Technology is a double-edged sword, often solving one problem while creating another. When that happens, someone comes along later and solves the new problem. That process may take years. The cell phone, for instance, didn’t see the light of day until almost a century after Alexander Graham Bell’s immortal words, “Mr. Watson, come here. I want to see you.”
As with any new technology, the problems blockchain technology promises to solve are related to its features. In that light then, let’s dive into the river of problems and solutions concerning blockchains.
The Problem of Centralization
Today’s young people are put off by the centralized institutions of the past. That's why many of them find decentralization attractive. When you examine the modern world, it’s not hard to see why there is a strong distrust of authority.
The first Millennials were born in 1981. In their lifetimes they’ve witnessed an S&L crisis, the Y2K scare, the World Trade Center attacks, the 2008-09 financial crisis, and more than one global pandemic. In each case, centralized authority was either the heart of the problem, a part of the problem, or failed to see the problem and ineffective in addressing it.
From financial corruption to police brutality, centralized authority has run amok. Centralized social media platforms, which were supposed to “democratize” media, have proven to be another organizational nightmare where power rests in the hands of a few. With decentralization, there is no platform to control.
An article in Inc. magazine lists three clear benefits of decentralization:
- Trust in centralized authority is replaced with technology where trust is not a factor;
- Systemic failure is reduced exponentially by the number of nodes that make up the system;
- There is no Twitter-like authority to banish or censor someone.
Humans are fallible. There is no class of individual immune from the misuse or abuse of authority. To quote Lord Acton, “Power corrupts. Absolute power corrupts absolutely.” Decentralization de-powers the powerful by empowering everyone else.
An excerpt from Cryptosocial: How Cryptocurrencies Are Changing Social Media_. Be the first to know when it publishes. Sign up to receive a free list of_ 80+ cryptosocial media platforms and protocols.
Do you know someone who is interested in cryptocurrencies but doesn’t know where to start. Introduce them to Cryptocracy. I’ll cover the basics for beginners in the coming weeks as I share more excerpts from my forthcoming book to be published by Business Expert Press.
The crypto fear and greed index is at a 5-month low. Sentiment points to extreme fear. But what is there to be fearful of? The future is looking bright.
Be fearful when others are greedy and greedy when others are fearful — Warren Buffett
11 women doing cool things on a blockchain.
The U.S. global mining market share has grown 8 times in 2 years and now makes up 35 percent of global mining. What’s interesting about this is even the Chinese know where to go for the best opportunities. You go to the land of opportunity itself. When a nation adopts a policy that takes it from No. 1 in the world to last, you know that country’s leadership has no clue how to govern. And I was hoping China’s authoritarian past was left to the annals of history.
Ravendex, the first non-custodial decentralized exchange on Cardano, lists $RAVE on the BitMart exchange.
Nothing in this post should be construed as financial advice. I am not a financial advice. Do your own research and seek a financial advisor before making any crypto investments. First published at Cryptocracy.
Yesterday, I listed my first NFT for sale at Atomic Hub. I'd be delighted if you took a look.
Don’t forget, my book Cryptosocial: How Cryptocurrencies Are Changing Social Media will publish in March. Be the first know when it launches.
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