Opinion: Daniel Ahmed, co -founder of Faset and member of the founder of his own foundation
Crypto was born of a vision of decentralizing power, democratization of financial systems and building, in which equality overwhelmed. However, somewhere along the way, movement lost its moral compass. As the speculation increases, the target has dropped.
We must return crypto to its decentralized roots, a technological revolution based on long -term value, integration and ethics, not cyclical, speculative profits. The industry should be inspired from emerging regions and how ethical financial investments can aid in repairing some ways in which our industry has often failed.
Layer raise 2
When Vitalik wrote a post on a blog about layer 2 as a cultural extension of Ethereum, he raised a critical point not only in business and technology, but humanity – what we build in this life should be more significant than we ourselves. Referring to Blockchains, he described how layer 2, which he formulated as the Ethereum subcultures, do not differ only in their technical benefits, but how their positioning and complexities flow into the culture of their community.
In a space where a up-to-date 2S layer appears quickly, Vitalik’s observations are correct and inspiring. When we build Echo and Monoculture in a vacuum, we will miss the actual value of the community in Web3.
What really connects the community? Too often in the crypt, this answer made people luxurious. There should be common ideals that solve real problems. If it is made with goal and conviction, it can still earn money.
While the rapid raise in layer 2 and layers 3 promises scalability and performance, they are too often motivated by speculative profits, not eternal value creation. In case of doubt, the numbers speak for themselves.
Apart from the fatigue, layer 2, the very range of this data raises the question: is our industry inventive just because it can or creates real utility that improves the lives of other people? There is nothing wrong with building something to earn money, but if this is the only reason why we build something, then a problem.
Last: Islamic finance and web3 occur at the stage in Istanbul Blockchain Week
We need to change the narrative and check how WEB3 solves the actual, basic problems in emerging markets – especially in regions such as the Middle East, South -Eastern Asia and Africa – as a northern star, how to ethically build the future of our space.
What does innovation really mean?
If cryptographic projects believe that innovations in Web3 only concern rounds of collecting funds directed by VC, comparison of transactions per second or building another great decentralized application for trafficking cats of cats, they probably never existed in a place where even the simplest financial transactions are burdensome.
In emerging markets, where people are struggling with inflation, high cash fees and constrained access to financial services, we were witnesses how significant effects can transform the everyday life of millions. These are not abstract issues. They affect company owners, family, students, creators and more.
From Stablecouins to Unthreatening and User -friendly payment applications, WEB3 offers a unique opportunity to solve these problems by creating decentralized financial systems that ignore inefficiency and unevenness of time-honored banking. In order for Web3 really essential in these regions, it must be designed with an emphasis on ethics, availability and long -term usability. We must lead as an example.
In these markets, if innovations do not cause significant interference, which improves the lives of people and solves real problems, it is nothing but a fashionable slogan. The most powerful technological solutions are those that solve the world’s biggest problems.
Ethical finance – future Web3?
If you want inspiration, pay attention to people do something different. If you want to inspire others, bring an example.
Ethical finances, in particular Islamic finances, offer valuable lessons for Web3. It comes from the 1960s and 70s in the Middle East and North Africa (and even further to about 620 ne), this sector is based on the division of risk, ethical investments and concentration on material assets.
Islamic finances have survived for centuries because it rejects speculation in favor of real, significant value. For example, we have seen an raise in ethical financial institutions, such as Al Rajhi Bank, one of the most outstanding Islamic banks around the world, known for investing in material assets and community -oriented financial products.
This model, which seeks to build on the basis of morality, substance and necessity, compared to ordinary financial capabilities, can be managed by Web3, because it goes beyond noise -based growth.
Build according to an example
When we look at the next few years with the wind and bulls under our wings, the time has come for Web3 to look at the mirror and re -define how success and innovation really look. The answer to it will not be the same for everyone – it would be quite uninteresting.
We need to find a common principle of common values that go beyond technical achievements, market capitalization, total blocked or x observers, but strives to introduce innovation of something more significant than any layer 2 or token.
Preparing to launch something up-to-date, our industry must ask themselves what lives at the Islamic Finance Center: How will this product improve the lives of people? Is this in line with the ethos of creating decentralized systems that are see-through, truthful and built for the benefit of everyone?
If we can’t answer it, maybe we should go back and ask why. Then go back to work.
Opinion: Daniel Ahmed, co -founder of Faset and member of the founder of his own foundation.
This article is used for general information purposes and should not be and should not be treated as legal or investment advice. The views, thoughts and opinions expressed here are themselves and do not necessarily reflect or represent the views and opinions of Cointelegraph.
