TICs Are All Around Us
Based on the previous article in this series, you may agree that technology, innovation, and creativity are all around us. They are what make us T.I.C. (Technology, Innovation, Creativity). In addition, blockchain technology is the result of technology, innovation, and creativity. Blockchain is changing the way the world works. It is revolutionizing our financial system. It has given unprecedented creativity to software developers and artists. Moreover, it has created another category of wealth with its cryptocurrency.
TIC Discussion
Given the above, an offline event was held on the 21st of August 2022. It’s called ticTalk 101, an acronym for technology innovation creativity talk. Key opinion leaders from different backgrounds gathered to deliver speeches on their assigned themes. These thought leaders enlightened the delegates on the current landscape and the future landscape of their expertise. In turn, the public has been informed of what currently is happening and what is going to come in the blockchain space.
Make You TIC
While we are not going to summarize the content of each speaker’s talk, we will stir your interest in the importance of the theme of the event. Topics such as blockchain education, crypto regulation, gaming, NFT marketplaces, community building, and multichain were elaborated. These handful of topics are crucial for the public to understand blockchain’s impact on our lives. The speakers not only expounded on the current state of affairs of their topics but they also gave a glimpse into what is coming. This way, the public can anticipate the next possible scenario in blockchain to position themselves strategically.
Education
The importance of education cannot be overemphasized. There is a saying, “If you think education is expensive, try the cost of ignorance.” This cost of ignorance has been paid by those who fell into the trap of crypto scam companies. Promised with high returns, people are willing to bet on their retirement plans, only to find out that the “hottest” investment opportunity was a Ponzi scheme. While technology is evolving, unscrupulous individuals also become sophisticated in their game plans, preying on those unsuspecting.
There is another aspect to the saying that ignorance has costs; it’s the opportunity costs. While those who are informed may not be fooled by any fishy-smelling fly-by-night crypto scammers, they may misunderstand the whole essence of blockchain altogether. This can make them miss out on opportunities that benefit only those who understand blockchain at a higher level. Since blockchain technology has opened the floodgates of unprecedented opportunities. And only those who understand blockchain at a higher level can fully benefit from it.
Regulation
The government is trying its best to fill its role in serving its citizens. Through taxation, it collects money from businesses, professionals, and consumers. This collection becomes the national budget. This national budget funds the operation of the country. To operate a country, you have to build roads, fund the police, pay the salary of public servants, and even spend on defense. This is one of the main functions of the government. It is no wonder then that it is trying to maximize the inflow of internal revenue through taxation. The more money the government has, the more ambitious it plans to improve the country.
Since blockchain is disrupting the legacy banking industry, the government is trying to understand blockchain. For now, one of the most popular use cases of blockchain in finance. Therefore, the government is figuring out how to tax and regulate this newly-invented technology. Since blockchain can facilitate the financial transactions of individuals beyond political borders, the government finds it challenging to figure out this blockchain technology. Where does cryptocurrency fall, is it a currency like a medium of exchange or is it a commodity? Is it security? Even the US congress is debating what cryptocurrency essentially is.
Gaming
Who doesn’t know what a video game is? We have seen the evolution of gaming, from simple Tetris to Super Mario, to massively multiplayer online games such as Minecraft, electronic gaming has become a normal part of today’s life. However, with the advent of blockchain technology, gaming has taken a different shape. Play-to-earn models have made players make a living. Some of them even made a killing. This use case of blockchain offers a promising future.
Multichain
While there are different blockchain networks out there, they are isolated from one another. What is needed is a multichain solution where blockchains can interact with one another so that they can transfer assets from one network to another. If you think of blockchain networks as individual islands, you may want to connect islands to facilitate commerce. This cross-border flow can also facilitate the interchange of ideas. This is what multichain is all about. Projects such as Octopus Network are paving the way for this vision to materialize.
Framework
If you had to launch your blockchain back in the early days, you have to spend several millions of dollars, hire tens of developers, and spend several months, if not years, to deploy your blockchain project. Nowadays, there are modular frameworks such as Substrate that have been developed by Parity Technologies, the company behind Polkadot. With Substrate, you can deploy your blockchain at a fraction of the cost, time, and manpower it requires compared with doing it back in the day.
These are some of the things, directly and indirectly, address in the ticTalk 101 event last August 21, 2022. As we observe how else blockchain is taking shape, may we arm ourselves with knowledge about this seemingly mysterious phenomenon called a blockchain. It has created both excitement and fear among the citizens of the world, depending on how your field is affected by blockchain. To savor the full flavor of the event, please click the link in the description. You may scroll through the part that interests you the most. This live broadcast is lengthy anyways. But if you watch the whole video, it will without fail educate you, especially the regulation part.
