Blockchain is an underlying technology to build decentralized networks. It is fundamentally a network technology that allows strangers to reach consensus and builds trust. For example, blockchain networks now are used to facilitate international money transfers between banks.
To become part of the network, you consume the services your peers on the network provided at potentially much lower cost and without censorship from central corporations, contribute services to the network in exchange of cryptocurrency that is , tokens and/or help determining the rules of network governance.
To start, first understand that the price of a token is based on governance. As a crypto network scales, the community increasingly values the ability to help govern it, placing a higher weight on the value of a token. One scenario where I can see fixed supplies working out: governance-focused tokens. For instance, while the U.S. population has grown significantly in the last 100 years, we’ve not added more presidents, senators, or house representatives. The cost, however, to run for — and get elected to — higher office has increased significantly.
OpenBazaar, which set out to erase the limits on what could be bought and sold online, comes to mind. Less a website and more a peer-to-peer network, OpenBazaar ran on open-source software that users could download and install on their computers. OpenBazaar maintains no servers or stores transaction data, so had no control over what was bought and sold. Online marketplaces like Etsy, by contrast, forbid the sale of certain merchandise, while Wal-Mart doesn’t sell music with explicit content.
Consider the stable coin, a cryptocurrency that has low volatility against the world’s most important national currencies and, so, the potential to unlock extraordinary benefits for a decentralized Internet. One day each (successful) token may have a partial governance use case. It’s essential for crypto networks to have cohesive and fair governance, or risk being forked to death.
Note: No longer will people have to worry about the daily fluctuations of their cryptocurrency when deciding to make a purchase.
CyberMiles, for its part, is using its own DPoS consensus protocol to reach the optimal balance between decentralization and speed. “Supernodes power the network and enable its on-chain governance process. –Mark Brinkerhof-
Blockchain is not all hype. It has real-world applications. Estonia was the
first country to implement it on the national level and it has done wonders
for helping their citizens easily and very quickly file their taxes, start a business, national health, judicial, legislative, security, and commercial code systems. They also have plans to extend its use to other
spheres such as personal medicine, cybersecurity, and data embassies. The
particular blockchain technology used by Estonia – KSI Blockchain by Guardtime – has been proven to work and is today even used by NATO and US Department of Defense. – Kimberly Forsythe–
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