How Blockchain will change the world
Blockchain is a system of recording information. Filling blocks of information in a way that makes it impossible to change. Difficult to hack, or cheat the system. A blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computers . Anyone can run a mining rig, anyone can download mining software and help complete transactions on the Blockchain. Blockchains all run to their network parameters differently. Usually the fastest computer is the one to complete the transaction, depending on the network a set amount of Rigs must then confirm. If your computer is used to complete the block then you receive the “Block Rewards”, these rewards come in the form of the currency being mined. This is not “free money” as you must pay for the electricity to power the mining Rigs. This must be done in an efficient manner to profit. There price of the currency you mine also factor’s in as it determines your profits. So choose the winning chain! Most cryptocurrency miners complete transactions for years only selling their rewards at the top of the bull market.
Two main types of Blockchains are P.O.S.“Proof of Stake”, & P.O.W “Proof of Work”.
Proof of work means you need to buy mining equipment always keeping it up to date, the rig must stay running indefinitely, all while incurring power costs. Bitcoin is the first Proof of Work System.
Proof of Stake means someone only buys in once, you buy Crypto and stake a large amount on the P.O.S. network, your staking pool is now chosen randomly from the network of computers to verify transactions.
These are the two basic versions of Blockchain, keep in mind Different Networks vary in the way they choose who will verify the next block. To stay up to date on the cutting edge tech you must stay on top of current releases, keep current on up and coming developers, all while keeping a close eye on the Macro economics and regulatory concerns that plague the industry. There are good and Bad reasons to choose proof of work or Proof of Stake. But the reasons why are blurring quickly as the tech advances.
Now that we understand what Blockchain is, let's talk about what Cryptocurrency is. It's quite simple really, Crypto is what you transact on the Blockchain. How much each token is worth depends on how many Tokens exist. How they are mined is set out in the initial WhitePapers, if their will be more made is laid out by founders, and how much money is invested all adds up to the price of your token. The total amount invested in a project is called the Market Cap. If you divided the market cap across all the tokens that have been made public, you get the value of the each Token.
If Cryptocurrency is the Car, Blockchain in the Highway.
Many Blockchains are able to run as a Banking system without all the Bankers and middlemen, Cryptocurrency is the money of this system, Blockchain is the Bank. The Fourth Industrial Revolution will Bank the Unbanked, help bring value to local industry in poor nations. This will give any of the remote locations in the world the ability to quickly outsource their inventions and products. If you have a small remote village that creates the best baskets in the world. As long as they can access a phone they will be able to put their Items up for sale, Then receive Funds directly to their wallet from the customer! All of this never touching a bank, all cross border remittance and taxes being taken care of via smart contract. With the invent of Drone delivery service distance becomes less of an issue each year. If cell phone service is the issue, then Elon is on his way with StarLink. No matter where you are on the Earth Blockchain will reach you.
In the future Everything will be tokenized and put on the Blockchain. Everything… This includes your Social Security cards, this will lead to Global ID.
Blockchain is a De-Centralized way for people to interact, the ability for everyone to have access to permission-less Banking. Two parties can now interact without trust being an issue, making a contract without needing to be verified and Escrowed by a 3rd party. All interactions are public and stored on the ledger for anyone to see for all time. They're Immutable and forever!
The legendary Pizza transaction for 10k BTC is still stored on the Blockchain, and is still there for anyone to see. Keep in mind, back then there was no true payment form. Absolutely no pizza place was going to accept Bitcoin in 2010. Someone contracted the Pizza order. Laszlo Hanyecz put a message out on a Crypto forum explaining he wanted to order a pizza using bitcoin, and if anyone wanted to broker the order so he could pay in Bitcoin. someone soon responded to the message board and agreed, ordered the pizza and had it delivered to the to Laszlo Hanyecz. The Pizza boker then received the 10K BTC. Meaning the transaction is between 2 private wallets.
“Oh Man! ALL THAT MONEY 10K BITCOIN!” FOR TWO PIZZA’S!” calm down and Keep in mind BTC wasn't worth a thing back then. It was worth the value of the pizzas received. Just like any currency you exchange, the amount of currency exchanged for the goods received at the time needs to be market value. If he had 10k BTC to blow on pizza and become a legend, Im sure he was able to buy 10k BTC the following week. It also shows that making money in Cryptocurrency means you have to hold for yrs. The amount of 2 pizzas may be the worth the value if 2 houses in 20 years. We hear it all the time from the Impatient. IF ID OF ONLY HELD ON!!! These people are the “coulda woulda Shoulda Bought the Bottom Crowd”!! Readers of this Blog will be the, “Been there, Done that, Sold the Top Crowd”!! Always keep learning and stay ahead of the Crowds.
