Cryptocurrencies and blockchain are no longer just a fringe or just some quirky ideas in people’s heads. These techs are getting recognized by people day by day and are on their way to becoming mainstream in the market. The concept of decentralization is very essential to the blockchain. But the question that arises is what is decentralization? And how it will affect our lives?
So the idea of the decentralized web suggests reorganizing the internet to eliminate the centralized data hosting services in favor of peer-to-peer architecture. Data portability is going to be one of the most essential benefits of the decentralized web. In layman’s language, users will be able to utilize data in a variety of settings and circumstances while remaining certain that it is the same data. We face a lack of confidence in network maintenance groups, as a result of incidents involving widespread spying and content restriction. This resulted in the sparked interest of people nowadays in the decentralized web.
As of now these big companies and platforms own our data. This means that contents creators lose their control over what they create, possibly handing over large sums of money to the centralized corporations that host their work. But once decentralization happens the content creators will have more power, control, and more income channels. We may even see new social networks where we will own our nickname, offering people genuine online independence and sovereignty.
Monetization On Decentralized Web
A few blockchain systems let you rent out your extra storage, CPU cycles, and internet bandwidth to others who need it. The idea is simple, you need to publish your resources on the app along with your payment terms. And you get paid in the app’s unique crypto-tokens when others use them. Purchases are planned, completed, and paid for peer-to-peer using smart contracts, which are pieces of code that run on blockchain and don’t require a centralized application service as they run on the decentralized web.
Golem and iExec are two decentralized marketplaces for computing power. Users can earn GNT and RLC tokens, the platform’s own cryptocurrency, by renting their CPU cycles to developers and users who want to run apps on the network. Golem and iExec want to replace centralized cloud services like Amazon and Google where they control the prices and keeps all the revenues.
Data is a massive business that is presently dominated by few major firms like Google and Facebook. These firms store user data and earn a handsome amount from it. But decentralization gives users an option and power to reclaim their part of the market by restoring data ownership to them.
How Much Can You Earn ?
Earning from decentralized web or blockchain app is difficult to quantify because the majority of them have yet not launched or are in their early phases. Only a few numbers of the company provide a stable amount. Furthermore, the value of the content you share on these platforms is frequently affected by supply-and-demand dynamics. For example, iExec allows customers to choose the price of their computing resources and does not deduct any fees from their revenue. If there is a high demand for decentralized CPU power, participating in the network will earn you extra money.
According to Roger Haenni, the company’s Datum CEO, customers earn between $0.50 and $5 in DAT tokens for each promotional email they choose to read on Datum, the decentralized data market, however, he did not reveal the specifics of how profits are calculated. Their network supports monetizing email inboxes, but in the future company plans to give users an option of getting paid for sharing various types of data, such as location data collected on their phones, apps, services, and websites used, data collected by their gadgets.
Costs And Risks Of Using Decentralized Web
Whether it’s hard drive space, CPU power, or bandwidth, you’ve probably already paid for the resource you’ll be sharing on blockchain. You must consider the power expenses of keeping your computer turned on, which will vary depending on where you reside. There will be no additional charges for social and data-sharing sites, but you will be responsible for striking a balance between giving away your data and protecting your privacy.
The continuous price changes are one of the major hazards of earning cryptotokens. What you make might quadruple overnight, or plummet by half in the same amount of time. This means you will have to decide whether to keep your tokens or cash them out. Also, there is always the possibility of frauds and failing initiatives absorbing users’ cash and resources just to vanish and leave them in the cold.
When Decentralized Web Shift Will Come ?
The transition to a genuinely decentralized web will not occur quickly. It will take some time, we must put parts of the decentralized internet together while also allowing this perception to evolve. What we can do today as regular people is learn about it as much as possible. Learn about it and its benefits. Experiment with various decentralized software and apps.