, they will become so ingrained in every person’s work and daily life. Cryptocurrency will always be used as money. Web3 itself might be the web.