There is much hype starting around the warming up of large corporations and financial institutions to the concept of cryptocurrencies. Unbeknownst to the majority, what is happening is a fake virtue signaling and attempt to coopt the idea of cryptocurrencies and relegate the real thing to the shadows of public perception. The "blockchain, not bitcoin" mantra of 2016-2017 was the first attempt at this, and it will not be the last.
#Facebookcoin will be the next volley of fakery
The purpose of this post is to educate on and elaborate on how one can tell a fake from the real thing!
5 Pillar of Crypto
OPEN
- There must be no restriction on who can participate in the system
- This includes running nodes, mining, verifying etc.
- There should be no restrictions except perhaps pledging capital or hardware
- There must be no connection to your identity to participate
PUBLIC
- Somewhat overlaping with OPEN, this reiterates that access to all parts of the system are open to all
- The SW must be open source and accessable to anyone pending technical knowhow.
- There can be no vetting process or gate keepers to accessing all parts of the system
NEUTRAL
- The system must be inherently agnostic to race, nationality, location, means, etc...
- Again, absolutely anyone must be able to have access to private key generators without any restrictions or applications.
BORDERLESS
- The system underpinning it must be completely ignorant to any kind of borders
- All transactions must flow freely with interruptions only due to networkcentric sources that are agnostic to users.
CENSORSHIP RESISTANT
- There must be no way for anyone to be able to block a transaction.
- Verifyers must be anable to target any kind of censorship of transactions
Can you think of any ways of elaborating this list to make it more complete?
This video by Andreas M. Antonopoulos does a great job of explaining this concept and how it relates to things like facebook coin