Beyond Blockchain: Emerging Paradigms in a Time of Crisis

Dizzy with Possibilities…
In so many ways things have changed, yet still remain the same…
  1. Energy Consumption: To anyone that is genuinely concerned with the planet, any new technology that uses an enormous amount of electricity will set off red-flags. Is the electricity coming from coal, nuclear, dams? These questions are important to consider, and many great thinkers have written about this at length. The ever-expanding racks of processors used by miners that consume as much electricity as a small city have been a real problem. For background information please read, Feeding the Blockchain Beast by Peter Fairley of Massachusetts Institute of Technology.
  2. Mining Cartels: The reward of crypto currencies for validating blocks boils down to a simple equation — whoever has the most electricity and computing power wins. Mining cartels have been opening decommissioned coal plants and utilizing other environmentally destructive practices in the race to consume more electricity. This also includes nations providing “free” electricity to miners as well as miners taking over rural areas where electricity is cheap. You can learn more by reading, Bitcoin Mining Turns Electricity Into Money, by Alexis C. Madrigal or Mining 101: An Introduction To Cryptocurrency Mining by Jason Evangelho.
  3. The Cryptocurrency Ecosystem: An ecology where a small handful of miners own the currency and become gatekeepers for validating transactions puts us right back into a centralized model of control. As people engage in old-paradigm economic models like pump and dump, boom and bust, or artificially creating scarcity to raise cryptocurrency values, trading in futures, and treating crypto currencies as securities they inevitably draw attention from federal regulatory agencies. If the promise of Blockchain is in self-verifying, peer-to-peer, distributed networks then it falls short unless this problem can be remedied. Also, at the end of the day the value of crypto currencies is measured in fiat US Dollars so they are not exactly an alternative to a failing economic system. Some people made millions on cryptos and others lost their asses in this highly volatile market.

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Jacob Devaney

Jacob Devaney

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Cultural-Creative, Media-Maker, Dreamer, Musician. Technology, Art, Science, Health, Spirituality, Culture, Community, Environment. UNIFY Co-Founder