THE DECENTRALIZED FUTURE
Most people haven’t noticed but decentralization is already at play in the commercial level partially. An ideal example would be of Uber, there are no cars given by the company, but the drivers register the car on the application to receive ride-hailing requests. This saves company a lot of time and money.
With the recent emergence of blockchain and all cryptocurrencies, and centralized repos leaking information scandals like of Facebook’s recent case, net neutralities, there has been an uproar for a new web, Web 3.0, where everything is private yet free and fast at the same time. Individual projects were made to bring this very close, like the TOR and ZeroNet projects but it still hasn’t made any real headway to the future.
The blockchain is a glimpse into the future, but the technology does not have any property to be completely decentralized, before we get into the parts where blockchain might not be a true adversary, we’ll list down what makes blockchain the best:
- TRANSPARENCY
Gone are the days of back door or under the table dealing, every transaction made will be recorded publically to the blockchain, ensuring that there is no bad actor within the system.
- ANONYMITY
The addresses and transactions that are recorded to the public blockchain will be hashed in an encryption algorithm, making the trail just a bunch of letters and numbers.
- SCALABILITY
The blockchain can support upto 6 billion transactions in a millisecond with the help of independent miners and crypto pools.
Although the blockchain does have some risks:
- MINING
Environments are completely changed by the mining rigs to operate blockchains due to the power and the bandwidth required.
- TRANSACTIONS
The most common use case and innovations being built at top of the blockchain are that of the financial sector and or transactions, there have been no actual uses of blockchain besides for the two.
This isn’t the end or the start of the blockchain by a long shot, there are to be a lot more changes in the future.
