Everyone involved in Blockchain has it at some point. I just had it today, after being stuck in a bus – for more than 24 hours ;/ – returning from our really inspiring ‘Rethink Finance’: My rabbit hole moment!
Listening to interviews with the most innovative minds and future thinkers in the industry talking about what’s going on and what’s on the horizon really gripped me at the core.
I left the event inspired, but with a feeling of not having the words to describe what intrigues me so much about the blockchain. People are stuck in the present: The blockchain ICO bubble, the speculation with digital gold and admittedly many technical issues. But those who are actively involved in building the future of the tech recognize the revolution.
I couldn’t pinpoint it up until now, but along the way of my horribly long bus journey the sky cleared and I realized, that it’s pretty simple.
Cryptocurrencies have many aspects that make them critically better then Fiat: It’s digital nature in the digital world, making it much more suited for digital transactions. The unhackable structure of the blockchain in times of fraud, waste and abuse in almost all system. Its unparalleled efficiency in decentral and anonymous processes and it’s design as a scarce digital resource. These traits alone are game changers but combined enable its most pivotal application, which will change our economy forever:
A Decentralized incentive system – suitable to financially reward people to collaborate to solve any problem attached.
That’s the true value. That’s the true revolution of the blockchain.
Sure all the application for identity and even user data sovereignty are awesome, nothing however reaches the potential we are given to create a currency to deal out over time, to reward those who support it. The mining principle of Bitcoin showed in practice and reality how millions of people around the word run a random program to ensure its existence. This system of block awards can be translated to any action supporting the system. This means that we can create a currency with a specific goal in mind to incentivize targeted action. And easily.
And it is open to all possibilities. This will give us the chance to monetarize all behaviors and assets actually valuable to society, many of whom are left out of the economy today. It will lead us to redefine value and benefit overall.
We will be able to organize an economy truly connected to democratic values, which we govern ourselves without a middle man, and even bring down the unslayable monopolies from the era of .com: Google, Facebook, Amazon and Co.
No one can imagine how this will develop over time – but the Gini is out of the bottle waiting for us to make our first wish as a human race.
Prepare for some follow up posts on these issues,