Bonus fact: Since the Blockchain is forever and Bitcoin was the original Consensus network. That means BTC also has the oldest ledger history in the World! There is a message written by Satoshi Nakamoto, he left it on the very first Block of the very first Blockchain, BTC. It will be there as long as the code is alive and well, at least one node must remain active. Ill let you go find the hidden message, its there!!
When the Blockchain chapter is written in the history books they will speak of the likes of Satoshi Nakamoto, David Schwartz, Charles Hoskinson and Vitalik Buterin. But those who truly have made Blockchain adoption possible was you! The community!! Some would argue these four men mentioned above have played pivotal rolls in the development and expansion of Cryptocurrencies and Blockchain Globally, I would land firmly on this side of the debate. But without the community Satoshi would just be an unknown software developer. It was the people that have made him Legend. It was the community that adopted it Bitcoin and used it to Buy Pizza. now we will watch as the world adopts Cryptocurrencies and CBDC’s with the roll out of the ISO20022 data rich system. It’s up to every individual to learn the tech as it comes out. If you are left behind it’s because you didn't take the initiative necessary. If you're new to Crypto and you want to be a part of a Great Positive Community I would recommend #ACHFAM on twitter led by the amazing author of this article.
You don't need me, I need you, They Need US!
Apes Strong Together! All the information that exist in a college setting also exists on the internet. To take advantage you need to learn to learn. Start by only reading PDF files and Whitepapers. Only watch what someone says. Don't watch someone tell you what they said. DYOR and Dig Deep!
In the “Age of Information” Ignorance is a choice.
What are wallets? The easiest way to explain wallets is they are checking accounts, saving accounts, and custodial banks, all wrapped into an app on your phone. When you are using Tokens as an exchange of value there needs to be a way for them to be held safely by individuals. We call these private safe accounts “Wallets”. Anyone can own a wallet and transfer funds anywhere in the world using the Blockchain. Some countries have outlawed or limited the use of Cryptocurrencies, so the use of VPN may be necessary to use certain Blockchains. This is governments or exchanges limiting the use, not the Blockchains themselves.
What does the Future hold for Blockchain? This is what I am asked most frequently. The answer is very simple, Everything, In the future Everything will be tokenized and put on the Blockchain. Everything… This includes your Social Security cards. This will lead to Global ID. Your car keys will be NFTs on your phone, your drivers licence, Mortgage, Car registration, everything you can think of will be held in your personal wallet, Value will be held in the form of Crypto, Items in the form of NFTs. {NFTs explained in a previous article, will be re-uploaded soon to medium!}
Now that we have the General basics to Blockchain, Cryptocurrency, and many of the use cases. Lets get into some of the first real applications and the best ways to utilize the new tech.
First let's start with the easiest transition, this will be gaming. The system currently a part of “Pay to Play” games is already essentially a system designed for a Digital Ledger system. The in game currency is very representative of Crypto and the Items/Skins would be NFTs. To become NFTs these skins only need to be Minted on any Blockchain. This is as easy as uploading a profile pic to Twitter. On chains like Algo and Matic Minting NFTs is Free to anyone.
Gaming will be a 9–5 Job in a few years with the invent of NFTs and Cryptocurrency. Gamers are the first real community to jump on board with Blockchain, besides the Blockchain community themselves. Gamers already collect digital items so this is a natural and long awaited system for them.
Many parents are too familiar with Fortnite’s $20 skins. Your children beg and beg for a “skin”. You don't understand what they're talking about. But it seems to be important to them so you buy it. Not even 2 days goes by and they're asking for another, Then another and ANOTHER!! Right now if the Fortnite servers went down all that money would be gone. But once those items are added to the ledger and made into an NFTs then even when the game is gone the items will live on as collectables. Not only will gamers own their items and be able to re-sell them, but they can earn them. Now when the dragon drops a rare sword it might be worth A LOT of real money. This goes very in depth on different ways to earn. In the Metaverse GalaGames is creating they have created a vast world with massive plots of Land and premade business and shops. On these plots of land people can place Buildings. If you buy a building/Business but you don't own any land, then you must rent a piece of land to put it on. You must then hire people to work in your Shop to produce goods. Let's say you buy a potion shop. You set the value of your potions to include overhead. Enough to pay the employees for their hrs worked and enough to pay rent. People pay you for your items in cryptocurrency, People will run this like a normal business and will come out with a Surplus of Potions and Profits every month. Expanding and Hiring like any game, or business.
