RE: This is why STEEM will be the de facto base currency of the Internet
OK. There is a lot of info here to absorb. And I like STEEM, the idea of Steemit is great. The STEEM blockchain is the "best". But there are kinks that need to be worked out, which the developers are in the process of doing. (these are all my generalized interpretations of the goal of the post).
My issue with the ideology of STEEM when compared to the ideology of cryptocurrency as a whole is the aspect of decentralization. In my very basic understanding of decentralization by the various "proof" methods employed. And then my gripe with the STEEM system is that it is more of a decentralized republic or representative decentralized cryptocurrency.
And this is solely because the ideology of crypto currency is a decentralized system that is able to be self secured.
Which is where i believe the "crypto" part of the compound word cryptocurrency was derived from. Crypto = hidden. which can be interpreted as something that is hidden is safe and in the realm of money/currency it is secured.
and due to the popular understanding or connotations associated with the idea of hidden or secret. _crypto_currency gets a bad rap. people think the idea is to hide money or use it for things that want to be hidden.
You would be right in some sense. It is not a republic because the laws are encoded, but they can be changed, making it a democratic republic. I don't get the words "representative decentralized" though.
You seem to suggest that this is better than the anarchy employed by other security systems such as PoW. Is that right?
i dont understand either enough to say which is better. but the speed and efficiency (from my understanding) of the STEEM blockchain would lead me to superficially believe that it is better.... does that complex response clarify my position on this?
decentralization*?
yeah i'm basically saying the same thing as "democratic republic" or "representative democracy"