In the aftermath of Consensus 2023, a tale of two embarrassing incidents emerged, leaving the protagonist with some thought-provoking insights about the world of blockchain. These incidents were reflective of the inescapable facts and misconceptions in today’s crypto cosmos, apart from invigorating the reasons why some of us persevere in the blockchain arena.
During one episode on CoinDesk TV, a marvellously unexpected revelation blew everyone away. CEO of Franklin Templeton, Jenny Jones, labelled bitcoin as merely a “distraction” from the blockchain, deemed as the “greatest disruption”. Naturally, this created waves in the crypto-commune, sparking controversy as to what truly forms the essence of a technologically progressive society: the currency – bitcoin, or the database technology that it rides upon – blockchain.
International transactions enabled by bitcoin certainly augment the privacy in trading, an unambiguous nod to the cypherpunks who expressed concerns over the commercial future of the internet decades ago. Yet one must wonder – is it the blockchain technology facilitating these transactions or more so the economic benefits provided by bitcoin that secures and minimizes information?
Building on these deep-seated issues, another peculiar incident surfaced during a return journey from Austin-Bergstrom International Airport. Upon misplacing a state-issued ID — a crucial instrument required to confirm your identity, both men and women of uniform from the Transportation Security Administration (TSA) ushered forth to analyze. After a scrupulous safety-check and scouring through personal belongings, without having to prove identity, pathway to the plane was granted.
Interestingly, this episode parallels the intricate operations of the decentralized cross-chain connector, Axelar, treating each blockchain akin to a sovereign country. Largely like providing minimal information for the TSA and hoping they would let you pass, the blockchain without validators performing their authentication sway provides a similar climate.
And so, we arrive at Bitcoin, the first currency that eliminated the necessity of intermediaries to successfully carry out internet transactions. Roll in Ethereum and we can pass any payload via a similar decentralized network, even port sophisticated apps to compute on a permission-less scale between global networks such as Ethereum, Cosmos, and their subsystems. However, the real hero remains unacclaimed: the economic incentives proffered by digital assets, like BTC, ETH and AXL, which induce decentralized validation through mining and staking.
As promising as this may seem, it does raise a notable concern – why opt for these transparent and scrutinized transaction systems if the comfort of trusted institutions is within our grasp? Amidst growing repression, currency crises and unwavering zeal for discreet digital transactions, the future’s narrative seems tethered to uninterrupted privacy. Has the hype exceeded these use cases, eventually deterring us from the vision of a world where minimal information transaction is paramount? Perhaps. Yet for the believers and champions of an evolving internet, it’s a risk worth taking, a vision worth preserving for the long haul.
Source: Coindesk
