For some, it is still a novelty, while for others, Bitcoin serves as a source for the development of new ideas.
All of the years that passed gave time for blockchain thought to develop and new concepts to rise. Undoubtedly, Bitcoin and all of these solutions already laid a foundation for modern-day crypto.
But, besides finance, blockchain now improves health care, aviation, and retail.
Since big corporations, by the rule, are an integral part of these solutions, this is a good sign of the overall crypto acceptance.
Of course, acceptance is highly influenced by public opinion on cryptocurrencies. It is because these still make the most headlines. Again, if some technical issues of crypto remain, overall blockchain tech can suffer. Knowing this importance or not, major financial institutions and tech giants are trying to solve such issues.
If successful, would that mean that modern corporations will shape the future of blockchain? Would this be acceptable for the crypto world that is more or less rebellious and artistic?
How Does the Crypto World Work?
To understand how the crypto universe works, it would be helpful to know blockchain’s history.
Here (link to the Understanding Crypto through Historical Data), you can find a detailed explanation of the miracle behind cryptocurrency transactions. In its basis, it is the idea of decentralization that excludes banks as large corporations.
In the last decade, both technology and the circumstances changed. F
irst of all, technology improved as new cryptocurrencies tend to be decentralized supercomputers. At the same time, Bitcoin radiates only around the value transfer.
Moreover, overall circumstances changed, too.
Nowadays, the influence of social media is game-changing. But not of all social media. Today, people flock to all newcomers that promote encryption like Telegram does. This happens even though Telegram is having disputes with financial authorities.
For some reason, legal disputes motivate the rebellious part of the crypto community. Insightful, as we can spot how this community works.
The similarity to any modern media exists, as the influence of celebrities is immense.
In one case, Floyd Mayweather and DJ Khaled were accused of supporting a crypto scam. The simple story tells that one crypto was making false claims of relations and partnerships with MasterCard and Visa. And these celebrities were promoting it.
Besides Startups and celebrities, established companies tend to innovate, too. However, some of these acknowledge that they prefer to work on blockchain in an invisible mode. In their opinion, future users don’t need to know what is beneath the hood. The main reason for this is that a notable part of the public still places distrust in cryptocurrencies.
No reason to blame, as some adverse aspects are apparent. Do you know that mining a certain value of Bitcoin takes more energy than mining the same value of gold? In the era of global warming, it is hard that this news appeals to the public.
Development of New Ideas
Summing up issues and environmental impact with celebrities promoting scams, it is no surprise that part of the public tends to avoid cryptos. On the other hand, the revolutionary role of the blockchain community opposes corporate solutions.
In my opinion, this is romanticizing, as some of the existing solutions already resemble corporations.
Actually, Proof of Stake (PoS) is a model developed in ancient times. In the PoS case, the amount of owned crypto defines voting rights and brings more coins. So, what is the difference compared to feudal ownership? As you know, holding a large plot of land granted you place in the government, bringing in fees from those working on it.
In its basics, PoS needs individuals with a stake that they can lose. For this reason, unless masochistic or utmost villains, they would prevent duplicate blocks from happening. Therefore, there won’t be any double-spending like in PoW. What is more important, no mining!
However, PoS imposes central authority. Although the immutability of blockchain means decentralization, all cryptocurrencies except Bitcoin are enterprises with central authority. Therefore, some form of centralization already happened.
Yet, this might be the highway to acceptance from institutionalized investors.
It is because it is hard to believe that Warren Buffet would invest in a model he doesn’t know. Still, his company Berkshire Hattaway is already engaged in the development of blockchain solutions. At the same time, Warren Buffet is publicly torching Bitcoin.
Removing the abovementioned issues with a solution that comes from some reliable source could make people flock to it.
As an artist, I say that social media promoting crypto was an artwork. It created an initial hype and served its purpose. In my opinion, the next phase is something reliable.
At the same time, I believe that the concept of the corporation changed, too. Since one of the largest companies are gaming studios, maybe some solutions can come from them? After all, spending hours with some fictional character can build trust, too.
Not long ago, the last season of Silicon Valley TV show presented a possibility of in-game commercials. Ordering pizza in a game gets pizza delivered to your doors. Is that different from the upcoming reality?
If the future holds VR headsets on our heads or living in augmented reality, why not?
Playing games is already making money for Youtubers, why would they not spend it in the virtual world, too? And is there digital money (link to the article) better for this than crypto?
In the case of DLive, it means paying for both content creators and viewers. Seemingly, modern-day crypto must include all stakeholders, solving all concerns.
But, if that is a working model, would blockchain be organized in an old fashion? We can’t be sure about it, but it would be a disappointment for me.