Source: https://coindoo.com/

Preface

In the world of blockchain and cryptocurrencies, everything moves really fast.

You only need to stop immersing yourself in this world for a week for you to be utterly left behind. This can be intimidating for many people, and constitutes a huge barrier of entry into the space for most. For others though, this is what makes the world of blockchain technology and cryptocurrencies so exciting — it is constantly improving, growing, and evolving.

You adapt or you die.

This motto of sorts applies to most blockchain projects too; in such a fast-paced and ultra-dynamic environment, they have to constantly…


Source: https://ethereum.org/en/stablecoins/

Money

To recap what we have learned in Part 1 — DeFi is the blockchain/crypto-verse’s attempt to replicate the traditional global financial system in a way that democratizes access to it, disintermediates it, and renders it non-custodial in nature.

In other words, DeFi aims to perform the same functions (or more) that the extant global financial system does, without having any centralized authority or hub of power to control and regulate the ecosystem’s everyday operations.

Before they can even begin to do so, however, the DeFi ecosystem must first be able to recreate in its own image, the very foundation and…


Source: http://www.evidentconta.ro/

Introduction to Series

Decentralized Finance, or DeFi for short, is all the rage now.

As people are starting to see the potential of non-custodial forms of value-transfer, many are diving headfirst into the space in one way or another.

The DeFi ecosystem is one that moves at an incredibly fast pace, and is ever-changing and evolving too. In 2020 — the year that DeFi started to gain real traction — prices for nearly all DeFi assets peaked at the end of August. …


Source: https://genesisblockhk.com/

Preface

You must have heard of the term Decentralized Finance (DeFi) before.

It may have been your colleagues gushing to you about the magic of DeFi, or your cousin bragging to you about his yield farm gains. Whichever it is, this is a term that has dominated 2021 almost as much as NFTs had in 2020.

Said hype notwithstanding, I truly believe that Defi will shape our future in more ways than one. In fact, I truly believe that DeFi is the future.

We are at the precipice of huge change, and DeFi is at the vanguard of it.

But what…


Source: https://www.dreamstime.com/

Read first: A Deep Dive into Futarchy: What National Governments and Private Organisations can learn from a Blockchain Governance Model (Part 1)

How can Futarchy possibly ‘fix’ Democracy?

Recall the 3 points (that I mentioned in Part 1) to be addressed in order for democracy to be improved as a political system:

1. Increased accountability for policy decisions

2. More power to the masses, and increased voting resolution on the topics which individuals care about

3. Elimination of the policy making echo chambers

In my opinion, Futarchy will be able to address these points very well indeed because of the 4 main benefits that such a…


Robin Hanson, The Father of Futarchy. Source: https://www.mixcloud.com/

Foreword

Throughout my life, I have always only concerned myself with the social side of things: of how societies function, of why people behave the way they do, of the roles of social institutions and governments, and of concepts of inequality, inequity and power imbalances.

At some point however, I began to feel really empty.

There was so much wrong in this world, and yet I felt so powerless to do anything. Sure, writing about it can necessarily raise awareness, but nothing else with regard to substantive actions.

At some point, all these actions began to feel like an empty notion…


Bukele and his laser eyes. Source: https://www.indiatoday.in/

What happened?

On June 9 2021, El Salvador’s parliament passed President Nayib Bukele’s proposed legislation to make El Salvador the first nation to make Bitcoin legal tender.

This was hailed as an epochal moment not only for El Salvador, but also for Bitcoin in general, as its proponents declared the bill to be a first huge step toward broader global acceptance of the cryptocurrency. Many others, though, were not as sure.

Indeed, this move has left many observers puzzled — why would Bukele cede control of his own policy space to a global network that can’t be controlled and more importantly, cannot…


Taproot. Source: https://academy.binance.com/

I was never a huge fan of Bitcoin.

In fact, I actually disliked it.

Although I really resonate with the values of decentralization and privacy that Bitcoin was created for in the first place, it has so far been unable to achieve them at all.

The large amount of computational power required to solve the preimage hash puzzles renders it so that true decentralization in Bitcoin will always be a mere pipe dream. …


Source: https://metro.co.uk/

Fastly’s servers are distributed. Therefore, it’s decentralized…right?

Wrong.

A distributed system does not necessarily equate to a decentralized one. In fact, more often than not — it definitively doesn’t.

After I published this article discussing the global Internet outage on June 8, there were a few people who argued that decentralization was what failed the world that day.

Whilst I sincerely enjoy healthy debate, and do see the value in such lines of argumentation, I have to politely disagree with the many assumptions built into them.

First off, let’s not throw the term ‘decentralized’ around so loosely, and apply it…


Sites that were down on Tuesday evening. Source: www.newswire.lk/

On Tuesday evening (8 June, 2021), the unthinkable happened.

Internet users around the world found themselves unable to access major online platforms like Amazon, Hulu, CNN, The Guardian, The New York Times, Reddit, Spotify and Twitch, just to name a few, after a cloud computing network run by US-based tech firm, Fastly, was hit by a major software bug.

Even the UK Government’s official website was affected.

Mind you, we were only a few platforms away from a fully dysfunctional Internet. For instance, if Whatsapp had gone down too, or Telegram, Grab, Uber, Youtube…well, you get the idea.

The Power of the Internet

In our…

Derek Lim

A full-time educator, but even fuller-time Cryptocurrency and Blockchain nerd — Certified Blockchain Practitioner — Certified Bitcoin Professional

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