Cryptocurrencies, social revolutions and things to keep an eye on
‘The relation between cryptocurrencies and society has been through different phases during the last decade. At the peak of crypto mass adoption up-to-now, crypto and Blockchain technology have usually been considered as panacea for several issues. Today, this hype has somehow abated. But why people still refer to the rise of cryptocurrencies as a ‘social revolution’? Are there any related issues that we should be aware of, talking about the power of crypto to change the world as we know it?
SocialPolis Coin as a token devoted to Social Economy and sustainable development Economy targets to revive the global interest about the possibility of cryptocurrencies to accelerate social changes around the globe. SocialPolis coin idea suggests the creation and the launch of a coin addressing the need of an alternative financial transactions system using Blockchain. SocialPolis Coin’s team is completely convinced about cryptocurrencies’ potential to fuel a social transition in the years to come.
“Blockchain is global and knows no physical boundaries, therefore it will become more attractive for cooperation and progress across the globe. This is already starting to happen,” explains William Mougayar, investor with over 35 years’ experience in the technology sector and author of the book The Business Blockchain: Promise, Practice and Application of the Next Internet Technology.
But why people offer refer to cryptocurrencies as a ‘social revolution’?
A social revolution is a fundamental change to the structure and nature of society. It usually involves a comprehensive overhaul of the existing social, political, and economic order.
“Social revolution means the reorganization of the industrial and economic life of the country and consequently also of the entire structure of society.”
— Alexander Berkman (1870–1936)
The basic real-life applications of cryptocurrencies that serve, through the social brewing, the notion of a social change progressively can be briefly summarized in the following:
- Cryptocurrencies provide a store of value for inflationary economies changing the final economical status-quo of their residents.
- Cryptocurrencies due to their decentralized nature are not subject to external control and government action, allowing their holders to exclusively manage their funds, regardless of any sanctions imposed on the country, giving them freedom and autonomy.
- Cryptocurrencies may transform a user of credit to investor enabling entrepreneurship and undictated professional and financial growth.
But, where is the danger zone regarding crypto?
Firstly, the biggest issue in the cryptocurrency market so far has been noteworthy volatility. One the reasons of major significance that this sort of asset price manipulation is possible is the lack of position price limits/fees on many cryptocurrency trading platforms. Secondly, governance mechanisms have been a major showstopper. The entire cryptocurrency industry is still figuring its own way in predicting and shaping its the future development. Exactly why, people have been referring to this rapidly-growing tendency as ‘a Wild West terrain’ — unlike the phenomenon of the growing Internet Industry of 90s. Thirdly, the success or not of various ICOs schemes is another point. ‘Pump and dump’ ICO schemes continue to be a problem for the market due to the lack of regulation. Fourth, the high level of cyber-criminality is an another flaw technological flaw, as millions of tokens have reportedly been stolen during the entirety of crypto activity. Cryptocurrency trading platforms constantly commit to improve their security framework in order to stay ahead of the hackers and thieves. Many of these upgrades also make the trading process a lot more cumbersome with all the authentication steps that need to be carried out.
Of course, no one is a futurist. However, it is sure that cryptocurrencies have already found them place in our lives. Indeed, mass adoption could constraint the aforementioned inefficiencies and provoke cryptocurrencies’ potential towards shaping a better future for the entire humanity. Though, any transition throughout the history wasn’t without causalities-why should cryptocurrencies consist an exemption?
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