Bitskwela’s Bull or Bear: A Take on Baguio’s Web3 Readiness

Contributed by: Shem Raziel Angelo, Andrea Pauline Hirang, and Roxy Bianca Paderes

Do the words cryptocurrency, NFTs, and blockchain technology sound like a foreign language to you? Fear not—you are not the only one! Even in a world where technology is at your fingertips, there is much more to explore and navigate. For Baguio, part of its work is looking into its Web3 readiness as it welcomes a new age as a city. 

Among those involved in this work were beaming student audiences and expert debaters last Friday, March 15, in the first interactive Bull or Bear Debate in Baguio. Conducted in the University of Cordilleras (UC) Auditorium halls, Filipino EduTech platform, Bitskwela hosted the event.

The key highlight? Web3’s use as a medium to accelerate Baguio’s goal of becoming a future Smart City. 

The four-hour event, graced by insightful keynote speakers and thought leaders, aimed to educate on Web3 and blockchain technology’s intricacies. Here’s everything you need to know and more about Bitskwela’s Bull or Bear: Philippine Web3 Debate in Baguio!

Why Bull or Bear?

Contrary to what the words Bull or Bear may denote, no animals were involved in the making of this event. Instead, as Bitskwela CEO Jiro Reyes intended, the 2022-born debate goes beyond the typical seminar-workshop structure playing with animal-based metaphors. With the hope of breaking the traditional positive-only approach to seminars, Reyes, who wanted to show two extremes in adopting these technologies, paved the way for the birth of the Bull or Affirmatives and the Bear or Negatives.

With more Filipinos scratching their heads at the thought of tech alone, Reyes and his team hoped to change that. Taking on one province at a time, Bitskwela eventually found its place up North—one that was critical in their mission to make Web3 and blockchain tech a household name. With tech-savvy citizens but little to no blockchain education on the ground, Bitskwela in Baguio was born. Now, they are on their brand new mission to help the Summer Capital take its first steps as a full-fledged Smart City by 2027.

Next Stop: Baguio as a Smart City!

As a giant leap forward, the Bull or Bear debate marks the beginning of many firsts for Baguio. This was underscored by keynote speaker and City Mayor Hon. Benjamin Magalong, who highlighted the importance of innovation on the city’s road to sustainability and as the country’s first Smart City.

Building bridges between tech and people, Mayor Magalong notes that active technological efforts can boost security, resiliency, and tourism forward. With increasing interest in data-driven information and artificial intelligence (AI), Bitskwela’s discussion significantly raises awareness of Baguio’s Web3 readiness. Such also allows the city to boost governance and encourage citizens to be more open to its adoption.

Web3 in a Nutshell: Internet Evolution at Its Finest

All this talk on Web3 begs the question: What is Web3, anyway? While it is a foreign concept to most, the debaters have provided some analogies to help audiences like you, who might be hearing it for the first time.

As Christopher Star of Web3PH explained eloquently, imagine Web3 as an evolution of the Internet but so much better. Moving away from Web1’s static or read-only pages and Web 2’s content creation capacities, think crypto or AI – it’s truly a new era of the Internet!

Powered primarily by blockchain technology, it helps to visualize a spreadsheet or a Google Docs version history that details all transactions in a single space. As Pat Arro of Polkadot SEA puts it, it’s a move away from present-day operations of having companies or big businesses interfere with your information and data. An Internet that now allows you, the user, to own your data and content.

Bullish or Bearish: Breaking Down Web3 for Baguio

The first time is always the hardest, especially when discussing emerging tech. But the Bull or Bear debaters, thought leaders in blockchain, technology, and innovation, are not ones to back down from a challenge. It’s time to explore wider perspectives on Web3 and its application in Baguio! 

As we delve into these key insights for Baguio’s Smart City Future, would you say you’re Team Bullish or Bearish?

