1/ I wonder when it will finally click... that "aha" moment for the masses. DLT beyond not just a "store of value" but something intrinsically of much higher substance. That substance being in resemblance to the feelings evoked through this image:
2/ Trust- the basis of all human relationships and the fundamental underpinning of centralized society. We have to "trust the system", "trust the process", "trust each other." This need "to trust" is a problem when viewing the world as an economic flow of value.
3/ If one thinks to history, all previous industrial revolutions ("IRs") have been about the removal of some human aspect of the current economic system. The human aspect has always served as friction in the flow of economic value (money) from a transactional perspective.
4/ Each IR is predicated on the "mechanization" of some human-required component of the current economic system. Through each mechanized advancement, we remove that specific human component, increasing the velocity at which transactions can occur; a step-change to global wealth.
5/ This "mechanization" of the human is a deep historical trend; however, we have never been able to synthesize a mechanized component to replicate the one essential emotion of the human experience- trust... until now.
6/ Before Bitcoin, the world relied on human-generated trust in individuals and centralized entities to enact upon their transactional obligations. The world is dictated by the need to trust an external entity, in every facet of life.
7/ BTC changed that.Through decentralized consensus, it mechanized the human-required trust of needing banks for transacting value. This is a revolutionary breakthrough. You no longer need to trust an entity with your wealth-a beginning to a slippery slope!
8/ BTC is the first POC of the mechanization of human trust- the Holy Grail of unlocking frictionless economic value flow. If you synthesize human trust you own the world. This isn't just a typical IR, it's the unlocking of a golden age of human experience.
9/Enter ETH: the first advancement in the "mechanization of human trust" sparked by BTC. With ETH's smart contracts we no longer need to trust the operations of external entities to enact upon their agreements. Lawyers become quasi-automated!
10/ BTC is transactional trust. ETH is operational trust (contractual agreements of human labor). They are both very good at what they do but structurally they each have weaknesses. BTC can't do operations, and ETH can't interact with the current world (trigger ops off data).
11/ Are you starting to see the trend going on here? We are on a new race to finding the smallest mechanized replication of human trust!
12/ Let me get this straight- so BTC mechanizes human transactional trust (banks), ETH mechanizes human operational trust (lawyers), but neither can verify data from the external world? Then how can we trust either of them if their is no mechanized guarantee of the data!?
13/ Enter $LINK, the insurance product of the #4IR. Chainlink is the holy grail of mechanized trust- prophesized by @NickSzabo4 https://nakamotoinstitute.org/the-god-protocols/. It goes below both transactional (BTC) and operational (ETH) trust to solve the human-trust in data.
14/ This is the smallest granularity of trust achieved by any consensus mechanism to date. By no longer needing to trust the external data flowing into mechanized human operational trust (ETH) and mechanized transactional trust (BTC), you can enter a paradigm human experience!
15/ A human BEING can now BE who they ARE in a world in which they no longer need "trust the system." This is a profound advancement and a dual edged sword in regards to either the empowerment or control of system participants, which I will explore and more in future threads!
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