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RE: (IJCH) Cotton Coin - Disrupting the Global Cotton Industry (BUT MORE IMPORTANTLY, Cotton Coin Aims to Alleviate the Horrible Plight of Third World Cotton Workers

in #blockchain6 years ago

I will upvote this tomorrow, when my vote will have more weight (I don't forget such commitments), but I need to comment now. The rebel in me is heartened by the concept of cotton coin technology. While I'm still a little confused about the mechanics of blockchain, the idea of draining power away from a centralize authority is very attractive. Wherever there is concentration of power, there is corruption. Seems to be a natural law. Even revolutions eventually become conservative once they are established. But the blockchain never stands still. It is constantly refreshed. It is dynamic. This much I understand. The only danger is that a few may figure how to game the blockchain and manipulate rewards. I don't know how that happens, but there are some who claim it does. Still, as I look back through history at different economic systems, they all favored consolidation rather than diffusion of authority. This is what distinguishes blockchain. It is a new model for economic distribution. I have hope.

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Greetings @agmoore

Wherever there is concentration of power, there is corruption.

Well said. Question is if we will really be able to avoid corruption only because things will become more decentralized and transparent? Only future can tell.

Best regards, Cotton Coin Team
Cotton Coin

Not only, but perhaps partly. Transparent is the biggest factor. And then people who are willing to take the time to monitor activities. It's just that, when power becomes entrenched, and structurally centralized, its really hard to dislodge. People will always be corruptible. I just look back at history--systems that were hierarchical resisted change more than those where power and responsibility were diffuse.

First off, let me say that I am prone to the "upvote happy syndrome" often, so I empathize (I'm at 39% right now! - Sheesh!).

And secondly, you're right about consolidation. Blockchains that use pure PoW (Proof of Work} are vulnerable to big mining mafias. Consequently, more and more blockchains are using Proof of Stake (or some hybrid thereof).

Thanks for visiting and commenting.

Namaste, Jaichai

The hazard of a generous nature--give freely, not always with a thought to consequences. Inspired by your anemic status, I will vote now. See you in the future with more power :) Peace, always.

Hi @agmoore

Wherever there is concentration of power, there is corruption.

Well said. Question is if we will really be able to avoid corruption only because things will become more decentralized and transparent? Only future can tell.

It is constantly refreshed. It is dynamic.

Wouldn't you agree that's blockchain is changing rapidly because it's still in early stage? Will it be so dynamic within 5 years, with millions of people being part of it? Hard to tell.

Great comment
Yours,
Piotr

I don't know--honestly. There is always the tendency toward conservatism (that is, lack of change) when something becomes established. Is the blockchain unique? Nice to think it might be. See you in 5 years ? :)

hahaha yea, I see you in 5 years! :D

I like your sense of humour @agmoore

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