We often talk about how we need decentralization. This is something that we cannot shy away from. However, does that mean everything has to be decentralized?
In this video I discuss different aspects of the industry and how we see a lot of platforms, applications, and even blockchains that are centralized. In this we cover the idea of decentralization in the aggregate.
▶️ 3Speak
As something that has become mainstream, decentralization should be the main choice that must be followed and regulated by regulation.
But, will regulation interfere with the decentralization mechanism?
They will certainly try. But first we need something really/actually decentralized.
True and true. :)
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If something is truly decentralized, regulation is of no impact.
But as was stated, it has to be truly decentralized.
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Exactly, by its nature it resists and becomes resistent to regulation.
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Hmmm…
I think that by its very nature decentralization resists and ignores regulation, because regulations can become, to an extent, unenforceable. If there is no CEO to arrest, or central office to shut down, things get complicated from an enforcement perspective.
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decentralization is important since the request must be delegated to several people and not just one person having the possibility of making all the decisions in the company
Before the company level, we have to build decentralized infrastructure. That is what is needed.
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In some ways decentralization represents the devolution of the company model.
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Honestly not a lot because clearly a majority of people can't manage their own finances, don't do their own research etc.
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Well people are going to have to start to do that or they will get left behind. You are right, most are too lazy to do it. Yet if they get taken to the cleaners a few times, they will learn.
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Some level of restriction should be adopted in some areas, as without some level of control, things might just go wild.
Some people cannot control how much money they have and will always be on a quest to acquire morr than what is necessary.
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I think personal responsibility and self education are the biggest hurdles to a truly decentralized economic system for exactly these reasons.
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Decentralisation to me is the way forward. What the government want is to see how much we spend, when we spend, and what we spend it on. This gives them the power to control the economy by causing increases in inflation and making it go low. Consequently making people poorer.
With Decentralisation they cannot monitor that. This gives us the power to decide either we want to be wealthy or poor. Our decision is not being controlled by an external person but us.
Decentralisation is the way forward.
Thanks for sharing
Cheers 🍻
It certainly is true. Politicians and bureaucrats want more power. So all they do is intent on making themselves center to everything.
We need to develop around it.
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Agreed that it is the way forward, but it is a hard road to travel, so only the hard need apply. Others should stick to decentralized systems.
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I think decentralization is very important in the public sector and in sharing data between entities. A perfect example of this is Estonia's E-society.
There are projects that are underway which will really experiment with different options. The next decade is going to see radical changes.
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I will research Estonia's E-society.
What can you tell me?
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Most of Estonia's government services have been made available as an E-service to their citizens apart from the private sector. In Estonia citizens only have to use one form of ID which has an encrypted chip embedded in the card.
They even offer E-citizenship to foreigners. This allows persons to apply for E-citizenship remotely and register a business in Estonia. One can pay taxes and do pretty much everything online.
They were able to do this by implementing X-road which is a data exchange layer that allows multiple organizations and countries to integrate their data well.
Summary:
In this video, the speaker discusses the importance of decentralization in the cryptocurrency industry, exploring different perspectives on the subject. He delves into various projects like Bitcoin, Hive, Ethereum, and others, analyzing their levels of decentralization and potential vulnerabilities to attacks or takeovers. The speaker also touches on the impact of regulations and compliance on decentralized entities, especially in relation to stablecoins. He emphasizes the diversity in the blockchain ecosystem, highlighting the growth of DeFi applications and the challenges in regulating decentralized systems with numerous nodes and diverse stakeholders.
Detailed Analysis:
The speaker initiates the discussion by addressing the ongoing debate around decentralization in the crypto space, noting differing opinions on how it should be approached. He explains that while Bitcoin is considered highly decentralized and secure due to its mining structure and network size, other projects like Hive are also praised for their decentralized nature.
The conversation shifts to governance and control within blockchains, with references to projects like Circle obtaining banking licenses and potential implications for compliance and regulation. The speaker points out the importance of token distribution in security, distinguishing it from network decentralization.
The analysis extends to specific projects like Ethereum and Binance Smart Chain (BSC), highlighting concerns about centralization and the potential influence of Wall Street on these platforms. The speaker expresses doubts about Ethereum's transformation into a proof-of-stake model due to token distribution issues that could enable centralized control.
Furthermore, the speaker explores the concept of forking as a means to decentralize control within projects, mentioning successful examples like Hive's forks compared to Bitcoin's less successful attempts. He underscores the abundance of blockchain projects, NFTs, DeFi applications, and liquidity pools in the ecosystem, contributing to its overall complexity and resilience.
The discussion concludes with an emphasis on the evolving landscape of decentralization and the challenges it poses for regulators and traditional financial institutions. The speaker envisions a future where decentralized infrastructure becomes more prevalent, with diverse nodes and stakeholders ensuring resilience and continuous innovation in the blockchain space.
Overall, the video provides a comprehensive analysis of decentralization in the cryptocurrency industry, exploring various projects and perspectives while highlighting the evolving nature of the decentralized ecosystem and its implications for the future of finance and technology.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.
Decentralization does offer the opportunity for advancement with no central points of failure. But it does require ours to change our thinking from the thoughts of those raised in a centralized environment with both its restrictions and it’s support structure. In a truly decentralized system there is equal amounts of independent freedom and lack of support. We must learn to be free of reliance on others as a necessary accompaniment of true freedom.
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