I am going to share my views on blockchain, at least the definition of it. Some might disagree with this assessment since I tend to take a hard line on it.
In my view, blockchain is a decentralized, open network whose transactions are verified by multiple parties according to rules arrived at via consensus.
Anything outside of this is not blockchain. It might have attributes of blockchain but it is something different.
The reason why I mention this is because it is important to separate fact from fiction. There is a lot of propaganda out there. Blockchain is revolutionary, powerful, and society changing. The other stuff is not.
We hear a lot of entities are adopting blockchain, most notably the banks. We all know their mantra; "Bitcoin is a fraud but we like blockchain".
I have news for everyone, the bankers do not like blockchain. It is what is destroying their business model.
The five largest banks determined they were not happy with the International Settlements on transactions. I guess they did not like being ripped off like they rip everyone else off. So they decided that "blockchain" was the solution.
Let us look at what they want to implement.
Their system is a centralized, closed networks whose transactions are verified by them according to rules they set up.
What is a ledger that many entities look at and utilize? This is akin to a spreadsheet in Dropbox.
As Andreas Antonopolous, this is essentially a shared database and they are not revolutionary. Useful? Yes. Revolutionary and society changing? No.
Many will say this is a "private" blockchain. The challenge with this is that I feel it misses the power center of blockchain. The fact that it is centralized and controlled means it is impotent. .Heck, being private we have no idea what the banks are even doing with the transactions.
When I look at STEEM, I see a thriving blockchain that tapped into the power-base. And what is that? Decentralization. The fact that nobody has to receive permission to attach something to this blockchain allows for human creativity to take place. Also, it is open for any developer who wants to enter this ecosystem. We are not only utilizing the few thousand people who might be employed by a company.
STEEM is proving the power of blockchain simply by what people are doing on here on a daily basis. There are already a number of developments that are taking place that are growing in scope. @steemmonsters, @steembasicincome, @tribesteemup, and @steemhunt all have innovative features to them. We are going to see a lot more of that type of activity on here.
@ned once said he wants 100K entrepreneurs on the STEEM blockchain within 5 years. It is exciting to ponder some of the things that will be created by accessing that many minds.
Having something that is not open is entering the realm of what we are already operating under. We see many people with terrific ideas for an Apple or Android app only to have the idea shot down. On blockchain, there is no permission. One is free to do as he or she wants, it is up to the community to decide if something is a success or not. If many use it, homerun; if not, back to the drawing board.
To me, decentralization means genius. A system of this nature accesses the power of the community. This is why I believe humanity is set for a huge leap forward. We presently only have half the global community online. Get the other 3.5B people creating and innovating and who know what we will come up with.
This is the main reason I am so excited about STEEM. It is also why I believe blockchain is going to disrupt all that stands in its way. When an establishment tries to withstand the mental powers of that many people, it really has no chance. I am not sure a thousand paid programmers cannot withstand the onslaught of a few hundred developers who are expressing their creativity and developing stuff they are passionate about.
Blockchain gives them the outlet to do this.
STEEM is a prime example of this. We saw a huge jump in creative development the last few months on here. The potential is being show to us on, almost, a daily basis.
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Of course, not. Why would a big centralized middleman like a technology the purpose of which is to cut out the middleman?
I agree with your theory that bankers do not like decentralized blockchains. They want their own centralized one, I agree. That's why cryptos like Ripple, I wonder if they really have the full support of the banking system - I doubt it. They already have their fiat system monopoly set up.
@ned once said he wants 100K entrepreneurs on the STEEM blockchain within 5 years. It is exciting to ponder some of the things that will be created by accessing that many mindsThis is beautiful. I hope there really will be that many entrepreneurs on Steemit. Not everyone is made out to be an entrepreneur though! How many viewers or users will be on Steemit at that point?? Also, I bet big advertising money will be on here at that point. Imagine a Walmart account with millions of SP.
The creative juices flowing are exponential since the day I came to this platform. It is transforming, evolving into something really great. I'm excited to see what's coming in the next months!
