Archive for the ‘Decentralization’ Category

Decentralization and Digital Power: HighKey CMO Jordan Lintz’s Take on the New Social Media Era – Grit Daily

Mainstream social media platforms have long been digital interaction and content-sharing pillars. Dominated by a few major players, these platforms have shaped how we connect, share, and consume information, providing unparalleled connectivity.

However, while this model is effective in building virtual communities, it has often raised concerns regarding privacy, content ownership, and the extent of corporate influence over user experiences. These increasing worries have recently caused an interesting shift, paving the way for a new player to emerge on the scene: decentralized social media built on a model that puts control back into the hands of the users.

As the CMO of HighKey Enterprises, LLC, Jordan Lintz is no stranger to social media. He and his brothers, Luke and Jackson, have made significant strides in digital marketing and e-commerce. Over the years, hes gotten acquainted with social media platforms down to the granular level, giving him a unique perspective on the current state of things and what might come next.

In Lintzs perspective, the current state of mainstream social media leaves much to be desired regarding content ownership. He argues that users rent space on these platforms and have little say in managing or monetizing their content. In the existing model, users create value, but platforms reap most of the benefits, he says.

Moreover, he expresses concerns about account control and privacy on mainstream platforms where users are practically at the mercy of a model tweaked against the users favor.Access can be restricted, data can be monetized, and even the visibility of your content can be altered without your consent, Lintz says.

On the other hand, he argues that decentralized social disrupts this dynamic and offers a solution to this imbalance. Here, content creators are at the helm. They have direct control over their creations, dictating how its managed, distributed, and, more importantly, monetized a sharp contrast to the conventional model.

Without a doubt, this fundamentally alters the creator-platform dynamic, transforming users from passive participants to active proprietors of their digital assets.

Moreover, decentralized social provide enhanced protection for personal data. By leveraging blockchain technology to distribute data across multiple nodes instead of storing it in a single location, decentralized social media allow individuals to own their content instead of surrendering it to the platform itself.

These models ensure data isnt concentrated in a single point of failure, and, in doing so, they greatly reduce the risk of data breaches, Lintz states. Its a one-of-a-kind shift to restoring virtual sovereignty and empowering people to regain control over their digital identities.

But, like with any revolutionary concept, decentralized social media platforms face unique challenges. For one, the unfamiliarity and complexity behind them can make non-tech-savvy users feel overwhelmed or intimidated, especially when comparing this structure to the simplicity of traditional platforms.

Furthermore, while the concept of complete user control is appealing, it raises questions about content moderation and accountability. Misuse must be prevented in a system where individuals have total control over their content. As Lintz highlights, there has to be a balance between freedom and responsibility.

Decentralization isnt a utopia, and it has its own set of challenges, some of which will be quite complex to tackle, but its not entirely impossible to do that, he says. If we manage to strike that balance, well be taking a gigantic step toward in the digital realm, turning people into stakeholders, in a way, instead of them just being consumers.

While the road ahead may be ridden with unique challenges, the advantages of decentralization simply cant be ignored. Aside from maintaining data control and privacy, which can dramatically reshape online interactions on an economic level, these platforms could change traditional business models by redistributing value in favor of users. Content creators who contribute to the platforms growth and popularity would be rewarded for their efforts, leading to a more equitable distribution of wealth.

Moreover, Jordan Lintz proposes that cryptocurrency use for transactions within these platforms could impact economies further. Decentralized social media could foster a singular kind of financial inclusion by providing access to digital assets and financial services to those lacking access to conventional banking services.

As Lintz highlights, Were on the brink of a major shift in online interaction and digital economies. We may look at a more equitable and user-centric future where value creation and distribution are better managed.

Spencer Hulse is the Editorial Director at Grit Daily. He is responsible for overseeing other editors and writers, day-to-day operations, and covering breaking news.

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Decentralization and Digital Power: HighKey CMO Jordan Lintz's Take on the New Social Media Era - Grit Daily

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Bitcoin Mining Pool Ocean Successfully Mines Third Block in Ongoing Decentralization Quest – Cryptonews

Ocean succeeded in mining their third Bitcoin block, showing the decentralized mining pools capabilities. Image by Kerem Goktug Kaya, Adobe Stock.

