- This topic has 3 replies, 2 voices, and was last updated 8 months, 1 week ago by Awhodothey.
- Thursday, March 31st, 2022 at 20:59 #205922vjevaParticipant
This quote from Karl E. Weick is in my personal opinion the perfect state of cryptocurrency right now.
We have a lot of projects that are highly centralized and successful, such as Solana, even though a group of people may say otherwise. The benefit of this is you can act fast and develop fast and that is why we saw and still see a lot of similar projects popping out and disrupting the entire market.
While the biggest benefit is development and scaling up in a relative short amount of time, the dowside is the entire governance and the risk of manipulation by a inner circle group of people who could do a lot of damage.
Decentralization is very slow, and the average retail investor is very unpatient. Ethereum is one example, and there are plenty of good, healthy projects with a great DAO, but its just not attracting a lot of investors because we are still in a stage where a lot of people look for some quick risky gains.
Now, one of the main challenges right now is to take the benefits of a centralized system that allows you to implement quick solutions and innovations which will definetely lead to more utility, while at the same time having a decentralized voting system that will create equal share of power.
What are your thoughts? Perhaps share some good examples and projects which are close to achieve this highly reliable system?Thursday, March 31st, 2022 at 20:59 #205923document87x
The two are complete opposite of each other. While it would be awesome to have decentralization with the ease of use and convenience of centralization, it simply wouldn’t work.Thursday, March 31st, 2022 at 20:59 #205924Wonzky
I believe both can co-exist, and I highly doubt we’ll have a future where one completely replaces the otherThursday, March 31st, 2022 at 20:59 #205925Awhodothey
One of the main disadvantages of centralization is that it stifles innovation. We will probably continue to see the trend of centralized entries copying ideas from decentralized entities more efficiently, but adding little innovation themselves.
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