We have enjoyed a slumping decade of summer: overall political, economic and social stability has been good for us. But winter is coming and the pressure for a panacea is mounting. In fact, the debate about what this ‘cure for everything’ is has petrified the air of Web2; it is inevitable to move to the next incarnation of the web: decentralized, efficient, transparent and non-discriminatory. Today we are going to take a look at the symptoms of this change, the technologies we deserve, and a project that spearheads the revolution we so long for.

Centralization is about to disappear

Centralization has indoctrinated us that there is no suitable alternative: store your hard-earned money in a bank like the rest of us, or hide it under your mattress; it’s a no-brainer. However, an alternative has raised its hand, decentralization, which now exposes the grease, clogging, and sebum that contaminates the system in which we once had so much faith.

Some of the reasons banks ‘legitimately’ freeze funds may scare you. A report, produced by members of HSBC’s UK Conduct Risk, said the bank had effectively frozen 1.9m accounts, labeling them “inactive”. That’s right, if an account is not used for a certain period of time, banks can cut off access to them.

Additionally, the study shows that once an account becomes inactive, more than 50% of customers never regain access to their funds. But who do these accounts belong to? Most belong to the elderly.

As an added bonus, these centralized ‘authorities’ take reductions and fees at every juncture they come across. The average cost of sending money internationally from the US is 5.52% of the amount sent, while the average credit card processing fee charged to businesses can be as high as 3.5%.

Slow, cumbersome, and restrictive interconnected intermediaries like cogs in an Orwellian nightmare are exacerbating the global cost-of-living crisis at a time when people simply deserve better. The good news in all this? Twisting and turning in the ever-increasing twist, Web3 is coming closer.

Decentralization is on the way in

Blockchain is booming, despite what you may think. Noticing the sharp decline of Bitcoin, bankers are quick to quash Web3’s sweet dream of “cryptocurrency volatility as an asset,” but the truth is that the underlying technologies that accompany the blockchain are fascinating facets that will stand the test. weather.

Blockchain as a means of payment, for example, is allowing companies to bring part-time remote talent into their projects cheaply and quickly. Instant and low-cost cross-border payments allow remote workers to be wherever they want in the world. Talented IT engineers from third world countries like Pakistan can earn high salaries working part-time on American projects; In countries like Nigeria, smartphone users can earn money through GameFI; In Turkey, for example, workers can quickly and cheaply convert their money to USDT to protect their earnings from the instability of the lira.

The benefits of blockchain stretch far and wide, both in the direction of the employee and the employer. These benefits fight poverty, support new businesses and increase global aggregate demand through speed of payments. Decentralization answers the calls of the current crisis, and yes, it is beautiful.

The spearhead of the revolution

There are many Web3 projects currently in incubation, but one in particular stands out: PLC Ultima. If you are not already familiar, it is a blockchain-based ecosystem of products that already has more than 1.5 million users. Development of the project began in 2016 and continues to this day, where several hundred technical experts from around the world are working on PLC Ultima, led by Alex Reinhardt, a venture capitalist, economist, and entrepreneur who has launched dozens of startups. and fintech platforms. .

What makes the project unique, however, is that it provides a microcosm for this shift from the dusty, noisy forces of centralization to the shiny new era of decentralization. It realizes in a physical sense these ‘responses’ to the current crisis.

First and foremost, its mission is to provide people around the world with access to a borderless financial toolkit that aims to improve their quality of life. The Ultima PLC blockchain is home to a dozen fintech services, from e-commerce platforms, where all items and services can be purchased with cryptocurrency, to crowdfunding platforms enabled by smart contracts.

Instruments like the PLC crypto card can be topped up with cryptocurrency, offering exceptionally high daily limits, while the Ultima Farm smartphone app can be used to mint new PLCUX coins, one of two native currencies on the blockchain. Ultima PLC, which encourages users to stay inside. the ecosystem and keep it decentralized. This is aside from the obvious benefit of allowing talented but geographically limited talent to benefit from a viable revenue stream. As a result, it is already improving the quality of life for hundreds of thousands of cardholders in developing countries around the world.

Second, the user is the sole owner of their coins. They can freely produce, spend, transfer, store or inherit their coins, carrying out operations quickly, cheaply and safely. They will never have to worry about their accounts being frozen due to some faulty algorithm; the power is in your hands.

PLC Ultima, being an ecosystem, also provides services to companies. Ultima PLC’s marketplace called ‘PlatinDeal’ helps new merchants and brand builders quickly scale and enter new geographies. Startup support is key to combating the exorbitant costs of Web2.

It is clear that PLC Ultima is a perfect spearhead for the aforementioned revolution. Too many of us are plugged into the centralized system, not realizing that the most suitable replacement is fast approaching. Therefore, it is important that we understand the problems facing our world in this terribly difficult decade, propose solutions, and then manifest those solutions. The aforementioned is what we have endeavored to do today, with a crushing descent into the horror-filled caves of centralization, a graceful ascent into the fluffy clouds of centralization, and a soft landing on the shores of Greater Alexandria with PLC. Last at the gates

For more information on Ultima PLC, please visit their official website.

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