Crypto, like railways, Part 2: Blockchain as the new internet planner

189
SHARES
1.5k
VIEWS

In my latest article “Crypto, Like Railways, One of the World’s Top Innovations of the Millennium,” I liken the blockchain revolution to the railway boom. If we apply this analogy even further, what is going to happen next?

Stuart Hilton in his book What the railways did for us: building modern Britain To cite this quote: “The direct effects of railway construction are, after all, enough in themselves that no exaggeration is needed. They have affected the internal flow of traffic, the choice of site and land use patterns, residential density and the characteristics of the Victorian city.” Deeply influenced the development prospects of the Central and Interior districts.

READ ALSO

When one examines the development of blockchain technology, one can make curious observations. First of all, no one saw it coming: people ignored bitcoin (BTC) and related applications; Blockchain protocols were doomed as unnecessary, while Wall Street predicted the collapse of crypto. Laugh or not, bitcoin has “died” over 400 times. second, the industry has captivated the public and the minds of professionals, governors and creators; In the blink of an eye, the Internet adopted the roadmap from Web2 to Web3.

Just as railways changed cities in the early days, blockchain continues to shape the format of the Internet. Below I highlight some of the major ways that virtual networks and physical infrastructure design and architecture affect.

half cash

The first use case of cryptocurrency is instant, uncensored, almost free payments. Most crypto users don’t care about changing the currency of the central bank in their countries; They enjoy the smooth speed and optionality of new money.

Often, this digital cash is accepted when there are restrictions or high fees imposed on the use of traditional currency. As a result, more merchants consider this payment method, while maintainers of crypto are also favored.

related: The Decoupling Manifesto: Mapping the Next Stage of the Crypto Journey

Miners and crypto gatekeepers

Friendly and against crypto infrastructure regulations. When China banned initial coin offerings and later limited mining in the country, the industry moved to more favorable areas. In addition, countries with cheap electricity such as Venezuela and Ukraine met the demand for expansion of mining operations.

As more cryptocurrencies introduced proof-of-stake consensus, several decentralized finance (DeFi) projects emerged. So, while bankers continued their plea to ignore this “strange money,” the industry solidified its position and quietly grew into a $2 trillion plus market.

Now, I return to the chapter on town planning with the railroads: “The arrival of the railroads in London, according to Simon Jenkins, had a greater impact than anything since the Great Fire of 1666.” The same thing happened with crypto for investment: suddenly, millions of people – mostly millennials – got an opportunity, if not to become super-rich then at least to make a quick buck at the launch of new tokens. This prompted blockchain entrepreneurs to create more DeFi solutions, from decentralized exchanges to farming and various liquidity pools.

related: Building Blocks: Gen Y Can Use Tokens To Climb The Property Ladder

NFTs and organizing the chaotic web of information

If search engines like Google allowed us to organize information on the Internet, Web3 would make it more effective. For example, a certain file – let’s say, an image – can be reused as the original source rather than copied. This sounds contrary to what we see now, but the introduction of non-fungible tokens (NFTs), their sales frenzy, and experiments in virtual reality provide an indication of what a “semantic web” might look like.

Hilton mentions that railways pushed slums out of British and American cities and brought order to the streets along these rails. “By the middle of the twentieth century, trains had made a final addition to the British landscape: a statewide network of sometimes abandoned and impassable canals, many of which have been rebuilt. During the early stages of the Industrial Revolution, they helped the nation. acted as arteries. The Duke of Bridgewater, who built the canal bearing his name, was one of the first to see the dangers the railways represented for their construction. He explored the canals as an elderly man Saw (he died in 1803), ‘They will bear my time, but I feel trouble in those monstrous tramroads.’

related: Web3 Depends on Participatory Economics, and That’s What’s Missing

Where does this take us?

Therefore, railroads replaced canals. Web3 will essentially replace Web2, but we cannot be sure of the fairness of the process. (Similar to railroads to change the landscape of cities and move poor populations to other places, blockchain protocols are forcing digitization without offering a real alternative.) As proactive observers, it is our duty and responsibility to keep abreast of new Constantly remind yourself of the limitations and risks of Technologies to ensure an equitable transition for all.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.

The views, opinions and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Katya Shabanova Forward is the founder of PR Studio, with over 20 years of experience implementing programs for IT companies ranging from Fortune 1000 corporations and venture funds to pre-initial public offering startups. She holds a Bachelor of Arts in English Philology and German Studies from Santa Clara University in California and a Master of Philology from the University of Göttingen in Germany.