Which is why Bitcoin is an excellent idea. It fulfills the needs of the complex system, not because it is a cryptocurrency, but precisely because it has no owner, no authority that can decide on its fate. It is owned by the crowd, its users. And it has now a track record of several years, enough for it to be an animal in its own right.
…aled the fact that transaction costs are almost always material and do shape economic transactions. For example, if it takes too many clicks of the mouse to buy something online (a non-monetary transaction cost of your time), you’ll just go buy something on another website. Transaction costs, while not always monetary, affect our willingness to buy, sell, and engage in a market.
When it comes to Real Estate, we have different scenarios: Real Estate Funds (REF) as proposed by Brickblock. Digital assets backed by real estate is REIDAO offer to the ecosystem. Tokenized Ownership is contemplated on REX road map*. Cryptocurrency Backed Real Estate is already in practice by PROOF with 3,100 registered users. Bitproperty REITs in Japan. And others sometimes less knowledgeable, trying to get an All Access Pass to the stage.
Still, one of the biggest takeaways for me from the event was the acknowledgement that many of the panelists and participants have had regarding private permissionless blockchain as an interim step towards a public permissionless world of multiple blockchains that will be interoperable. Many of the participants have claimed that private permissionless blockchains are not really decentralized and distributed and used the internet and cloud analogy in order to explain the human behavior towards a new innovation. In this context, it was very interesting to hear Chris Ferris, Chair of the Hyperledger Technical Steering Committee and IBM CTO Open Technology, who said that it is very possible that in the future Hyperledger will switch its focus to public permissionless infrastructure for its use cases.