We are seeing a lot of incredible advancements. Technology is marching ahead. This is the core cryptocurrency. Most overlook that these are digital networks. Hence, the technological developments will have a major impact on how things evolve here.
Hive is an example of that.
For those who are paying attention, we see how SpkNetwork and VSC suddenly open up new possibilities for this ecosystem. Every application, once these are live, is potentially enhanced.
This is a process being repeated throughout cryptocurrency.
All of this is tied to the ledger and the advancement. Never has we seen things moving at such a pace in this arena.
Ledger Money
Since the introduction of double entry accounting, credited to Luca Pacioli, we saw a major difference in the world of business, finance, and money itself. The great banking families of Italy were the first ones really to leverage this.
They understood how credit changed everything. The ability of give people access to money was a major change. Without the liability, there was no way to do this.
Of course, entries for centuries were written in books. This changed with the introduction of computers which were electroinic in nature to start. After that, with the microprossessor age, we entered the digital realm.
The impact of something like Excel is overlooked in the world of business and finance. However, this was something that was revolutionary. It sped up the entire process of tracking debits and credits.
Ledgers require three things:
- immutability
- scalability
- double entry
We actually saw the appearance of triple entry accounting with the introduction of Bitcoin. This eliminated the double spend problem yet opened up the ledger to multiple, uncorrelated entities.
The key at this point is scalability. Blockchain is hindered so far with issues of how to scale. Here is where technology is vital.
Sidechains And Layer 2
A lot of work was done at the base layer of Hive to make it scale. The next evolution is going to come from sidechains. Here is where the projects mentioned above are going to have an impact.
One of the core components to this is the concept of a database. Scaling requires for larger and more complicated ledgers. When we think of the entire financial system, it is mammoth. This gets even larger when we consider the backend operations of businesses.
Here is where the advancement of technology enters. With the ability to utilize things such as GPT, we are going to see more options opening up over the next couple years.
Blockchains are a vital component to the future of the Internet. We often discuss Web 3.0 although tend not to cover the technology that will be involved. At this point we are unclear of what will be driving it.
We can believe that some form of AI will be heavily involved. Software advancement might make Marc Andreeson's prediction from a decade ago come to life. At the same time, we are going to see more powerful computing. Whether that ultimately includes quantum or not is still unclear.
What we can conclude is things will go exponential in many way. This is something that most are not focusing upon.
Information Technology
Much of the advancement over the last 40 years was due to the rapid progress of infortmation technology. This created unparalleled changes to society.
This is something that is changing, but not slowing down. While Moore's Law might be dead (or it might not be), there are other trends in play. Look at the advancements in AI over the last few years. We might not be advancing towards AGI (or we might be) but what we have is moving ahead rapidly.
Blockchains are computer networks. Once is not going to handle everything. What we are going to end up with is different ones developed, then interconnected together. This will form even larger complex organisms. Of course, this all have an impact upon the monetary system.
Ledgers are accounting dependent upon the communications (digital networks) systems. Here is where we see the potential for massive expansion. Money is simply a data layer on these networks.
And they are about to kick into overdrive.
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