Evolution is one of the important aspect of any life cycle and it happens. Blockchain is the evolution of the Internet and the traditional financial model.
Now there is problem that people think that both bitcoin and blockchain are the same thing but it is not. Blockchain is the technology that is implemented to distribute the bitcoin among different nodes of market. The best thing about the blockchain is that blockchain is immutable and to hack any blockchain it will require to take over the 50%+ computers or node that exist in the environment and still there is no guarantee that the chain will get hacked.
For any financial model the important components are user integrity, system integrity and the flow of various aspects within it. Blockchain has all these attributes and the blocks in the chain are verified with the help of hash values before sending in to the chain of blocks.
Steem, Ripple, Bitcoin, etc are all live on blockchain and during this year we have saw the sustainability and scalibility of these cryptos/blockchain. You have heard many times that some XYZ government is banning cryptos but on the other side they are planning to push their services on blockchain.
Blockchain has endless possibilities and has the potential to revolutionize these financial model. Either way these traditional financial models will not be able to survive in next generation.
We are living future and we are the first citizen of this blockchain world!
I, for one truly believes in this great technology that's certainly revolutionizing the way we interact on the internet, the way we put and store data in the cloud, the way we send various transactions to other individuals and the way we came up with new advancement using blockchain. I cannot say if this would be my kind of financial model to live on but I am certain that we could potentially monetize every advancement we can produce and develop just as what we have today, the steem blockchain. But as what I have seen before til now, most beneficiaries of this revolutionary technology are programmers and developers. Later on, the blockchain will also go on different phases of creation and development which includes you and me together with our effort as unique individual and contributors.
I believe utility coins such as STEEM will have a place in the future. That's because STEEM has an underlying asset and that is a right to use infrastructure and the a right to control the reward pool. I'm hoping to make Steem a source of substantial side income for me. But to make it a stable one, it is absolutely necessary for Steem apps to start generating fiat income streams other than people buying the token in hopes of earning it, which makes the whole a type of scam. It's fine for a startup to be funded by investors for a while but it can't make losses forever without the owners even having a business plan in place.
Steem is not a unique concept because it's money for nothing or out of nowhere. It's unique because on it all participants must hold some minimum amount of Steem Power and every holder of Steem Power is a stakeholder. It empowers content producers as well as those consumers of content who have an account in a totally different way from traditional platforms.
I have been reading a lot about Block chains and it is something that really fascinating. Earlier this year, when I hadn't understood on the various aspects of blockchain, I was into this A. I and kept on believing that A. I was going to be something that disrupted this world an how it progresses. We are however and unavoidably going to be facing a new industrial revolution.
A. I and Blockchains are going to come together as one. I think it's a really important model financially which adds integrity to how this world operates. There is a need for blockchains as more and more data integrated software comes online in the distant future. The blockchain would become the integrity of the Internet of things.
It would firstly become an identification card for each and everyone. This will prevent a lot unwanted problems that have been created and exist in the world today. The internet of things created the decentralization of information. Blockchain would be the decentralization of freedom yet trust is built in.
It would speed up the way we earn our income in the future. We can be able to earn our income through cryptos daily. I think if everyone earned money daily it would speed up the world's economy. It would really increase the wealth of the world in a speed we would have never seen before. Every transaction would be recorded and tallied perfectly and doubled check without the need of any human intervention.
I am really excited on thebasic universal income concept where everyone in the world can basically at least earn income no matter how poor they are. This would create a better society. More good can be done when everyone is able to focus on the higher order needs rather than those basic need. S
I believe 100% that Blockchain can revolutionize the way humans transact.
The reason is very simple, there is "Transparency" in the blockchain, so all actions can be done with "Honest". In addition, there are no third parties who always take advantage of the transactions that we make.
Although currently full regulation has not been obtained, but I'm sure in the future the blockchain will be widely adopted, and practiced in all sectors of human life.
I would like to believe that it is or will be a good financial model. Even though it does not appear to be a profitable investment at it's current condition, I do think that it has a great potential as a replacement to the current centralised financial model.
I believe everyone who has been involve to crypto and blockchain technology will agree that the technology itself has been proven to be a reliable way for transactions and securing ledgers. In addition, the smart contracts that the blockchain can implement is also a way to add security to every transactions that will dome through the blockchain.
Those simple reasons alone are enough to put blockchain & crypto currencies to the financial trend of the future.
I’d probably have to say so, given all my income has been earned and retained in the ecosystem for the last 2 years (minus what’s been required to be witthdrawn for bills and expenses along the way).