Opinion of: Daniel Ahmed, co-founder of Fasset and founding member of the own foundation
Crypto was born out of a vision to decentralize power, democratize the financing and construction systems where equity prevails during the exploitation. Somewhere along the way, however, the movement has lost its moral compass. As speculation increased, the goal has decreased.
We must return the crypto to its decentralized roots, a technological revolution built on a value, inclusiveness and long -term ethics rather than on cyclical and speculative gains. The industry should be inspired by emerging regions and how ethical financial investment can help repair some of the ways that our industry has often failed.
The rise of layer 2
When Vitalik wrote a blog article on layer 2 as an Ethereum cultural extension, he spoke of a critical point not only in business and technology, but on humanity – what we build in this life should be more significant than ourselves. Quoting blockchains, he described how layer 2, which he formulated as subcultures of Ethereum, do not differ simply in their technical advantages, but how their positioning and their subtleties flow in the culture of their communities.
In a space where the new layers 2 emerge quickly, Vitalik’s ideas are accurate and inspiring. When we build in a vacuum of echo rooms and monocultures, we miss the real value of the community in web3.
What really brings together communities? Too often in crypto, this answer was rich in people. What he should be is shared ideals that solve real problems. If that done with a goal and conviction, it can still make money to people.
Although the rapid rise in layer 2 and layer 3 solutions promises scalability and efficiency, they are too often motivated by speculative gains rather than the creation of lasting value. If there is a doubt, the figures speak for themselves.
Apart from the fatigue of the Conoute-2, the scope of these data raises the question: is our innovation industry simply because it can, or does it create a real utility that improves the lives of its human colleagues? There is nothing wrong with building something to earn money, but if that’s the only reason we build something, it’s a problem.
Recent: Islamic finance and the web3 take scene at Istanbul Blockchain Week
We have to move the story and see how web3 solves the real and fundamental problems of emerging markets – in particular in regions such as the Middle East, Southeast Asia and Africa – as a northern star for how to ethically build the future of our space.
What does innovation mean?
If crypto projects think that innovation in web3 only concerns funds for collection of funds led by VC, comparison of transactions per second or the creation of the next major decentralized application to exchange chat parts, they probably never existed in a place where even the simplest of financial transactions is heavy.
In emerging markets, where people manage with inflation, high payment fees and limited access to financial services, we have witnessed how significant effects can transform the daily life of millions. These are not abstract problems. They affect business owners, families, students, creators and more.
From stablecoins to secure and user -friendly payment applications, web3 offers a unique opportunity to solve these problems by creating decentralized financial systems that bypass the ineffectiveness and inequalities of the traditional bank. For Web3 to really make a difference in these regions, it must be designed by emphasizing ethics, accessibility and utility in the long term. We have to show an example.
In these markets, if innovation does not create a significant disturbance that improves people’s lives and solves the problems of the real world, it is nothing more than a fashionable word. The most powerful solutions of technology are those that solve the biggest problems in the world.
Ethical finance – The future of web3?
If you want inspiration, pay attention to those who do something different. If you want to inspire others, give the example.
Ethical finance, in particular Islamic finance, offers precious lessons for the web3. Dating from the 1960s and 70s in the Middle East and North Africa (and even more at 620 AD), this sector is built on risk sharing, ethical investment and emphasis on tangible assets.
Islamic finance has endured for centuries because it rejects speculation in favor of real and significant value. For example, we have seen the rise of ethical financing institutions like Al Rajhi Bank, one of the most eminent Islamic banks in the world, known for its investments in tangible assets and community -oriented financial products.
This model, which strives to build according to morality, substance and need compared to simple financial opportunities, can guide web3 as it exceeds cycle growth.
Build by example
While we look at the next years with the wind and a bull market under our wings, the time has come for web3 to watch carefully in the mirror and redefine what success and innovation really looks like. The answer to this will not be the same for everyone – it would be boring enough if it was.
We must find common grounds of shared values which extends beyond technical achievements, market capitalization, total locked value or X followers, but endeavor to innovate something more significant than any layer 2 or token.
When you prepare to launch something new, our industry must ask themselves something that lives at the heart of Islamic finance: how will this product improve the lives of people? Is it true in the ethics of creating transparent decentralized systems, fair and built for everyone?
If we cannot answer this, we may have to step back and ask why. Then go back to work.
Opinion of: Daniel Ahmed, co-founder of Fasset and founding member of the own foundation.
This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are the only of the author and do not reflect or do not necessarily represent the opinions and opinions of Cointellegraph.