The decentralized Bitcoin mining pool Ocean reached a new milestone this week by successfully mining its third block ever. According to data from Mempool.Space, Ocean mined block number 823,129 on Wednesday morning, earning a total block reward of 7.412 bitcoins. This achievement demonstrates the capabilities of Oceans decentralized system, which was launched in November 2022 to promote decentralization in Bitcoin mining.

Mononaut, a key figure at BitfeedLive, an open-source Bitcoin mempool visualizer, brought attention to Oceans distinctive mining approach after the milestone.

The block was constructed using their standard filtered template, only containing 1 inscription and 54 op_returns (mostly Runes), the analyst tweeted. The filtering cost them ~0.144 BTC in fees, which is an 11.03% reduction in fees or about a 2% reduction in total block reward.

Oceans current hash rate stands at 525 ph/s, making it a small but not insignificant player in the competitive Bitcoin mining sector.

The launch of Ocean mining was announced on November 28 by Bitcoin Core developer Luke Dashjr. The initiative, supported by a $6.2M round led by notable figure Block Head Jack Dorsey, seeks to challenge the current norms of Bitcoin mining pools and promote a more decentralized approach.

Dashjr, in a statement on October 31, emphasized the necessity of such an initiative. He expressed concerns over the centralization and overreach of other pool operators, which, according to him, has altered Bitcoin to the extent that its security model is at high risk. Dashjr pointed out the custodial nature of current mining pools and their control over who can use Bitcoin, suggesting a need for change.

Oceans latest achievement in mining block number 823,129 is more than just a numerical success. Its a clear indication of the potential and effectiveness of decentralized mining pools in the Bitcoin ecosystem. As the industry continues to evolve, Oceans role and impact will be closely watched, particularly in the context of decentralizing mining and maintaining the integrity of the blockchain network.

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Web3 needs to regress before we can progress in 2024 | Opinion – crypto.news

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news editorial.

On the surface, things now seem very different from a year ago, with Bitcoin (BTC) being more than double the $16,000-17,000 and the total market cap of crypto being comfortably above a trillion dollars.

While the prices do indeed reflect some form of recovery partly fuelled by speculation around the approval of Bitcoin ETFs, we havent progressed enough as an industry, as most of the barriers to crypto adoption still remain unresolved.

It may have been a grueling crypto winter, and the resurgence of bull-posting on X (former Twitter) is a welcome contrast, but the industry needs to regress and slow down to make meaningful progress in 2024. Otherwise, it will basically be going through a repeat of the previous market cycle, albeit with a few improvements or differences.

The industry is still nascent and only slightly over a decade old, and there are still solid use cases lacking as a resultbut this youth will not last forever, and neither should the status quo.

The fast-paced nature of the industry can be exhilarating and impressive at times, as a lot can change in the span of a day or week, like most technology-based industries. However, this can be a double-edged sword as it inclines us to focus on the new rather than the old and be stuck in an echo chamber of sorts.

While it may be counterintuitive, the industry needs to force itself to slow down instead of always looking to go faster. It also needs to look at what has been done outside of web3 that has already been tried, tested, and, more importantly, resilient and prosperous.

Sure, Metaverse-focused utilities such as NFTs, web3 gaming, and SocialFi may be refreshing ideas. Still, they are much too foreign to mainstream users to be effective pull factors for mainstream adoption. Such utilities serve as excellent, unique niches for the industry, generating curiosity and interestbut should not be misconstrued as drivers for mainstream adoption, at least not for the near future.

The reality is that blockchain technology is already complex enough as it is to understand for new users, and this hasnt changed much. Adding relatively foreign ideas to the mix as a focal point only exacerbates this further.

This is where battle-tested and more tangible utilities such as established payment systems and real-world assets (RWAs) come in as a more viable foundation for adoptionmost mainstream users already understand how most of these function, and the grounded nature of these utilities are much more appealing and suitable for institutional and mass adoption as compared to newer and riskier verticals. Unsurprisingly, the data and metrics also back this up; the total value locked (TVL) for RWAs is currently sitting at $5.7 billion in TVL, with projections for growth up to $10 trillion.

Estimated tokenization market sizing | Source: 21.co

As for payment systems, we are also seeing established legacy players such as Visa and Mastercard making moves to support crypto usage in 2023, and this trend will only continue to gain momentum in the coming year.

