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Allowing Decentralization At An Unimaginable Scale-the Future Of Cryptocurrencies

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Vandana Mrigwani Follow

INDIA

Mar, 15 2021

Mar, 15 2021

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Probably the foremost important point to notice about cryptocurrencies is that the distributed and decentralized nature of their networks. With the expansion of the web, we are perhaps just seeing the tip of the iceberg in respect of future innovations which can exploit the undiscovered potential for allowing decentralization but at an unimaginable scale. 

 

Starting from the principles of democratic participation it's immediately apparent that bitcoin doesn't satisfy the positive social impact component of such an objective thus far as its value isn't one it can exert influence over but is subject to market forces. However, any 'new' crypto-currency may offer democratic participation when the cryptocurrency has different rules of governance and issuance based upon more socially based democratic principles. 

 

So what if a cryptocurrency could provide a legitimate alternative to existing sorts of money in performing the role of contributing positively to the goals of promoting a socially inclusive culture, the equality of opportunity, and therefore the promotion of mutualism; which as their very name implies are alternative and/or complementary to a politician or national sovereign currency? Virtual cryptocurrencies like bitcoin are a replacement and emerging dynamic within the system; though, in their infancy, the pace of innovation within the field of cryptocurrencies had been dramatic. 

 

Many factors determine the 'effectiveness' of cash to cause positive social and environmental change; pervading political ideology, economic environment, the will of local communities and individuals to pursue alternative social outcomes whilst seeking to maximize economic opportunity, the building of social capital, and lots of others. If a cryptocurrency might be designed to create extra resilience into an area economy and improve economic outcomes then introduction on a more widespread basis merits investigation. When the present financial system fails to deliver it's manifested in such ways as increased social isolation, higher crime rates, physical dereliction, poor health, a scarcity of a way of community, amongst other undesirable social impacts. 


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Vandana Mrigwani

CBW - External Analyst

INDIA

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