I recently found a new cryptocurrency going through an initial coin offering. I couldn't find much information about the company, although it looks like a good amount of people have bought into it. I did pick up one coin for now, just to test it out. Keep in mind, all investments hold risks and only spend what you can afford to lose. The ICO has about another 70 days to go before it ends. We live in an exciting time where our reality is moving away from centralized authorities.
Naysayers
One of the biggest arguments against cryptocurrency heard on a regular basis is, "It's not backed by anything". People think these digital assets are just a scam, hold no real value, and will eventually collapse like a lot of things. Many believe that because cryptocurrencies don't have precious metals backing them that there is no way they can ever maintain value over the long run. What they fail to realize is gold and silver are not needed to keep digital assets valuable. I've heard people describe Bitcoin using the analogy, "Bitcoin is to the blockchain like email is to the internet". Meaning that Bitcoin is just one application that can be built within in a blockchain. There are so many other services and uses the blockchain can be used for besides money. We're already seeing all the innovation in this space as people are looking to improve on Satoshi Nakamoto's invention.
Oldschool
So if not precious metals, where does the value of blockchain technologies come in? Well, it comes from many things. People actively buying and selling the tokens on an open exchange provides value. But the true value will come from the benefits of using blockchain technologies. With Bitcoin, I can send money across the world without the need of a government, bank, or centralized institution. Blockchains cut out the middle men, that is the value. It brings the power back to the individual and allows people to be the master of their destiny. There's a quote from the movie Blow with Johnny Depp, where the character he plays says, "We're getting middled!". And that is exactly what is happening.
Failed Leaders
The government and banking system are the middle man and as time goes on they are able to take more and more from us until we are homeless and starving on the streets. It seems like the current system is working well, it did for a while, but most can now see it is breaking down before our eyes. Blockchains solve most issues with centralized power, we don't need to be ruled, we just need the ability to freely create new technologies, trade, buy, and sell with eachother. Blockchains create a free and open market that can't be manipulated by anyone. This is where the value comes in, giving the ability for the average person to take complete control and responsibility over their life. Steemit is a perfect example of this, allowing users to express their thoughts, earn tokens for the value they provide, without the need to share ownership with a centralized power. Not only that, information can not be censored, unlike legacy technology like Facebook, Twitter, and Youtube.
New Innovation
With that being said, the new ICO I stumbled across is called Onegram. This is an interested token because it is backed by a gold gram. All the tokens have been premined and each one is tied to one gold gram. This brings the value of gold with all the benefits of the blockchain. Being able to transfer your value across the world quickly, securely, peer to peer. I still suggest holding physical gold, because you have control over it. The interesting thing about this coin is that any fees incurred are automatically reinvested into buying more gold. Once more gold is acquired it is evenly distributed across all the existing tokens. What this means is the Onegram token can actually become worth more gold over time just by holding it. I think it's a great idea and I really do hope it is a legitimate company. Time will tell, but if you are interesting in checking it you can find the website here - Onegram
