This article was published on January 10, 2018

Blockchain will never succeed if it’s completely decentralized

Blockchain will never succeed if it’s completely decentralized
Ankit Kumar
Story by

Ankit Kumar

Blockchain has been crushing and redefining every industry that is coming in its way. We can see it happening in every traditional business from business and finance to social media platforms like Facebook and Twitter. However, there is a reason that as recently as September, only 17 million people, a fraction of world’s population had a Blockchain wallet.

Well, the reason is pretty simple: TRUST

Well, money as a system was first developed by societies and then we selected these centers of power called banks which served as agents/middlemen who organize transactions and manage our money.

What we actually did was that we put our much-valued TRUST in them. But, what happened was that over these centuries was that these middlemen/agents became our ultimate masters, and we had no choice but to trust them. And that was history.

These banks became the ultimate masters of our economy implementing all their actions through a pseudo paradigm called “government laws.”

And we didn’t say a bit. Because we were fucking LAZY.

Now, We have reached a stage where we don’t trust anything that is created by one of our own. But, we believe blindly in whatever stupid scheme government comes up with. See, what a Nobel Prize-winning economist named Joseph Stiglitz said this:

And the worst part is, he may be right.

Because you know what? People need a face, an organization they can trust. And that is what seems to be missing in the equation.

Here’s what I heard somewhere, “The world will never become completely decentralized because of general psychology. What we will have though will is a system that will be a square root of the sum of centralized and decentralized systems. That’s something people will be comfortable looking up to.”

(If anyone knows who said this, just tag the damn guy here or on Twitter.)

The blockchain community needs a loosely operating body consisting of all its stakeholders operating on a decentralized governance model to which people can look up and say these are the guys who will help me out if I fuck this up.

I hope influencers such as Juan Benet, Vitalik Buterin, Naval Ravikant, Nick Szabo from the blockchain community can become a face to the millions of people who are still bound by the pseudo laws which these pseudo governments come up with.

Because it’s not a matter of a few decades.

What we do with this technology today will determine what happens to the world in the next few centuries. It’s still infant days with blockchain.

This story is republished from Hacker Noon: how hackers start their afternoons. Like them on Facebook here and follow them down here:

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