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