I sat through another great @taskmaster4450 video, I have to be honest between work and watching his videos I'm losing ground on engagement 🤣 but they're really good and as you can tell from the upvotes, views and engagement his leading the chain in producing great content.
One of his videos really stuck out to me, which you can watch Here it really focuses on the defining moment of the internet and what caused the internet to really boom. Yes majority of it is used for porn but it's not what got the internet up and running, perhaps it's what is sustaining it these days. Where is out @dporn moment?
It'd important to note that the internet is new but it is a relatively old concept thought up by the minds of people like Tesla in the 1940s and didn't become an actual prototype until the 1960s.
Later in 1969 funded by the US defence force two super computers the size of houses were created and the first message sent to each other through a node. It was only a small word LOGIN and it caused caused system to crash, but it proved the tech was possible. You can read up on the history of the internet Here
It wasn't until 1990 when the World Wide Web was established and became popular with common folk. But now that all the people were connected, computers were smaller and a bit more affordable there wasn't much use for it and not much on it. Basically just an archiving system.
With much detesting from post services emails became prominent, a quick and free means to send a letter to someone without having to pay a middleman. Post services instead of embracing the technology and becoming internet providers chose to fight the emergence of the internet as it would damage their business models.
Who would pay to send a letter over a few days when you can instantly send one for free anywhere in the world? Well, we know who lost that battle.
Block Chain defining moment
This is where @taskmaster4450 really hits the nail on the head. The block chain tech to end it isn't there, well in part. I think it is but we saw resistance and I dont think it will be as big as people think.
There are currently disputes about what block chain tech can offer. People are saying that what ever block chain can do today the internet can already do, but it can't.
Security
Block chain tech is secure as fark! Node tech is still in its infancy but the set up ensures that an outside influence can not or not without great hardship interfere with a transfer. Leading to a stronger and more secure network.
Speed
It can be fast, in Australia our internet is not the best and lags behind much of the world but on the block chain it is just as fast as everyone else's. I don't think it's application is all that good with live gaming which requires constant streaming and I'm not familiar with any developments in this space but it there might be.
Distribution of wealth
Elon Musk was one of the first internet devs who took paper news online. With many businesses still printing he saw something others didn't. Paper based news has been resisting the internet for some time and have been losing ground. They put it down to profits as people online don't want to pay for news.
It's not that we don't want to pay for news but a news paper is around $2.50 in Australia and your also paying for a physical product. With an online version I have already spent thousands to purchase the equipment and run the systems and monthly internet fees to read the news. So the financial structure is still set in old world format.
Paper based companies just tried to take current business model and put it online with a significant back lash.
Cryptocurrancy is changing that by providing people returns. We buy into the service we want and get paid to use it. Defi has sprung up and all it is is a fairer distribution of wealth. Instead of a company retaining 100% of profits workers literally control the means of production and gain its wealth. Investors are also workers in a form. Socialism? Or a new wave of capitalism?
It has to be said that ontop of the initial investment into a token, people have already made bigger investments re miners, it equipment, computing power etc.
Block Chains Defining moment
Based on those three points alone I believe that the defining moment is here but the project isn't or perhaps it is and it's just more a dispersed environment.
The biggest benefit to cryptocurrancy is financial sector, fast, secure and unified spending, saving and transferring of cash. No exchange rates no complex security systems required, no middle men, no increased fees. A single universal currency that when buying and selling is one set price.
Web 3.0 will be a transition of financial services, the banks knew this, thank banks ran a report to identify it and they tried to stop it but are now unleashing the wealthy to purchase bitcoin to remain in control.
Do I think Bitcoin will be the one to rule them all? No, it will be the first but it's high transaction fees and slow times and the ability to 51% attack it if you bought enough miners is a vulnerability.
Perhaps the banks will not suffer the same fate as news papers and post offices and become the cryptocurrancy leaders.
All it will take is a financially backed, secured stable coin.
Instability and price volatility is no good in running a universal currency. You want it pegged, doesn't matter what the pegged value is you just need it stable.
Then everyone in the world can buy in, earn inflation interest, loan it our and get interest, build on it and build its use cases.
The future is here, Block Chain is financial.
What are your thoughts on the subject? Do you believe block chain will change the way the banking sector operates and build an equitable wealth redistribution model?
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