The rise of the block chain technology and network trust

The rise of the block chain technology and network trust

“We can grow our own seeds freely; we do not buy this brand or not from multinational patent. In plants, we don’t need permission. In addition, we don’t need anyone’s permission, what to do with our money! “

Santiago ZAZ is the organic farmer from Argentina. In early 2013, ZAZ business has become the first to accept bitcoin payments of similar products in the country.

Like ZAZ, many in his society do not have the possibility of credit card. On the contrary, it is through cryptocurrency and its dispersion characteristics, which is likely to expand his business.

  类似的情绪回荡在香农县,南达科他州 – 第二个最贫穷的县在美国。 Payu Harris, the Pine Ridge Indian reservation on the back of his ancestors who residents north of Cheyenne, recently told Forbes “I think the local people to accept bitcoin payments.”

In addition, he also talked about his passion, his people through the release of cryptocurrency from the U.S. government. And called him “the Bookworm’s Revenge”, the 38 year old digital currency traders and social activist said, “bitcoin is involved in the big money is not a Harvard graduate, a way of” all or part of the Wall Street elite, ordinary people it “opened the door to participate”.

From the city to the countryside and Indian reservation in the world, we see the current common action of ordinary people’s diversified weave. They found the way in cryptocurrencies economic self-determination.

However, this is the invention of blockchain technology, the cryptocurrencies like bitcoin may.

First launched in 2008 under the pseudonym Nakamoto published a white paper, the core of the invention is “distributed trust ‘, and can achieve large-scale consensus among strangers.

But what is the basis of decentralized trust formation of this technology?

Decentralized trust

In the centralized financial system at present, trust is mediated by hierarchical authority. This hindered both (financial institutions and consumers) from private trust relationship between developing countries as a basic element of the transaction.

Bitcoin offers a new trust model. Silicon Valley tech entrepreneur and author Andreas Antonopoulos introduced the security model of bitcoin is “through the calculation of trust”:

“Trust is not dependent on exclude bad actors, because they can’t ‘fake’ trust. They can’t pretend to be a trusted party, because there is No. The central key they can’t steal, because there is No. They can’t pull the lever in the core of the system, because there is no core and no control rod”.

Decentralized trust bitcoin without any central authority and legitimacy of the financial return to the realm of individual source.

Anyone can download their own computer or smart mobile phone applications, and start their own currency or bank. The level of trust has become an important undercurrent of communication.

By choosing to comply with the algorithm based on consensus, we participate in the creation of our trust, our fellow society.

Non intermediary flow

This new “web of trust” to release what has stopped grading system. With bitcoin, restore the true meaning of current foreign currency.

Antonopoulos describes how the money comes from the Latin word ‘flow’, added: “there has never been a currency flow is bitcoin, it has no borders, no checkpoints, no intermediary.”

Until now, economic activity has been slow turn toward the rich, and the neutrality of the bitcoin project, in order to balance the power of economic justice. The blockchain interactive economic work based towards the authorization, whenever the balance of power balance masses.

The effect of intermediary flow is the remittance market, which has become the development of a huge global financial instruments, through currency exchange and international transit especially strong.

A recent article highlights the potential impact of bitcoin in the remittance industry, through the monopoly profits of $400 billion and is expected to $530bn in 2012 according to the World Bank report will grow to more than $680bn in the next few years.

Payment network like Alipay is blocked in many developing countries. When appropriate use bitcoin and responsible it can help people avoid usury behavior of The Western Union Company. Author Richard Boase believes that innovation “to help stimulate economic growth and development of the world’s poorest economies’ potential.

In addition to bitcoin potential transformation of remittance industry, bureaucratic control way which may change foreign aid. Many are currently capturing system level rather than money, can be released, in order to improve the world’s poor people’s lives.

The oppressed currency whitebait Wright currency machine

For many in the west, bitcoin may look like just a speculative bubble.

Although it may be more investment tools, some people, it provides a fundamental way to liberation and survival of others. Independent flow bitcoin is rapidly becoming the oppressed banks less, less government money.

The adoption is in place, the government strictly control the money, and through austerity and excessive expansion of hard-earned money and value.

In March 2013, forced austerity crisis hit the Mediterranean island of Cyprus, when the government shut down the country’s second largest bank, in exchange for the euro group, the European Commission and the European Central Bank (ECB) International assistance. People rush to protect their savings.

Although the plug onto the streets, some of their savings to bitcoin safe haven to steal from the government.

A similar trend is happening in Argentina. This year, the national currency at the beginning of the month, the peso fell because of the steep losses in the country’s economic collapse in 2002. Many Argentines are to bitcoin as a haven.

Tess Bennett reported how cryptocurrency degrees of freedom in the popularity of Argentina created bitcoin users in Latin America’s largest community. In the first Latin American bitcoin conference in Buenos Aires, 2012, the Belgian investment adviser Tuur Demeester enthusiasm expressed “bitcoin revolution” of the real meaning, he said: “the end” bitcoin currency sign of apartheid and the basic financial discrimination what nationality and political privileges”.

The other six one billion

Flow represents the destructive forces emerging from the edge.

The blockchain distributed trust network is open to all, and to respond to all litter, regardless of their economic status, nationality or credit records. It gives people who are generally out of the circle of consensus.

Antonopoulos talked about how bitcoin is all six of the other one billion, and points out how they need it, not for speculation, but liberation.

A new world bank research report pointed out that, according to the current financial arrangements, 2 billion 500 million people did not have a bank account in the entire planet. Antonopoulos expand the figure depicting this is basically no bank account six one billion people, including those who have limited ability, interaction with other parts of the world, due to the radical devaluation of the currency, and the lack of small business investment capital and the fee of underbanked.

The invention of the blockchain authorized distributed trust those who have been using the system of western financial hegemony, power generation and bottom-up consensus edge potential.

This can be referred to redirect the flow of money has so far has been to the channel top, rather than support the benefit of more grassroots economic activities and social interaction.

In the rise of blockchain networks is expected to disrupt the world, because we know this. It is time for the us to withdraw the right to self-determination, and through the network construction of the process of trust in our common future.

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