Decentralization is a movement. It's about making the world a better place to live in. By empowering everyday people, we can truly make a difference. Bitcoin is just the beginning.
Decentralization is one of the most important and distinguishing features of blockchain technology. It makes it possible to cut out costly intermediaries such as banks and government agencies, creating greater financial inclusion for individuals and businesses across the globe.
Many new blockchain projects are arising each week, and it's hard to keep track of all the new developments. One that I'm paying special attention to is Delegate Proof of Stake (DPoS), which is a consensus mechanism that allows anyone to participate in the governance of the network. It was invented by Daniel Larimer, who also invented Steem, the ancestor of Hive, which rewards content creators with cryptocurrency.
Hive was meant to be a platform where everyone can share their thoughts and ideas without any censorship.
Dtube is a decentralized video platform that has a growing collection of videos uploaded by users. Videos may be monetized through cryptocurrency payment tools that are built directly into the platform.
Rewarding users for meaningful contributions is at the heart of DTube. Content creators have a chance to make money from their work, receive donations from loyal viewers, and get tips from the community.
The concept of microloans is not new. For centuries, credit has been used to lift people out of poverty; however, the loans have also kept millions in a cycle of debt that's nearly impossible to escape.
Combining the advantages of technologies such as Dtube and Hive, we are able to create a new process that improves microcredit.
Every week, microcredit borrowers make a short video about their activities. These videos are monetized on Dtube and Hive, and it allows them to pay back their microcredit loan. The reward they will earn will allow them to make more videos or even start a business based on these videos.
But how does the money come from? In classic economy Money creation is managed by central banks. With cryptocurrency, issuing new tokens is regulated by the community. Rewards provided by the system are shared among community members.
What makes our tokens so special? It's simple: Our token's value is built on trust. The more people that use it to trade, the more valuable it becomes. Trust is contagious. It adds up to create community value.
The more you post information about you, in new videos and new blogging articles, the more you are decreasing the risk of money laundry. Hive has a reputation system included into the platform.
As you do more business, you create a stronger reputation, which pushes money launderers to choose other systems that are more difficult to trace.
Sadly, the world is full of con artists. Just because someone looks nice, or has a website that looks official doesn't mean that you shouldn't be careful. In the classic world, police have a hard time to trace briefcases of illegal money, when all transactions on Dtube and Hive blockchains are public, registered into the blockchain forever.
The biggest problem with cryptocurrency today is the high volatility of the token value. Hive token can lose 50 % of its value in two or three weeks. Since the beginning, the Hive developers have included a stable coin, called Hive Back Dollar (HBD) to protect users against high volatility.
The process is probably far from being perfect today, but blockchain opens a new world of possibilities. Blockchain technology has come a long way, and it is still under development. But technology allows us to create new platforms for cooperation and make many processes more transparent and secure. Blockchain has lots of potential use cases, but the world is still trying to figure it out.
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Refs:
- @chrisaiki/hive-dtube-peer-2-peer-microcredit-standard-contract
- Grow your ngo with crypto @chrisaiki/w6u4ltn5uu8