[Vlog] Thoughts on 'Private blockchains', ICO and essence of bitcoin/ cryptocurrency space
vlog·@nanzo-scoop·
0.000 HBD[Vlog] Thoughts on 'Private blockchains', ICO and essence of bitcoin/ cryptocurrency space
### In today's video I'm musing on attitudes towards 'blockchain' technology. <center> <iframe width="560" height="315" src="https://www.youtube.com/embed/SVqtB3YGw9s" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe> </center> # Cherry picking I'm hearing a lot more people referring to 'Private Blockchains' and trying to distinguish between blockchain and cryptocurrency. While I understand the appeal for such a distinction for someone deeply entrenched in the existing banking systems/ institution; trying to cherry-pick parts of the protocol and implant it into infrastructure is like taking the wheels of a car and plastering them onto a horse! Alongside talk of 'Private blockchains', a lot of people associate cryptocurrency with ICO. While the ICO approach to raising capital has the potential to revolutionise start-up fund raising. Right now it is a complete shit-show. <center>  <sub> Say 'Private blockchain' one more time... I triple dare you!</sub> </center> # Permissioned ownership vs real ownership For me, blockchain technology and cryptocurrency is all about online ownership. We currently live in an era of 'permissioned' ownership. For example, the money we hold in our bank accounts is with the permission of our banks. The banks dictates how much we can spend daily, whether we can spend on our card abroad, whether money spent to our accounts clears, whether we can hold money in a different currency.... the list goes on. Contrast this with Bitcoin. I own my bitcoin (and the responsibilities that go with it). I decide where I spend it and how much. I decide how much or how little I want to send. No questions. Another example is our social media accounts; Facebook, Twitter, Youtube, Instagram etc., all these centralised companies dictate the terms of my ownership. They decide the terms under which I can use their platform. Whether my account is blocked or deleted etc. Contrast this with Steem. My Steem account belongs to me. As long as the consensus on the blockchain remains in tact there will always be a way for me to retrieve my data and interactions with the blockchain and people on it. There will always be a way for me to post to it. This ownership is not without responsibility. 'If I lose my bitcoin, I lose my bitcoin.' There is no-one that I can turn to. No doubt there may be 'layer two' solutions for those who don't want that level of responsibility. However the underlying infrastructure so provide us as individuals the true freedom to choose. Likewise, once I commit data to the blockchain I lose the 'right to be forgotten' no matter what GDPR or any governmental regulations might say. I think eventually we will become more sophisticated with our data on the blockchain. We will determine the conditions and terms under which we share our data. Cryptocurrencies will act as a mechanism to align incentives, not just for those who secure the network but also for those who partake in it. <center>  <sub>Speaking my truth </sub> </center> So that's where I am at the moment... my attitude towards the blockchain evolves around online ownership. Moving that ownership from the 'permissioned' model we currently enjoy to a permissionless one. The option to have real ownership over your on-line interactions. ### What's your view? What is the essence of blockchain technology to you?
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