We often talk about how technology will disrupt this company or that industry. What if we extend the idea further out to the idea of disrupting centralization. This will penetrate most industries.
In this video I discuss how tools such as DeFi, NFTs, and DAOs, are advancing to the point where the true technology might be decentralization. This is going to be the biggest disrutpor there is.
▶️ 3Speak
Decentralization has been the name of the game. We have seen the categorization of projects based on their level of decentralization. A true decentralization will happen once we have more participants coming into this space. More participants will bring democratic features to it. My only worry is around how we make sure the true distribution of token ownership to make it more decentralized.
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Look at the collective, not individual projects. That is where decentralization takes place. Certain projects can be centralized yet the entire impact is a push out towards decentralization.
Like on Hive, just take into account the wealth that was here a few years ago. Since it was Hive and HBD, that meant we have it really centralized. Now, with so many tribes and games, it is moving further out.
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Yeah, that'a nice way to look at things. I wanted to highlight the fact that certain individuals and groups with bigger stakes in projects could have high leverage in decision making and that could hamper the true decentralization. I am not sure how true that is.
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Another thing to keep in mind is open source software means that we are able to decentralize in greater ways.
This is where we see things change very quickly. Open source is going to spread like wild fire.
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Yeah, open source is a huge achievement for the sector. I am aware of that but seldom associate that with decentralization which is wrong.
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It is the key because the digital world is at the core of a lot of where we are heading.
This is also why a blockchain like Hive cannot be taken over. The software can simply be forked.
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Most cryptocurrency projects are centralized too an extent to allow developers upgrade their blockchains but fails to mention it too their users... Just like steem back in the days we all thought it was decentralized until the hostile take over by Justin Sun
Yes but that does not take away from the fact that the entire cryptocurrency industry is further decentralizing. There are new projects, new participants, and new tokens distributed.
All of this adds up to more money being spread around to more people.
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Lets see how things play out in future, in the industry
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Nice topic, I am really like this post bcoz I learnt a lot from it.
My biggest takeaway from this: refer to the web3/cryptocurrency/blockchain movement simply as "decentralization." One of the challenges I face when talking to people outside of this world about what we're doing here is that the terms "web3/cryptocurrency/blockchain" don't aptly represent the totality of what's happening. Crypto currency is probably the only word among those that the general population really has any reference for. For many it's a word that triggers "magic internet money" and all the mainstream propaganda and memes on that topic. The challenge is how to convey the enormity of what's being established in very few words that are very easy for people to grasp that also pique their interest.
Hey @taskmaster4450 how long have you been in crypto?
What are your thoughts on UBI through blockchain technology?
Centralization is really annoying!
These players are taking their game very far. Like you said, they have access to so much resources.
Take a look at Google! They have so much resources. They are having access to people's private life easily.
First, everyone is tired of centralization and this is helping the future. The need to be able to create our own decentralized platforms is very important.
You already made mention of it. It's only a matter of time. They may have enough resources, however, it is only a matter of time before this technology advances forward and disrupted them.
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Decentralization of democracy is why I first got involved in crypto
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