Kevin Chou, CEO and co-founder of Blockchain Ecosystème Rally, believes that blockchain technology could lead the charge towards a virtual economy in the era of web 3.0.
Speaking at Unitize on July 6, Chou, who is also involved with the firms Kabam, Forte and Gen G, said content platforms must move away from the old business model of web 2.0, which is that platforms take a large share of the revenue.
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Instead, companies should create a new decentralized business model that favors influencers, creators and „give governance to the community,“ Chou said.
He added: „The era of Web 2.0 business models was all about how to build a very large platform and give away the service for free, but collect a lot of that data. […] I’m surprised, and there are a lot of high-value services that have been created, but we’re also seeing the drawbacks of that today with the lack of privacy, the lack of control over your own data, and the lack of control over the economy, because it’s mainly based on advertising.
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„I think a lot of the new blockchain and web 3.0 projects are about how we create something that will eventually be decentralized. I think space started with everything that needs to be decentralized from the beginning,“ concluded Chou.
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Chou believes that Bitcoin Rush „did a great job of pioneering“ the discussion on decentralization, making people and companies aware that decentralization is feasible. He added, „But we also see now that there is a path set by projects like Compound and Maker, and many other DeFi projects.