Accessibility has always been a problem hindering adoption for web3 and crypto, so having more convenient on and off-ramps for crypto will undoubtedly be necessary for user acquisition and retention. Coupled with regulatory compliance, these utilities will be the real backbone and foundation for adoption as they are stable and reliable enough to withstand the test of time.

While speculation undeniably fuels the web3 space, this creates a level of volatility and instability that intimidates and deters new entrantsthe web3 industry cannot rely on this if it is to scale beyond being treated simply as a decentralized casino.

Features such as memecoin trading also do not add much legitimacy to the industry for mainstream users to take web3 seriously, and this all needs to change.

As the industry matures, tokenomics, trendy narratives, and buzzwords will take a backseat to sustainable business models in 2024, as projects without actual value creation and revenue generation continue to be weeded out by increasingly discerning users. Weve already gotten important lessons from FTX, Luna, USTC, and most recently SafeMoon on the importance of decentralization, self-custody, and proper due diligence.

The crypto space does tend to have goldfish memory, and most users are happy as long as they are making money and forget about existing concernsbut this approach needs to change as ponzinomic projects do not bring any meaningful positives to the industry and do not last forever.

Frauds like FTX may have grown to a colossal size and lasted for a long time on empty promises and lies, but eventually collapsed and damaged the industrys credibility tremendously.

Conversely, projects like Pudgy Penguins and their move to introduce a real-world toy collection, in addition to typical NFT utilities, have done relatively well through the bear market, unlike most NFT projects. This isnt a mere coincidence and highlights the importance of having sustainable business models.

In 2024, we will see more and more positive examples as projects deliver on their product roadmap and drive actual utility triumph over competitors with empty promises and hype-based marketing. Both builders and users need to be practical and patient instead of hunting for moonshots or simply looking to make a quick buck to build and support projects with proper revenue sources.

Aside from projects requiring sustainable business models, another core issue is that web3 infrastructure cannot currently maximize the industrys full potential due to its nascency. As an example, decentralized exchanges (DEXes) provide an essential foundation for decentralized finance, which is a core vertical of web3but trading volume and liquidity for the top DEXes are still bested by the leading centralized exchanges due to the familiarity of the user experience, better slippage, depth of liquidity, and more.

While decentralization maximalists might not like the notion, many mainstream users are much too comfortable with custodial services to jump straight into self-custodyresulting in many centralized services acting as a bridge of sorts into web3.

We already see such a trend slowly growing, with Coinbase providing a gateway for its users into the Ethereum ecosystem with its L2 Base, Binance providing its users with an entry point into defi with its recently launched web3 wallet, and even Telegram-focused custodial wallet TON Space.

More and more of such web2.5 products and services, which are built on a hybrid mix of the decentralization from web3 and battle-tested efficiency from web2, will drive critical use cases and larger-scale adoption for the crypto industry.

The security aspect of the infrastructure also needs to be improved, as the web3 industry is still rife with scams and exploitswith $290 million being lost from just five hacks in November alone and legacy wallet providers like Ledger falling victim to an exploit which put many users at risk in December.

It is still far too early for decentralization alone to be the means to an end, as the web3 industry still requires more time to mature. User education also has a pivotal role, along with product UI and UX improvements. As it stands, decentralization and its autonomy should be an end state that the web3 industry strives to make accessible, safe, and easy to use even for mainstream users.

While this has not yet been achieved, the progression through regression for web3 in 2024 should be celebrated, as it will undoubtedly bring the industry closer to making significant breakthroughs and mainstream adoption possible.

Veronica Wong

Veronica Wong is the CEO and co-founder of SafePal, the comprehensive decentralized crypto wallet suite with over 10 million users across hardware, mobile, and browser extension wallet solutions. With a decade of experience in Fortune 500 companies like Tencent, Veronica took the leap of faith from Big Tech and e-commerce into web3 to set up SafePaland has been committed to solving security, UI, and UX issues for crypto users, in addition to cross-chain interoperability for 100+ blockchains (EVM and non-EVM) for the past five years.

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The Sam Altmanbacked crypto project Worldcoin announces plans for decentralization as it expands its eye-scanning ambitions – Fortune

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The Crypto Paradox: Decentralization and Central Bank Digital Currencies – The Herald-Times

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