Philippine Blockchain Week gets ready for a big kickoff

A couple of years ago some hotshot word called “blockchain” shook the digital industry. The name carried with it a  promise of something cool, something revolutionizing, something that would change how industry worked. 

Fast forward to now, however, what are the first things that pop in your head when blockchain or web3 is mentioned? Cryptocurrency, of course. What else? Ah, right, scams. An insurmountable number of scams. 

The good news is that blockchain is much more than cryptocurrency. Blockchain enthusiasts and web3 developers are working to push it into mainstream adoption. It’s a lot of work. Despite the technology existing for a couple of years now, it’s still at its very early stages.

The only reason why cryptocurrency became such a huge buzz is because money is involved. And not by any small amount. Obtaining the right cryptocurrency at the right time, can see massive gains. Imagine investing P1,000, and in two weeks it’s suddenly P20,000? What some people learned too late, is when the value of cryptocurrency can go up extremely fast, it WILL drop down twice as fast and several times harder. That P1,000 purchase we mentioned earlier? That could end up being P100 or lower. 

Not to mention the whole process of getting into cryptocurrency was a long and painful one, which is one of the access points for scams. These days we have centralized exchanges where we can trade a little safer than the rest, and well-known payment solutions and e-wallets have updated their services with cryptocurrency. 

Now, circling back to blockchain, cryptocurrency is only one aspect of it. Blockchain is being touted as the backbone of web3. Blockchain has allowed data ownership and decentralization. Decentralization means putting control on the hands of many, rather than one big honcho. 

But wait, has there ever been a web2? Web1 even? Why are some of us hearing about this just now? Examples of web2 are social media platforms, such as Meta (aka Facebook), Instagram (owned by Meta), TikTok, and X (Twitter). You make content for these platforms. Every post and upload and share and all else, is you adding value to these companies. You don’t own your own content under these companies and your personal data is used to study you. If something bad happens to these companies, like, should they shut down, you lose your content. Web3 aims to decentralize these platforms, so you own your own content. 

Still sounding a bit vague? Yeah, I get you.

After years of trying to come up with a proper description for web3, personally, I don’t think we’re there yet. It’s still vague and most people probably wouldn’t care anyway. Most of my friends from other industries don’t know the existence of web3, even surprised that there is even a web2. Web3, for me, is a term coined by tech companies. Just one big hype train for “What’s next” or some kind of “big change.” We’re all still figuring it out. If there is actually something or it’s just one big marketing thing. By the end of the day, only a handful of people will care. 

So, after all of this, to begin the actual article, let me announce, the Philippine Blockchain Week is happening between September 19 to 21, at the Marriott Grand Ballroom, Newport World Resorts Manila. 

This would be the second year for the Philippine Blockchain Week. Last year, over 500 foreign enthusiasts attended the event to learn about web3 infrastructure and crypto. 

“Last year exceeded our expectations,” said Donald Lim, Philippine Blockchain Week convenor, “proving strong appetite for blockchain education and collaboration. This year we want to go bigger, showcasing more diverse use cases and inspiring more FIlipinos to get involved in shaping the blockchain future.”

This year will see over 150 local and global experts talk about the web3. It will feature panels and workshops, exploring decentralized finance, cryptocurrency regulations, and other critical topics. 

The highlight of the event was something of a surprise to me, featuring Michael CInco Metaverse Fashion Gala. It will feature Michael Cinco’s digital couture. From what I read, it’s basically a futuristic fashion gala. There’s going to be an auction as well, with some of the proceeds going to the World Wild Fund for Nature Philippines for the conservation of endangered species, the Global Spectrum Initiative to provide opportunities for autistic individuals, and the Global Reskilling Movement.

Other main events include the Venture Capital Pitch Competition, where Filipino startups will have the opportunity to pitch for funding on stage and potentially secure a spot on CNN Philippines’ show “The FinalPitch,” guided by host John Aguilar; the Nexus Fan Fair presented by Tier One Entertainment to unite fans, gamers, streamers, cosplayers, and pop culture, featuring celebrity esports matches, artists, and performances; and the concert of the first decentralized Kpop idol group, TripleS and P-pop group, G22. 

You might ask “WTH” is a decentralized Kpop group? I will be honest with you. I have no idea. But from my searches, TripleS has a huge number of members and will be rotated every now and then based on fans’ choosing. 

Blockchain technology is going to grow. Infrastructure development and regulations would help legitimize the technology as we continue to learn about it.