Protocols of Freedom by @redx.chat on 3Speak
▶️ Watch on 3Speak --- I'll take crypto before TradFi any day but some perspective can go a long way. Decentralization is more than a node count. Parallel Money Public cryptocurrencies do two thing...
Tags: #crypto #finance #banking #decentralize
Do you know how many times I've had a debit card declined when I'm doing an online purchase? I can't tell you how many times, happened too many times. So this morning I went to do an online purchase, exact same problem. And then in the afternoon, we get our car serviced and I pay a Bitcoin cash in, boom, instant payment. Okay, so let's talk about crypto wallets because sometimes we get a bit too comfortable with crypto wallets because we think, oh, we've got multiple wallets to choose from. This might be an open source project, and it's decentralized. So great, what can go wrong? Well, the problem is, is that there are thousands of crypto projects out there, and almost every single one of them, every single one of them, has a single... source code or binary for the server or the backend. And that means a single point of failure. I mean, don't get me wrong, maybe it is a robust network, you've got a great team, and it's decentralized. But nevertheless, when you have a single implementation, it behaves much more like a product than a protocol. You see, with a product, you don't know what's going to happen tomorrow. Maybe they're going to change a few features, change the permissions, and so on. With a protocol, teams have to come together and be cohesive and coordinate. We have to work together to build a robust system. Standardised. And that, in the long term, has much more potential than a product. Now, there are only three or four projects out there that actually have more than one implementation. Those are Bitcoin, Ethereum, Bitcoin Cash, and to some extent, Zcash.