Blockchains and Satoshis – part 1
It’s been 10 years since Satoshi Nakamotos whitepaper made headlines and started a sort of a revolution on the internet. An idea that had been around for years if not even decades in various forms finally found a working solution. From this, Bitcoin and Blockchain were born and the rest is history! Fast forward 10 years and there are thousands of projects, coins, tokens, exchanges and so forth.
The idea made it’s way from “moms basement” to the average Joe, governments, corporations, startups and even scams – although it really didn’t break through as developers, coders, nerds, investors and enthusiasts expected. It started as a simple way to store and send funds without middlemen on a digital ledger, which was virtually impossible to tamper or alter due to the mathematical complexity of the blockchain.
Anybody with an Internet connection could send or receive digital funds across the globe in a fast and secure way without using banks or other intermediaries. However, back then, nobody could really foresee how this technology would possibly disrupt and change economies and industries as we know it and therefore Bitcoin and Blockchain were never really up for the task.
The amount of current projects and ongoing forks of these projects tells the story for themselves.
Before full-scale adoption and disruption is going to happen, something needs to change. It is obvious that the hype around the word blockchain is not enough anymore. Coders and developers are trying to come up with the necessary solutions needed for scalability issues and slow confirmation speeds, as well as the costs to keep the network running and confirming transactions. It’s pretty clear at this moment that Lightning, Casper, Plasma or some other implementations to the existing networks are not going to be enough, and that’s why evolution is most likely going sort this one out by itself: Blockchain 2.0. It’s coming and nobody is going to be able to stop it unless the financial industry and governments want it to fail. If it’s in their best interest they could, if not kill “blockchain”, dramatically reduce its usefulness and restrict its availability.
But what if the solution to all this is not even containing the word blockchain? What is the next step? I think we need to start looking at DAG’s (Directed Acyclic Graphs) and how they differ from traditional DLT’s (Distributed Ledger Technologies). Some of the current DAG projects offer infinite scalability, lightning fast speeds and free transactions. There is also no need for miners thus power consumption, environmental impact, centralization plus many other problems with the current ledger are vastly going to improve.
Bitcoin, Ethereum as well as other copycats or forks are gonna have a hard time catching up. Blockchain today has a lot more people working on it, but DAG’s are gaining ground quickly. The race is on! IOT, AI, machine economy, selfdriving cars, robots, drones and let’s not forget us humans… There is an extraordinary amount of usecases and billions of transactions just waiting to happen (both value and pure data) once the infrastructure is ready for it.
Below is a list of the current DAG’s
- Oyster Protocol
- IOT Chain
- Peaq Project
In Part 2 we will be looking closer at the technological aspects of these projects and how they are planning to disrupt the industry. There are also some interesting projects using a fusion of blockchain and DAG as well as some radical ideas on how to upgrade and improve the current DLT technology. Stay tuned!