People like to speculate which blockchains will be the "winners" in the future. This was present since the early days due to the financial nature associated with blockchain. With cryptocurrency tied to the blockchain, obviously the "winning" chains will have much higher coin prices.
For those who are able to look beyond the financial, and drill down into the technology, we see a much different story. Today, blockchain usage, overall, is minimal. The recent excitement in the DeFi world tells the entire story. Since this is almost exclusively all on Ethereum, the fees are getting to people. The network simply cannot handle the enormous volume numbers.
This is a problem across the entire spectrum. At present, the volume, in totality, is low. That will not always be the case.
Thus, while the blockchain world talking in terms of tens of millions of transactions, the rest of the world is dealing in trillions. As we can see, a great deal of scaling is required.
Here is where we begin to understand how the collective computing power enters the picture. By viewing all of this through the lens of data, we see where the possibilities reside.
Blockchain adoption will occur in the future. The reasoning for this is very simple. Decentralized data storage is something the masses are going to be screaming for. If looking for the "Killer DApp", that might be it.
Our future is heading towards a time when entities like governments and mega corporations will cease to learn about us and, instead, start to shape up. There are very powerful technologies being developed and people are not aware how the ability to condition individuals is close at hand. Companies are already starting to control what we see and can read about. This will only grow over the next decade.
So far, much of the data collection was relegated to our online behavior. This means tracking us to assemble a "profile" of our likes and dislikes. Then, algorithms process that data which then leads to "suggestions" in an effort to model our behavior. Ultimately, the goal is to get us to click on something else.
While Artificial Intelligence and information of this nature could be helpful to us, in the hands of entities such a governments and Wall Street own corporations, it is very dangerous.
The most important development in the blockchain world is going to be a Digital Identification (D.I.D.) system. This will enable users to own and, more importantly, control their data. It will then stop the manipulation so easily since the data will become decentralized. This should greatly reduce the ability that companies like Facebook and Twitter have to control our lives.
Censorship is a word that gets tossed around a lot these days. We see "thought" police everywhere. The term "skeptic" is now applied to mean someone is so stupid they cannot accept the "facts" instead of a free thinker who questions the existing narrative. Years ago, skeptics were our greatest thinkers since they led to breakthroughs. Those who think different unleash greater possibilities.
Today, question the narrative and you will have your ideas deleted by the thought police at FB, Twitter, or whomever else.
Of course, in the next 5-10 years, there might not be the need to erase anything in that manner. Instead, these entities will go right to the source and reprogram your brain to eliminate that line of thinking. Isn't that just rosy?
It is amazing how people actually promote their own demise. They vote and cheer when things are "done to the other side" not realizing the same thing can be done to them. Ultimately, the powers that are really do not have a side. Instead, they simply want to run all. The banking system could care less about race, politics, or any other divisive topic. It focus is simply on control and making the most money they can. Division operates as a diversion, allowing them to progress without scrutiny.
Hence, unless we want to sign up for a dystopian future, we are going to need to see more of our data moved to decentralized platforms. The centralized entities proved, without a shadow of a doubt, that they not only cannot secure individual data, they do not care to. In the end, data is a profit center and a hack, well that is a money loser but not the end of the world.
To see where this is going, have you ever heard of Ancestry.com? This is the site where they use DNA to trace the ancestry of your family. Were you aware that it was just bought out by Blackrock, the large Wall Street investment fund? Now, that company has the ownership of the DNA of millions of people. Does that give you a warm and fuzzy feeling?
Each day, the world is generating more data. The numbers that we see are truly stunning. In short, if a fair portion of this is going to be stored on decentralized ledgers, the amount that can be handled is going to need to grow. Our present capacity falls way short.
Here we see why it is a bit foolish to ask why we need all these different blockchains and projects. When viewed at its core, as data, we see how capacity is our greatest need. The ability to scale not only the numbers but the amount of data being held if vital. For the most part, outside a couple of blockchains, the system is mostly empty.
If humanity wants to avoid the dystopian future many envision, then it is crucial to get more data flowing to blockchains. This is something that individuals are going to require. It is truly the one area where mass adoption can be swift and instant.
Considering the fact that there are an estimate 2.5 quintrillion bytes of data generated each day, it only makes sense that most blockchains will fill up if the shift from centralized to decentralized starts to take place. The capacity of the overall blockchain network is vital in this regard. Over the next decade, this number will only increase, as it has for the last 20 years.
As we can see, the trend if firmly in place. With greater decentralization, we see more data that is out of the hands of centralized entities.
Over the next few years, more will begin to see this as a good thing.
If you found this article informative, please give an upvote and rehive.
