CURRENCY DECENTRALIZATION
Distributing the power from one authority to individual users through decentralization of currencies
The money that we use today is in a centralized system. A centralized currency is the one that is controlled by a central authority. A central authority that can change rules as per their convenience and as they see fit.
The financial and banking systems which issue the currencies have been there for a long, long time and slowly the problems of human nature crept in greed and irresponsibility. There is always a chance of someone creating a counterfeit when it comes to centralized currency. The centralized currency would work seamlessly if it is managed by people who have good intentions and a clean conscience.
Fiat currency is controlled by the government while cryptocurrency is governed by cryptography.
A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990s. I hope it's obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we're trying a decentralized, non-trust-based system.
— Satoshi Nakamoto
There is a need for a decentralized currency. A currency that is controlled by people and nobody can access someone else’s currency without the holder's permission. Bitcoin was the first of many blockchain applications to create a decentralized currency. It made the idea that transactions could be processed with no need of a middle-party possible. And, it exponentially grew the security, speed, transparency, and permanency of information transfer a possibility. This is the difference that the world will possibly soon embrace. It will realize the need to turn towards and decentralized currency systems.
USE CASES
Industry diagrams where we design technologies that fill gaps
Explore how the industry 4.0 functionalities have revolutionized with
the added layer of blockchain technology.
