LESSON 5: Final Cryptocurrency Opinions & Blockchain Conclusions [For Beginners By A Beginner]

calum (55)in #blockchain • 7 years ago (edited)

For Beginners By A Beginner
So this is it, my fifth and final planned article for the current series! If it proves to earn any warm response then I may follow it up with some Beginners’ tutorials or humble trading techniques. If there are any further questions or topics you would like to discuss, just let me know and I'll consider them - there have already been a couple of suggestions. I hope somebody found this useful and that it wasn't riddled with too many errors. I personally found it hard to learn without a central source of information so here I attempt to offer one. Even if it acquires no attention on Steemit, I hope it remains on Google and is useful to any eager newcomer whom stumbles upon it.

Mass Adoption Limited by User-Unfriendliness
I personally agree with the sentiments of Dash, who believe a user-friendly interface is the main hurdle between cryptocurrencies and their mass adoption. This quite primitive technology is too often locked behind terminal screens and jargon without a clear purpose. Dash believes that major landslides in the adoption of new technologies have occurred when they become easy for the end user to utilise with minimal effort or understanding.
The Dash system also incorporates a community voting mechanism to avoid those infamously disruptive forking events (Lesson Two). Digibyte and DNotes are also cryptocurrencies that pride themselves on user-friendliness, with the latter providing outreach for children and trying to encourage the involvement of students. Neoscoin is another user-friendly coin with impetus on anonymity.
PascalCoin even removes the complicated and unsightly hex keys used for public addresses and replaces them with shorter and more digestible numerical codes. They aim to act similarly to familiar bank accounts and become a “cryptocurrency for humans, not only for geeks” (disclaimer: their words, not mine). It claims to function without a transaction history (to reduce blockchain bloat) yet still avoids the problem of double spending.
Double spending was the main blockade in the way of digital money prior to Satoshi Nakomoto’s implementation of the Bitcoin blockchain. Until then, such currencies were seemingly impossible because digital information can simply be duplicated, which therefore renders the currency useless.

Conclusions
Overall, it’s a brilliant feat: humans making trustless systems to carry out their mundane management work while automatically sustaining their own economies. I foresee a future where every home as a server and 3D printer. The server will run a package of blockchains to deal with finance, cloud storage and media content etc. The rewards from these systems shall allow households to affordably live on less income. They will be able to order 3D printing instruction codes at a negligible charge to instantly manufacture products for the mere price of sustainable and low cost printing materials. This will reduce the requirement for people to work so much in society (and the low costs will mean that isn’t a problem).
However… back to the present day! I find many of the coins are vague, lack focus and don’t have a clear idea of what they are trying to accomplish. We really need a Wozniak or Jobs to come and make this phenomenon accessible.

It's been a pleasure writing for you all.
You're welcome to contact me at: [email protected]

Lesson 1: Introduction to Cryptocurrencies and Blockchain Technology