Blockchain: Out To Change Everything

about 3 years ago (Edited)

In physics, they have the Theory of Everything. That sets out to explain all that takes place in the Universe in a simply theory.

With Blockchain, we seek to change everything. This is the motivating factor for many involved in this industry. So while many are talking about Lambos and mooning, there are a core group that is dedicated to completely changing the world.

The vehicle is blockchain.

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Blockchain is a new data structure that opens up the possibility for entirely new industries. Our present system is known to be of little benefit to most, with a select few having a greater advantage over the rest.

This is something that we set to correct.

Whether it is finance, governance, data security, or voting, developers are seeking to create projects that severely alter this. It is something that might take 10 years or it could take 3 decades.

Nevertheless, it will happen.

One of the biggest problems we have is that those with resources can afford to take risks others cannot. This puts them in a very powerful position. The ability to "gamble" for a larger payoff offers flexibility that the majority do not have, at least not individually.

In competitive economic system, this inevitably results in inequality. With a larger financial cushion, one can afford the larger risk, albeit for a good opportunity, in search of a greater payout. Those without such resources find themselves having to pass on those situations, ceding the upside opportunity.

It goes a long way to explaining why the rich do indeed get richer. Elon Musk could lose $20 billion (10% of his net worth) and it would not affect his lifestyle in the least. Most people cannot afford to lose 10% of their salary without it adversely affecting them.

This not only applies to finance and markets. We see this same situation play out with companies, especially technology. The likes of Google and Facebook monopolize a large portion of the online advertising dollars. This allows them to pay for the best AI minds, thus generating even more advanced AI systems, furthering them from the competition. It also basically eliminates most threats to them.

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Blockchain seeks to change this. Under this scenario, the fat wallets are replaced with numbers, of individuals that is. Here we see the power of the masses looking to join together in an effort to counteract the efforts of the few. Whereas corporations have money, size, and personnel, blockchain has activism. This is a proven model for success, albeit without the financial component historically.

That, of course, all changed with cryptocurrency. Now, we have the ability to incentivize people to join the cause. Whether it is as a developer, users, or other interested parties, the idea of participating simply from an altruistic perspective is gone. We now have the ability to "open up our own wallets".

Like Big Tech, the world of blockchain can enhance the financial aspects simply by implementing the Network Effect. Whether you believe in Metcalfe's Law is not relevant. What does matter is the more heavily used a network, the greater the value.

This provides a significant financial lift, offering opportunities to expand even wider.

The idea of the Commons works, traditionally, on a small scale. Where it ran into problems was in scaling. Historic Commons consistently ran into problems when they left localized markets.

Blockchain coupled with cryptocurrency alters this. Here we have the ability to experiment with the idea of Commons while also scaling up. New structures such as DAOs are popping up, entities that are owned by nobody (or everyone) yet seek to serve the collective.

Their sole purpose is to benefit the ecosystem, thus each token holder.

On Hive, we are seeing some applications rolling out that are offering different approaches to social media. This is one area that the world is seeing how ill-served it is by having this controlled by major technology companies.

We are also witnessing the overt merging of social media along with finance. This is one of those areas that blockchain is radically changing. Presently, social media activities, for the most part, are not monetized for the individual's benefits. The platform is greatly enriched but the users suffer.

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Blockchain is going to alter this completely. The next few years should bring this concept to the forefront. Simply put, why spend time enriching someone else when you can do the same thing and enhance your own financial situation.

Of course, what is done from that point is the major question. Those who financially benefit, especially to a large degree, have the ability to further push the effort through their financial resources. Here we see the tables turned. Suddenly, those involved with blockchain have the resources to take on greater risks, to employ more expensive personnel. This will allow them to strive for bigger impact.

The digital world is fast, inexpensive, and exponential. This is a major benefit to the already established entities. While they have to change, the world of blockchain just develops. There is no tearing down before rebuilding. We simply just build.

It is still a David versus Goliath situation. Nevertheless, three decades ago, the Internet was not much of anything either. The power comes in the numbers. As more people join, this generates a great deal more activity. In a world of data, activity is key.

If more is done on decentralized applications, that means, by default, less is likely being done on the centralized counterparts.

This is akin to when something first goes digital. At first, most is still in analog form but, over time, more ends up in digital format. Information is a prime example of this.

For now, very little, relatively speaking, is done on blockchain. That is changing on a daily basis. We see more transactions on decentralized exchanges. The value of money involved in DeFi is increasing. More social media type opportunities exist for people to engage upon. New governance models (tokens) are rolled out and distributed.

In short, we are embarking upon a quest to change everything. Part of the reason why the world will be radically different in 10-15 years is because of blockchain and cryptocurrency. There is no industry that will avert being impacted by these technologies. As we couple them with AI, we will only see the benefits increase while the outcomes are accelerated.

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