WEB3.0, So who pays for it?
By PAXB Founder Iron
I’m Sungchul Shin, leading the blockchain-based project in South Korea. Our PAXB project creates a new advertising platform that introduces the concept of WEB 3.0. The reason to why I have decided to write a blog is to share my thoughts before I proceed with the project and gain people’s attention and consensus through my written text.
In this blog, I would like to clarify the problems that were caused by accepting the concept of WEB 3.0 in the early days of project planning.
It was the source of money. Most of the WEB 3.0 projects offer more benefits and rewards to those who participate, but the actual funding is ambiguous. It was a point that I couldn’t understand in my common sense.
First off, WEB 3.0 pursues a decentralized economy. If you don’t allow central intervention, it means that you deny the intervention of a trusted third party.
In other hands, it means that I’m not going to leave funds to the companies in charge of escrow or services. Therefore, in order to do WEB 3.0, inevitably, everything needs to be designed to use blockchain-based tokens.
When tokens are issued, problems instantly begin to occur. According to our own research, most WEB 3.0 projects chose the token economy, and the project ecosystem has lost steam, usually due to a drop in token prices for less than a year.
The inevitable brought out the inevitable. There weren’t only negative consequences though. We found that the introduction of the token economy would lead to rapid grown in the ecosystem, attracting more members than the speed of the existing industry.
When tokens are issued, problems begin to occur instantly.
However, rapid growth does have side effects. If tokens that were initially distributed for marketing purposes are recovered and not used in appropriate manners, inflation will occur.
We have seen this happen in many projects. Someone had to have a reason to take cash and be willing to buy tokens and use them. Throughout the project, we asked the question, “So who’s going to pay for it?” to find out the answer.
PAXB attracts people with M2E based MXUP services. We gather people, sell NFTs and charge people for the service usage, but when you actually calculate it, the amount that the service has to pay is much greater.
Still, we focus on gathering people together. We plan to pay compensation in various ways and gather as many people as possible. Our first target is 1 million people within 6 months after the OBT starts.
Once we achieve our target, we can bring a new concept of target advertising solution to the market. Branding will keep proceeding in the future, but for now we call it the TA solution (Target Advertisement Solution).
TA Solution will be an advertising platform for small business owners and self-employed people in the neighborhood with the concept of ‘hyperlocal.’ Simply saying, we can send customers that advertisers wants to the front of their store.
It’s not people behind monitors or smartphones, but real people who sees advertisements upfront.
All advertisement costs executed through TA solutions are made up of tokens and are paid from advertisers to audiences through smart contracts. Since it is blockchain based, it is transparently recorded as an on-chain data to whom and how much was paid.
Wouldn’t you say that this is the real beginning of WEB 3.0?
Starting with our MXUP OBT in February, the PAXB project will challenge for the WEB 3.0 market.
