We Are Changing Everything Hence It Will Take Some Time
(Edited)
The bigger picture is telling us that we are making tremendous progress even though it appears we are still in the very early stages. For this reason, it is best to step back and monitor where we are.
In this video I discuss how we are laying the foundation to construct a completely new trust system based upon code and mathematics. Presently, we depend upon major brands for that. This works in most instances yet there are times when it really fails us.
▶️ 3Speak
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Simple development gives great hope and optimism
What about the amount of terrible development we are experiencing at the present time
It makes the near future difficult to predict from the change and development that could occur
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it good to take time and see what need to be done
Summary:
In this video, Task discusses the importance of stepping back to see the bigger picture in the world of cryptocurrencies and blockchain technology. He emphasizes that despite the advancements in the industry, such as the rise of Bitcoin, Ethereum, DeFi, NFTs, and the potential of DAOs, the sector is still in its early stages. Task stresses the significance of laying the foundation for widespread changes that blockchain technology can bring about in various sectors like finance, supply chains, and record-keeping. He delves into the role of blockchains, the emergence of oracles to provide external data to smart contracts, and the shift from trust based on entities to trust in code. Task explores the growing importance of smart contracts, their reliability, and the potential to transform industries by eliminating the need for intermediaries and enhancing transparency.
Detailed Article:
Task opens the video by underlining the need to periodically reassess one's involvement in the crypto space due to the prevalence of tunnel vision and impatience for instant results. He mentions the pivotal developments in the industry, such as Bitcoin's expansion, institutional adoption, Ethereum's smart contract technology, DeFi, and NFTs, while also hinting at the future potential of DAOs. Despite these advancements, Task reminds viewers that the overall trajectory of blockchain technology is still in its early stages, with a long road ahead.
He goes on to elucidate the foundational role of blockchain in transforming various aspects of society, including markets, global trade, social interactions, supply chains, and financial markets. Task highlights the limitations of blockchains in capturing specific data structures and asserts the importance of oracles to bridge the gap by providing external data feeds securely and reliably to blockchain applications.
Task further discusses the shift from trust in traditional institutions to trust in code, encryption, and mathematics facilitated by smart contracts. He contrasts the interpretive nature of contracts written in natural language with the deterministic nature of code, emphasizing the transparency, reliability, and efficiency of the latter. Task accentuates the potential of smart contracts to revolutionize trust-based relationships within various industries, thereby diminishing the reliance on intermediaries and enhancing individual empowerment.
In conclusion, Task stresses the evolutionary nature of the blockchain ecosystem and emphasizes the complexities involved in creating a trustless system that encompasses governance, trade, commerce, and supply chains. He acknowledges that the transition towards this new paradigm will take time due to the extensive development required. Task urges viewers to look beyond short-term gains, reiterating the profound impact that blockchain technology can have on diverse industries, ranging from manufacturing and finance to entertainment and gaming.
Overall, Task's insightful analysis provides a comprehensive overview of the transformative potential of blockchain technology and the gradual but monumental shift towards a trustless and transparent future facilitated by smart contracts.