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The Line between Centralization and Decentralization - Where is it?
To your Readers...
As many of you have noticed, November 14, 2018 marked an important date for the current future of blockchain. It gave us a glimpse of a promising era that went back on its word. You all know this promise, a decentralized future! But on that date, regular folks mining crypto soon foundind out that it cost more electricity to mine crypto than the end game payout. So, what now? Well, the world is still going to keep turning, and people with deeper pockets are going to keep mining, but isn't that in its own way more centralized? Now the richer people with specialized hardware are making money out of this crypto mining space. Wouldn't that be counter-productive towards the goal of decentralization? At what point do we stop and ask ourselves, where's the line between centralization and decentralization. And does it really matter?
WHO AM I
Who am I, indeed? I am nobody, and isn't that the point of decentralization? To be nobody and yet to be able to participate, to contribute? In some ways, I am you. I am the person who believed in earning some side cash while my computer was mining crypto. I'm the person who thought to myself, what an interesting world we could live in where we could do gaming and not have to pay a central server. I even believed that banks could be taken out of the equation, or at the very least, to some degree. So yes, if you are reading this article, I am you.
SO WHAT NOW
And what now, indeed. Well, this technology showed so much promise that many of us still dream of a fairer world. This is where I may differ from some of you. I woke up from that dream and saw the problem that needed to be addressed: usability. After all, what's the point of any great technology if it only has promises and nothing truly tangible? So, like many of you, I scoured the internet for projects, looking for that shooting star, that "je ne sais quoi". After hundreds of hours reading, comparing, asking, challenging, and pushing back, I finally found something. Let me take you on this journey.
THE ROAD TO FAIRNESS
What would that road look like? Why is fairness important anyway? If you were lining up to buy an item at your favorite store and someone cut the line, would that be fair? Would they be out of that “must need” item before your turn came up? In our society, we need fairness everywhere, it is an absolute must if we desire to live like human beings. But who gets to decide on that fairness? Before blockchain, this was a single entity. One single entity would decide if you were entitled to an item. No matter how early you showed up, it was still up to that single entity to decide on your fate, regardless of how corrupt that entity could be. So yes, we need fairness. We really can't live without it.
THE ROAD TO SPEED
At this point, it is no secret that everyone is trying to maximize transactions per seconds. Anywhere from 1000 to a million transactions a second on a single shard, but how many transactions per second do we really need? And at what cost? I would be bold enough to say enough transactions to accomplish anything we wish in a decentralized manner. What that number really is will be anyone's guess.
ONE LEDGER TO RULE THEM ALL
Competition is usually healthy, but not in this current state of cryptos. Not if the intended purpose is to have mass adoption. You can't have mass adoption with 2000 cryptos, which means about 1900 cryptos will die off and that is simply unavoidable. So, the question becomes, which one has a better survival rate? The one that fights the government and banks, trying to show the world we don't need to play with regulations? Isn't that already happening to more than 1000 of those coins? I don't know about you, but I have no interest in holding 1000 digital wallets. So maybe we try something that doesn’t involve fighting "the man" and instead offers a little bit of everything while keeping the basic requirements met. That sounds like a much better plan.
Has our road finally ended? Did we arrive at what we are looking for? There is a ledger at the end of this road. It offers speed, fairness, and security. You may have not heard of it before, and that's okay; the road to knowledge is rarely a smooth one. They have a solid team and that is also important. Hedera Hashgraph is indeed our final destination for those who still believe a public network can exist without the nasty cost and speculative trading we are used to.
You read this article hoping that there might be an alternative to the current blockchain issue. And there is. Have a look at Hedera, you might just be surprised at what you’re missingResearch and study the material,. and yYou’ll soon come to find that Hashgraph is our best chance for a decentralized and secured future.
Just another crypto person who's finally reached their destination