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MY THOUGHTS ON FUNDAMENTAL BLOCKS OF BLOCKCHAIN
I came to know about cryptocurrency through the eye of bitcoin. I took my time to dig deeper and comprehend the fundamentals behind this new format of value. Long enough I did purchase some cause I see the future behind it. Crypto needs time and effort to fully vested and understand how it works. I did purchase bitcoin at $200+ but I sold it back not knowing I made a mistake.
Still then I still look perplexed not knowing everything behind this algorithm by #Satoshi to do business with stranger with no need of a third party.
The trust factor is the pivotal aspect that make crypto what it is today. Since then we have a variety of blockchain that come alive. Each of them have one thing in mind, how to make the blockchain beneficial for many.
In order for a blockchain to work it needs many nodes connected all over the network. These computers need to be taking to each other together with one voice. Variety always there but it will be to a minimum. The software that run the network should be verified constantly by the people that care for the software.
The mechanism behind this synergy relies solely on all parties involved to maintain the trust and the safety of the software. The use case for a strong blockchain has three attached points.
- gatekeepers (miners, witnesses)
- whales ( investors, holders)
- community
All three are part of the global community to maintain a healthy blockchain.
Many ways can lay the ground for the blockchain. My approach tend to go the route of a user and investor point of view.
HOW IMPORTANT IS DECENTRALIZATION? WHY?
It is nearly impossible to have full decentralization on any network. If I come here and post it is possible I am lying to myself. Personally there is a degree where the community can push that aspect where it is 90/10. In good faith the community rely on gatekeepers to act accordingly and put away their self interest. The whales may act also on their behalf to earn in a way that go against the community.
Understanding that fact I wish the community behaves wisely and put decentralization first. To decentralize a network it rely on everyone to see everyone best interest. Check and balance is a plus for a network to make adjustment every time we deem the community is shifting toward centralization.
I must say many networks start in the wrong foot for a reason. The community should decide within the guidelines they are bound to.
Yes it is important for a network to be decentralized. All parties involved need to be remind as such. Change happens all the time. What is decentralized today may not be tomorrow so we adjust through soft fork and sometimes through hard fork to maintain a decentralized community.
WHAT ARE YOUR THOUGHTS ON BLOCKCHAIN AND DECENTRALIZATION ?
In the crypto currency world, respect is what drive a community.
Having everyone say and implement a plan of action is what decentralization stand for. It is more like give and take. It is hard to ask a whale the same favor you ask a minnow. This is just life. Education has a lot to do with it. Stay informed and have an open mind will help a community to establish the desire degree of decentralization.
At the end of the day crypto is the answer over centralized value. If you own bitcoin, you are sure one day it will supplant the fiat currency.
We tend to forget we are using fiat still for our daily life. We are constantly fighting to change that.
Just eleven year since bitcoin and all alts, we are looking for the blockchain that can help us to be decentralized. We are still looking and repair what is taking away our decentralized way of using crypto.
We have a long way to go. It is possible. If you are reading this post, you will agree with me a strong community has its right to decide a decentralized blockchain.
The leaders need to act together to protect the community. I have to say decentralization does not mean voicing your opinion in a way that is detrimental for the community.
Respect is primordial.
Decentralization on that aspect require for the community to agree on a plan that will advance everyone at a 80% rate.
Change is what we do everyday, believe it or not.
Having my post on this blockchain for everyone to read is the first.
Agreeing with the gatekepers, whales, this is the community responsibility to apply the fundamentals of this blockcahin.
Human behavior will never seem to amaze me. There will be action that will threat a blockchain.
I mention earlier a community need to balance.
Everyone needs someone else for a push.
That is why we call it a community. Something we need to do from each other.
Balancing the blockchain to be decentralized, that is another effort by the leaders in charge. Running the right software to benefit the community. Again the minnows always get hurt cause they represent the group with no power.
Hard to fathom and see a community where everybody has the same length of voice.
Decentralization means everyone in the community has the opportunity to benefit from the blockchain.