Opinion by: Daniel Ahmed, co-founder of Fasset and Founding Member of Own Foundation
Crypto is born from a vision to decentralized power, to -democratize finance and develop systems where equity prevails over exploitation. Somewhere along the way, however, the movement lost its moral gesture. As the speculation grows stronger, the goal is blurred.
We must restore crypto to its decentralized roots, a technological revolution built at long-term value, inclusivity and ethics rather than cycles, imaginary acquisitions. The industry should get inspired from the emerging regions and how the investment in ethical finances can help to fix some of the ways our industry often falls.
The increase of layer 2
When Vitikal wrote a blog post on Layer 2S as an extension of Ethereum culture, he brought a critical point not only to business and technology but humanity – what we build in this life should be more meaningful than ourselves. Mentioned blockchains, he described how Layer 2S.
In a space where the new layers 2 are rapidly emerging, Vitalik’s views are accurate and inspiring. When we were building in a vacuum of ECHO and monocultures rooms, we missed the actual web3 community value.
What exactly does the communities combine? Often in crypto, that answer enriches people. What should be shared goals that will solve real issues. If it is done with purpose and convincing, it can still make money with people.
While the rapidly increase of layer 2 and Layer 3 The solutions promise scalability and efficiency, they are often motivated by the thoughts that acquired rather than long -term value creation. If there is any doubt, the numbers speak for themselves.
Layer-2 fatigue, the thin scope of this data increases the question: Does our industry change just because it, or does it create a real utility that improves the lives of fellow humans? There is nothing wrong with building something to make money, but if that’s the only reason we build something, that’s a problem.
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We need to move the narrative and see how the web3 solves the actual, major issues in emerging markets – especially in regions such as the Middle East, Southeast Asia and Africa – as a North Star for how ethical to develop the future of our space.
What does change mean?
If crypto projects think of web3 change only about VC fundraising rotraising, comparing transactions per second, or developing the next great decentralized application to trade cat coins, they probably never exist in a place where even the simplest financial transactions are intricate.
In the emerging markets, where people are washing inflation, high remittance fees and limited access to financial services, we have witnessed how to change significant effects on the sunny life of millions. These are not abstract issues. They affect those who have business, families, students, creators and more.
From stablecoins to securing and user payment applications, the web3 offers a unique opportunity to address these problems by creating decentralized financial systems that exceed the efficiency and inequality of traditional banking. For the web3 that truly makes a difference in these regions, it should be designed with ethical focus, access and long-term utility. We must rule by example.
In these markets, if the change does not create a significant disruption that improves people’s lives and addresses problems in the real world, it is not more than a buzzword. The strongest technology solution is to solve the world’s biggest problem.
Ethical Finance – Web3’s future?
If you want inspiration, pay attention to those who do something else. If you want to inspire others, lead by example.
Ethical Finance, especially Islamic financesoffers important lessons for the web3. Formerly back in the 1960s and 70s in the Middle East and North Africa (and even around 620 AD), this sector was built in sharing risk, ethical investment and a focus on tangible properties.
Islamic finances have endured for centuries because it rejected the speculation in favor of real, significant value. For example, we have seen the rise of financial ethical institutions such as the Al Rajhi Bank, one of the most prominent Islamic banks worldwide, known for its investments in tangible properties and community-focused financial products.
This model, which strives to develop based on moral, ingredients and needs compared to the financial opportunity, can guide the web3 as it moves to the growth of the hype-driven.
Develop an example
As we look at the next year with the wind and a bull market under our wings, the time comes for the web3 to look at the glass and re -define what the success and change look like. The answer to this will not be the same for everyone – that is a bit boring if it is.
We must find a common basis for shared amounts that reach technical achievements, market capitalization, total -locked or X followers but strives to modernize something more significant than any layer 2 or token.
When preparing to launch a new one, our industry should ask ourselves in something that lives in the middle of Islamic finances: How can this product improve people’s lives? Is this true of the ethos of creating decentralized systems that are clear, fair and built for the benefit of all?
If we can’t answer that, maybe we should retreat and ask why. Then, go back to work.
Opinion by: Daniel Ahmed, co-founder of the Fasset and founding member of his own foundation.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
