Why I ❤️ blockchain technology
If you’ve read my previous post about RISE and probably my other posts about experimentation with several blockchain technologies (particularly payments), you’ll see that I do have an interest in it.
You probably also noticed that I have an option on every post here to send a small token of appreciation.
So What are my Reasons?
Not having a central point of failure (or multiple central points of failure) is something I like about the technology.
Don’t trust, verify
This is also a concept I like. Having been into cryptography since the PGP days, and also a big fan of the technology used behind Estonian ID cards. If only the newcomers to cryptocurrency was to adhere to this, they wouldn’t fall for the scams so easily.
Basically anyone can verify what you own without providing any more information about who you are (therefore exposing your privacy to a third party with a questionable data retention policy)
This is targeting most chains with a proof of work mining system where the blockchain is secure yet people are incentivized through a build in reward to do good to secure the blockchain rather than attack it and waste valuable processing power and electricity.
Internet of Value
This is probably a bit contentious (especially with traders speculating on value, but then a bit of speculation is ok I guess) but I do like the store of value aspects of it where anyone with a computer can be there own bank or payment processor thanks to the technology.
As an small business entrepreneur the biggest pet peeve is dealing with banks and their processes. Basically begging with them just to have the privilege of opening an account (which they can close later if they suddenly don’t like your business! Therefore killing your business. Read those terms and see for yourself). The thing about being an entrepreneur is about creating value and living life on your own means, and having a financial system that dictates what you can or can’t do is counterproductive.