Lost In All The Hard Fork 20 Commotion...steemCreated with Sketch.

in busy •  17 days ago

It is amazing how we can get focused hard on something we completely miss what is going on.

While we were all fuming over the Hard Fork, the world continued as always. In the world of cryptoeconomics this means steps towards mass adoption.

I feel we will see a massive explosion in usage over the next 12-18 months in this arena. While it might not all be on true blockchains, we are going to see the crypto economy take off.

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There was just an announcement by Line, the mammoth messenging service out of Japan. They issued a statement announced the release of 5 DApps that will be used on the Line network (Link chain). This is all part of the move towards Line creating a new token economy.

Of course, the use of the term "decentralized application" (DApp) is rather comical since the Link Chain is an in-house "blockchain".

This is a part of the process I think we will see. The "enterprise" chains are in full swing with many companies going blockchain. Naturally, this can be viewed as a marketing ploy since many of them are not truly blockchains and, really, what they are doing doesn't require one. Instead, in-house servers with a different data structure work just fine.

Nevertheless, even if we end up staging into this, the crypto economy is being introduced to people. According to the article, Line has over 214M active users. That is a large group of people to introduce how cryptocurrency works (even if the Link is nothing more than an individual company's token).

https://cointelegraph.com/news/japans-messaging-giant-line-announces-new-digital-coin-and-5-decentralized-apps

We all know the end goal is decentralized consensus entities. There is going to come a day where blockchain, combined with AI and 3D printing, will create DAOs that are far superior to our present companies that are run by humans. These cybernetic organizations will replace the existing structures we presently interact with.

We will not, however, jump from where we are at today to that point tomorrow. It will be a process.

Companies like Line and, before it Kik, issuing tokens is a way to start getting people accustomed to engaging in behaviors using cryptoeconomics. Even if the token is not decentralized, the fact that it will reward people (incentivize behavior) is what we are after. People earning this token will be rewarded for their activities which, I presume can be used for other purposes. Anything that is acquired using this token is one less transaction conducted in FIAT.

We are embarking upon a multi-technology path that is going to unfold over the next 10-15 years. This is not an overnight shift that will take place. It is important to view everything from a long-term perspective.

When dealing with technology, it is easy to overestimate the impact in the short-term. The reason for this is often not the technology itself. Instead, what slows the implementation is people's unwillingness to change. We, as humans, tend to get set in our ways. There is only a small percentage who embraces technological change rapidly. Most of us are rather slow to adapt. We get there, it just takes time.

We are going to see most aspects of society completely upended. The impact of the Internet will be mild compared to what we are going to see. Blockchain, which is the present network foundation for crypto economics, is going to revolutionize our world. The challenge is that most revolutions are evolutionary in nature and this is especially true when they are driven by technology.

I am going to encourage everyone to try and understand this point. We are in for a long-term dance with some pretty powerful entities that have no desire to see the existing system change. They profit handsomely from the way things are which means they are going to dig in to defend it. This is where our focus needs to be.

Getting tripped up over the small stuff will only cost us in the long haul. It is time to up our game.

To read the actual press release by Line (In Japanese so run it through a translation app):

https://linecorp.com/ja/pr/news/ja/2018/2366


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I have not forgotten the great post you made 9 months ago! My Crypto on demand analysis is now on BitcoinLive. Please send me your email via private wallet message and I’ll send you full access.

Hi
This article concerns a news event that sounds huge. I feel I need to reread it a few times but this organization has 214 subscribers who maybe or are going to be introduced to Blockchain style rewards for participation. This sounds like huge news. Steemit as significant an entity as it is only recently passed one million users. The future growth in Blockchain in my m8nd has been dependent on several mass adoptions by organizations with pre-existing subscriber bases. This seems to fit this model potentially. But as you point out the status quo is very lucrative, so in my mind the other path to mass adoption is when those profiting from the present system figure out how to profit handsomely from transitioning to cryptocurrency system or setting it up as an additional stream of income supported by those seeking to escape the current financial system. But those are just my initial thoughts, but I need to read your post again and research this company. Thank you very much for this information.
@shortsegments

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Couldn't agree more. I have just recorded a video about having more people in our Blockchain that I will be uploading on Sunday when all is back To normal. 😉

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Pardon me if I got it wrong, but LINE's in-house tokens are not going to be sold on the open market?
That kind of means their internal blockchain serves two purposes reliable accounting and PR (going back to the " blockchain" stock boosting attempts). I suppose the mere mention of blocktech helps in us all in the long run, but this particular chain is not that different from "Microsoft Points" or "Steam Gems" or whatever else freemium currency companies use internally?