Many will say, “That would never work” and to that I say, “it already has”. Look at World of Warcraft, this game had a long running in game economy and people made money farming gold and selling it illegally on the black market. This makes it a legal and a legitimate business venture.
This is why it is such an easy decision to enter the Blockchain industry. Not only is it the future but no matter your field of work the Blockchain will be integrated. Everyone doesn't need to make their Cryptocurrency public. these Blockchain ledgers will be made and kept private for the use of logistics and operations only. To understand the use of Blockchain we have to get into the utilization of smart contracts.
What is a Smart Contract? Smart contracts are simple programs written on blockchain that run when predetermined conditions are met. They typically are used in the automation of previous agrements. This means all parties can be permissionless and the outcome be pre-determined when certain conditions are met. They can also automate a workflow, triggering the next action when another is completed. These are “Standing Orders” on a Blockchain that will fulfill on their trigger value is met.
For an Example lets take a simple service plan form a Internet service. you are required to make a payment of a certain amount each month. At the moment the internet providers need to staff a large crew to turn “on and off” service that is not payed on time. When Blockchain is utilized it will be as simple as you making your payment threw the smart contract. the Smart Contract is then fulfilled sending the signal to the Oracle to keep your service active. An Oracle system is the part of a blockchain that speaks with the outside world, gets all the info that is contained outside of the chain itself. If you do not fulfill your contract on time, meaning you do not pay your internet bill, this will trigger the contract to shut your service off. All the while these transactions are visible by anyone with internet access. This is a very simplistic version of a payment billing service. but the extent of the use of Blockchain is limitless and will take us to the start.
Now that we understand the Basics and Initial use cases of Blockchain and Crypto, lets take a look at a real use case that will change the world forever as we know it. Imagine being able to see the real time votes come in. No more FOX, CNN, or MSMBC, to tell you what the numbers are. With Voting on the Blockchain you can see the real time Percentages as they come in up to the minute.
U.S. Elections will all be ran on the Blockchain. These will be used in Sovereign votes over the coming years as many US states and even the US Postal Service has patented voting platforms using blockchain services. This would make it possible to have a safe and secure election while completely avoiding all the issues of voter ID or voter registration.This will come straight from your Government Social Security Blockchain. KYC in the future will be given at birth attached to your NFT Birth Certificate. None of this is hopium and hype, it can all can be searched an verified. 1 year ago when I spoke about this people laughed. They're not laughing anymore, they're actively asking friends and family how to buy Bitcoin!
The invention of Blockchain is on par with the invention of the internet. Investing in Cryptocurrencies is comparable to investing in oil fields, before the Combustion engine was invented.
The new form of Internet with Blockchain involved will easily move value and digital items. This is why its called the internet of things or IOT, sometimes called the internet of Value, This is also where the term Web3.0 comes from. Web2.0 gave us a way to send pictures and information digitally, just data. 3.0 gives us the ability to send value over the internet in the form of digital information. to send value now on 2.0, information is sent and the the value is escrowed, then shipped around in real life. The Blockchain makes it possible for the value to be sent direct person to person.
If we do not fight to keep the anonymity alive in Blockchain it can and will be used to implement social credit scores and a Universal Basic Income “UBI”. This is a whole can of worms we will open at another time. If you are interested further in real world adoption please look into ISO20022 as I will be going into this much more in depth in a further article. ISO20022 as mentioned above is set to replace SWIFT by 2025, this digital infrastructure is built to run on Cryptocurrency and is set to go live in Aug-Nov2022
What does the future hold for Blockchain? It holds the Future of Humanity.
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I found Alchemypay and started working with them as far back as Aug2021. They have a Blockchain Payment network on Ethereum that is set to take over the payment sector. For more information on $ACH Crypto, Alchemypay, The BIA.Network, or information on working for Alchemypay, please contact me on Twitter. I am a current Lead Ambassador and work in Marketing. The BIA is an acronym meaning “BlockChain Infrastructure Alliance” it was founded with $MATIC @0xPolygon Alchemypay and many others!
