Crypto Thoughts— Trust in trustless Crypto currency and Decentralism

Its near about a year that I have spent in exploring Blockchain and Crypto currency technology. And in this short time I have come to appreciate this technology has to offer and the community and ecosystem it has created around it. And thankfully to the overwhelming support to this technology it is becoming sustainable.

For years Bitcoin was the only face of Crypto currency and had its share of ups and downs and controversy. But in recent years despite falling market share against so many fledgling Altcoins and tokens, it has raised in value and for some is more precious than gold as investment.

Ethereum in last two years has done to Blockchain what no Altcoin can do to to the cytpo currencies ecosystem at large. And that was to show the power of smart contracts and how making it accessible to developers open the world to the concept of decentralized organizations and decentralized application.

Now for many people and even to many established developers and founders this concept is hard to digest or partially agreeable. And the reason come from the question of trusting the trust-less. Now it is not easy and its consequences have been bad. The examples that are generally taken are the numerous hacking scandals of various exchanges and the dao controversy or be it the illegal markets in dark web that for being decentralized do no good to the society.

Added to that is the people who join the Crypto currency ecosystem. Many have their own interest and opinion and some of then though like the Blockchain technology or even the speculative value of the crypto currency but raise questions on the trust-less nature of Blockchain and Bitcoin or other Crypto currency.

So now I come to my thought process which I have developed over time. While cluster computing, distributed computing and even p2p computing are more about technology aspects of setting a network. A decentralized network or even decentralism is more of a human and a spiritual aspect which we as human bring in. The reason why Bitcoin was created at the first place was due to the inefficient financial system which despite having checks and balances failed to bring the much needed transparency and action to stop the 2008 financial crisis. His vision was to leverage the technology to bring as a mode of trust where you do not have to trust humans but the trustless nature of the Blockchain technology. Its so marvelous as to how he came about an idea where a currency can be minted/mined on its own, how consensus would be achieved in peer to peer manner without any subjective stake and purely based on mathematical complexity and also provide a sustainable way to keep and use it as a mode of transactions.

And hence the first decentralized network was born called the Bitcoin network which has sustained many hacks and many efforts to be undermined. But somehow it has sustained because of the community behind it and the shared economic interest in its growth. And yes the adoption of Crypto currency in general and Bitcoin and ethereum in particular are growing in leaps and bounds.

So this brings to the spiritual aspect of this decentralism. Now why people are attracted to Crypto currency in general and Bitcoin in particular. Among many reasons one major reason of the failure of governments and regulations to help bring the much needed transparency in the current financial system. While governments and world bodies do big promises to create job or revitalize the economy. Some are just counting dollars or trying to get the best deal for their offshore accounts.

Yes I am exaggerating but at least to the common man the burden of taxes and lack of opportunity of growth in fiat and real economy is pushing to look at options like Crypto currency. But that is not all. When I started reviewing ICO (Initial coin offering) I though people were there only to make speculative profit. But as I met more and more founders and more and more ICO investors who are people like you and me. I realized they care about the napkin idea and the team as long as the ICO founders are responsible and ready to make the ideas a reality.

So what are these ideas. These ideas are that of adding value by being decentralized and still building the a community and ecosystem involving tokenomics and gamification and even more a system where the right to s personal privacy and still a trust in trustless is provided.

Yes these investors are hacked, phished and even trolled but still if they like an idea, they get involved and not only invest but search for more such ideas. And this according to me emanates from the apathy and a lack of opportunity that traditional business do not give. While icos promise such an opportunity and that chance to be s part of the dream or community that will help a decentralized future.

And that is why Blockchain and Crypto currency together are important to work in tandem along with smart contract and distributed consensus to make a decentralized society possible.