#1. Private Sectors Must Spur Web3 Use

When talking about tech, who would you trust more to kickstart Web3? Debaters agree that while the government can be a positive agent in Web3 literacy, as Arro emphasizes, the private sector at the forefront comes with its perks. As agents who are more familiar and equipped with the intricacies of Web 3, debaters like Star argue that private industries involved in the tech should ideally be the first to promote its use. Further key points raised included the government’s capacity to allocate resources to foster Web3 and blockchain adoption, readily available to most tech giants.

Thus, it is undeniable that as Baguio navigates this new era, the collaboration between the government and private sectors, at the latter’s lead, will undoubtedly be instrumental in harnessing the transformative potential of Web3 and blockchain.

#2. Education over Adoption of Digital Currencies

Imagine strolling through Session Road, seamlessly paying with a tap of your phone, or hopping in a taxi and settling the fare with a digital wallet. While Baguio’s integration with a digital currency as a commerce and governance initiative might sound futuristic, debaters led by Paolo Dioquino of DeFi Philippines believe widespread adoption requires education first.

As great as it sounds, there’s one point on which all sides agree—it’s not a one-size-fits-all solution. As pointed out repeatedly in the discussion, widespread adoption of digital currency requires navigating and learning its complex nature, making it a priority over instant adoption.

Like the case of Gcash, a Philippine digital payment platform known for its extensive educational efforts to empower retailers and consumers, the benefits of new tech are an effective way to reel users in. Thus, as proved repeatedly, education is a strategic step back to move forward.

#3. NFTs as a Tourism Booster

As a tourist, nothing is richer than the full experience of taking home memorabilia and experiencing a heritage site in its glory. Hence, integrating non-fungible tokens (NFTs) in that experience is a brilliant way raised by debaters to maximize the city’s potential as a Creative City. Envision where tourists immerse themselves in the local culture, navigating the sites and leaving with a piece of that experience – a digital, locally crafted artifact made possible through the advent of NFTs.

While NFTs can encourage a digital economy for artists, it must be considered that, as Van Orpilla of Google Developers Group Baguio raised, the influx of digital assets may compromise Baguio’s pristine environment and dilute its authentic charm. A fear that its beginnings could clash with the city’s eco-friendly and traditional image. Still, debaters argued that while valid, NFTs can be implemented responsibly without damage through regulation. By embracing NFTs, Baguio can undoubtedly position itself as a Smart City that also supports its thriving local artists’ community. 

#4. Decentralized Nature of Web3 as Complement to the Government

One of Web3’s key features is its movement away from mediators like big companies, offering users control. However positive, this can also contradict the government’s centralized nature. While this may be the case, most debaters, led by Henry James of Bitshares Labs, see otherwise and believe that Baguio’s autonomous nature provides fertile ground for integrating Web3 and blockchain principles. Further, rather than viewing it as opposed, Web3 should be seen as something that complements existing governmental frameworks.

As the debaters pointed out, the key lies in recognizing that Web3 and traditional governance models are not entirely decentralized. This suggests the need for a balanced approach, where the decentralization of Web3 is harmonized with necessary centralization within the government, each augmenting the strengths and mitigating the weaknesses of the other.

Looking Ahead: The Bottomline on Achieving Success in Web3

While Baguio’s Bull or Bear participants may be Web3 ready, widespread adoption will not come easily. As experienced with Gcash and other tech, people resist change and find it risky to be at the forefront. However, as the debaters and speakers have emphasized throughout the discussions, being willing to take the leap opens doors for discovery and growth minus the losses. 

Knowing now the intricacies of Web3 and the audience’s enthusiastic approach and warm acceptance of these new technologies – it only goes to show how important education has become. More so when educating people outside the positives but the easy-to-understand reality of it all. Proving why Bitskwela’s Bull or Bear efforts are just the beginning and are important in bringing cities into the next decade. 

Until the next Bull or Bear event: https://www.bitskwela.com/bull-or-bear