Decentralized Currency is the Future of Finances There is an unknown path forming to a decentralized future. Many companies who are currently centralized with the services they offer have come under fire and have been criticized for raising money or issuing tokens in their ICOs. There have even been numerous allegations against venture investors saying […]
Decentralized Currency is the Future of Finances
There is an unknown path forming to a decentralized future. Many companies who are currently centralized with the services they offer have come under fire and have been criticized for raising money or issuing tokens in their ICOs. There have even been numerous allegations against venture investors saying that they are forcing companies to comply as a way to ploy for some liquidity in their companies. While some of these allegations may be valid, many other entrepreneurs are pushing this in a genuine manner and only pursuing this as a way to go down the correct path towards a decentralized future where all can benefit.
Large Centralized Players
Some of the larger centralized players are Amazon, Google, Apple and Facebook. There are a lot of startup companies who are in the cross-hairs of these big companies. Because of this, they have seen first-hand how hard it can be to grow a newer offering in the dominated market. These new incumbents are managed very aggressively. They all have nearly limitless amounts of financial resources to use at their disposal. Most importantly, they have resources to use for leverage in order to keep their already existing networks from being even remotely effected by any new competition without ruthlessness.
Blockchains and Crypto Currencies
Now, along comes crypto currencies and blockchains. These are new types of technologies which represent a huge, “foundational” breakthrough. The breakthrough is the ability for them to build many decentralized networks which can have consistent data without getting controlled by a corporation or a government entity. This technology could potentially be very disruptive to the larger centralized players because it goes directly against their existing core businesses. Their core businesses are run by the control and the rent extraction from their networks.
Different Schools Of Thought
There are a few different schools of thought on how it can be possible to have a decentralized future in which networks are fully owned by their participants and where anyone is able to innovate on top of that same network. One of the groups feels that we would need to start everything from scratch and begin to build newer protocols outside of the existing services. There are many good arguments from this group concerning their position and stand on these thoughts. One argument is that they would be able to iterate on the protocol with a few users on the single basis that the feedback from early adopters would set the track.
The other group thinks that the existing services, which have millions of users already, could give the newer protocol the immediate and critical mass of users that it would need in order to have a fighting chance at success. This group also points out that it could be possible to take a path where some of the centralized elements could remain at first and then get phased out. For instance, the elements which are in need of throughput right away because it wouldn’t be achievable through the blockchains yet. This groups still agrees with the first group that the end result should be to fully decentralize all elements.
Pursue All Approaches
Some believe that it is in the best interest to pursue all approaches mentioned. Getting successfully to a future which is decentralized is extremely important. There shouldn’t be restrictions put on how we get there. We are going to know for sure what exactly worked in a couple decades. Until then, we shouldn’t be downplaying any type of approach mentioned about working towards the same finish line. We can be a little too critical of certain proposals and specific steps that we don’t fully understand or agree with. We will always feel there are ways in which to improve. We can easily demand more transparency. We are more than able to fund or start our own efforts. It is important to always do more and not less when working towards a decentralized future. Money is the roadblock that many startups struggle with. However, some may find that the money they need can be easily borrowed by applying for car title loans completely online. If you have already taken out a title loan and still need money, many people should consider the option of a refinance title loan.
More On Blockchain Technology
Blockchain technology is starting to quickly expand far beyond bitcoin. There are many proponents of bitcoin that people feel are just competition for paying. However, this is the new phase of the internet as we know it. In a world full of numerous blockchains and many trade-able tokens built in them, full industries can be automated through software, stock markets and venture capital. With this, entrepreneurship can be streamlined while networks work to gain sovereignty using their own digital currencies. The tokens used for the online currency are not the same as stock certificates. Stock certificates represent ownership while having no real use. The in-app tokens are different because they have an actual use in the network which they were bought for. The founders of the apps where tokens are used monetize their networks by holding onto user’s tokens to make the network useful. In order to make money or fund a project, they can simply sell the tokens to an open market.