According to Luke Nosek (Co-founder of Pay Pal) – PayPal mission was to create a form of digital money that would live on the internet and move across borders, independent from banks and government.
This mission failed to materialized after oppressions and regulations forced the company to restructure its plan and operations, exposing the side-effect of a decentralized move with a body of pioneers who could be identified or held responsible.
In today’s digest, I will write a short briefing about why it is disastrous to have a central point of governance in a mission-focused decentralized establishment before we look into some recent updates.
One of the mysteries surrounding the creation of Bitcoin is why the pseudonymous creator under the name “Satoshi Nakamoto” never revealed himself and later disappeared into thin air after few years of nurturing his juvenile creation poised for something great.
Looking at the whole picture more logically, one would realize Satoshi decision to maintain this status is a very smart move.
Hardly, there is no establishment that could never to subjected to government rules. As mentioned above with PayPal. Identified individual leader of an autonomous organization is a weak spot that could easily be attacked by the sovereign power if such establishment begins to pose any threat to their authority.
Now, the question is; should blockchain projects with a decentralized mission have a central governing body?
Asking this question, what quickly comes to mind is; how could there ever be a system or product without its designer(s)?.
Well, it quite impossible. As far as the human understanding can comprehend “there is no creation without its creator”.
So, how could a true decentralized move be established?
In my own view, a blockchain project with a focus on building a decentralized ecosystem hosting of dapps and fundraisings like Ethereum, EOS, and co may maintain a structure of a central governance in the core product development, but should try as much as possible to maintain a distributed network of nodes(actual system hosting database) with no central control or access.
On the other hand, any blockchain project whose mission establishment is to provide an alternative means of money in payments and settlements would have a hard time surviving under the nose of the government and so should try as much as possible to remain in the background.
The ability to print and control money supply is a precious mantle of power wielded by the governments, in that knowledge; Satoshi disappearance gave a good chance to the survival of Bitcoin to potentially “change the world”.
Some discussion you should be part of.
Eric calls for basic Ethereum Foundation transparency.
This is Exquisite! Do you know you will be able to buy a domain with your EOS name in the future?See what people are saying about this.
A good reason why people need to drop their Ether coins for EOS.
Do you agree with this tweet by CZ on blockchain and AI being the tools to fight crimes?
How Traditional Stock Market can accelerate cryptocurrency adoption.
High school students being inspired and exposed to blockchain tech. Cool stuff.
Reports and Updates in the News
The notion of a cashless policy was actualized by the introduction of credit and debit cards. The ease of having your entire savings no matter how big or small directly linked to an 8.5cm plastic flat card is so admirable. It has revolutionized how we handle money. Bringing about new niches in existing businesses. Online businesses were benefited the most. Providing a win-win situation for customers and businesses.
As a process which relies on the use of software and protocols including the internet, it would make a perfect fit to establish additional territory by propagating the use of digital currency or cryptocurrency in payments.
We have seen different kind of project propose or implement this solution, but only a few get fairly adopted.
Busting over the net in recent reports is the Coinbase introduction of a Visa debit card which is able to allow a user with an account on Coinbase spend his cryptocurrency holdings with the exchange in different shops. Read the bullish news now on Coindesk.
EOS to the gig hustlers’ rescue.
If there is any industry that urgently needs the application of blockchain in its operation then, it is the freelance industry. Service providers are been cheated in a lot of artistic ways.
- There is a deduction fee of up to 25%.
- Payments of work done take some while to be received.
- There is an absence of a fair level of exposure.
Blockchain through proper implementation can address the above-mentioned challenges.
By its funding capabilities and development of a scalable efficient system, EOS took part in a recent funding round conducted by Moonlighting to continue aggressive development of its freelance platform. This move prompted Moonlight to strike another big deal by moving its 700,000 freelancer profiles to the EOS network with individual profile getting linked from the EOS system to the Main database through hashes. Read the in-depth report now on Coindesk.
Other updates in the news
Mozilla beta version of Firefox now blocks web-based cryptojacking.
Augur launch support for DAI stablecoin as part of the major upgrade to its platform.
PewDiePie to begin streaming on the blockchain-based video hosting provider Dlive from April 14.
Telegram launched the private beta of its open blockchain network.
Put some grin on your cheek with this meme as I conclude this digest.
This meme is sourced from a discussion post on Reddit.
Thanks for your time reading the digest. Remember to visit my blog tomorrow for another interesting digest.
Cheers 🙂
Disclaimer
The contents of this post are intended for information purpose only and should never be taken as an investment or trading advice. All information contained herein is linked to their respective sources without being taking word for word except in quotes and references.