I agree - Ive been here about 4 months now and I am amazed at how quickly new additions to the Steem block chain are released - it seems that it is reinventing the internet!
That is the idea. The tokenization of the Internet.
It is a completely new paradigm that we are seeing implemented.
Yep - and I am glad to be a part of it :)
It seems to me the biggest money to be made on here are from the innovations and Daaps being added to the Steem blockchain. I dont know how to code so im out on this one. I wonder what the future of blogging will be on Steem?
I believe the future of blogging on the STEEM blockchain will be alive and well for a long time. That said, the payout in STEEM is going to be tougher as time goes by. STEEM is going to transform itself into the token for entrepreneurs. It is going to be the fuel that powers the blockhain.
I think the SMTs are going to provide many with the funds from blogging of whatever else they create. Some might still get paid in STEEM which might not be a bad idea since I feel the token is going to be worth a lot. So even though the payout might be 1/20th what it is now, it might be worth 40 times in USD.
SMTs are going to be an abundance creator for a lot of people. We will see many of them that reward people in a big way.
Just my outlook on how it all could unfold.
Most of the new Steem being created will still be going to content creators but there will likely be many more content creators trying to earn it. Which will put upward pressure on the price of that Steem. As will competition for existing SP among the issuers of SMT’s. This could result in a virtuous cycle pushing the value of the token upwards. Those who own SP may find their holdings much in demand, for selling it or for leasing in out via delegation. A new rentier class?
This is what I'm hoping for.
Sounds pretty realistic to me - glad to hear that you think blogging will stick around - cant see myself doing any coding etc - I agree that it is going to become more and more competitive though
Great summary on blockchain and what it is. It think it is important to emphasize that given that it is peer to peer via a network of nodes, trust is no longer an issue. That is a major difference when you compare to centralized parties like the banking system where we need to trust them with our assets when transacting. This is huge as unfortunately human nature most time has people working on their own best interest.
Excellent point.
Those with power will try to keep it the longest possible time, it´s normal.
But where opportunities lies will grow they want it or not, there´s no chance they control it too. mmm, or the chances are very hard to put it in a realistic way.
This "new concept" of blockchain and decentralize network will be hard to digest to a lot of people. Time, patience, that´s all.
"First they ignore you, then they laugh at you, then they fight you, then you win." Mahatma Gandhi
so just wait and watch...steem blockchain will rule the world one-day.
I agree. Even what is called "private blockchain" is really just an internal company database. There is so much deception going on, but that's par for the course for the banks and the people running things. The disruption of blockchain is that they don't need to become trustworthy. They just need to become irrelevant. And they will.
If we hear Centralisation then forgot the goodness of it because Centralisation of Blockchain once again will give powers to bank and they will once again run the fiat slavery and they will push people into Debt trap and we don't want it, we want to walk on the path of Decentralisation because every action is free and every individual have ownership, and Steem is greatest example and we saw many applications which are running on Steem and we will going to see many more growth because it's just an start and we have to walk very long journey because sometimes revolutions take the help of evolution and it moves slowly and carefully but once it rise up then there is no stopping and once again we don't need centralised System because today due to Decentralised opportunity people from Third World countries affecting in an good way.
Thanks for sharing this post with us and wishing you an great day. Stay blessed. 🙂
Did You check out MUSE blockchain and PeerTracks which are using the same tech behind STEEM. It's still just starting but I've already found few songs worth listening to. I wrote bit of a descriptive post here: https://steemit.com/steemhunt/@vimukthi/music-streaming-on-blockchain-ad-free-and-based-on-the-same-technology-behind-steem
It's a tiny project that deserve all the support it can get. Maybe write your own post about it :-)
Hey, my friend :)
I read now some of your posts. Heard of you from @flauwy.
I want to tell you that I appreciate your fire and faith for the Blockchain technology and especially for STEEM you are an ambassador. Keep on going spreading fire.
Blockchain is a revolution like the industrial revolution or the information revolution. The ones that ignore it could end up bein left behind, and that's dangerous. I'm happy to be an early adopter on steemit. I wish I had a time machine to start in 2016