One of the main reasons I was drawn to the blockchain sector and continue to find it captivating is the ability to deploy permissionless code on decentralized networks. Before smart contracts were available, the closest thing we had to this was file sharing applications, something that became widely misused with platforms like Napster and PirateBay. Cryptocurrency and blockchain networks have been misused as well, with incidents of scams, hacks and fraud. But the potential for good far outweighs the dark side of the industry Permissionless code can create applications that lack a central authority. No one has access to the servers, no one can steal or sell your data, and no one can freeze your funds or censor your voice. This challenges authority and puts our independent rights at the forefront of the technology.
My enthusiasm for anti-authoritarian ideals isn’t as strong as others but I do strive to build and promote open, transparent and fair systems. Decentralization has the potential to disrupt every industry, much as the web did when it first emerged. Thirty years ago, a company with a website was rare, today it's almost impossible to imagine a business without some form of web presence. The evolution toward decentralization and Web 3.0 will create better systems. As Ethereum scales up and becomes more data efficient, the possibilities for Web 3.0 to compete with Web 2.0 and traditional server/client infrastructure like AWS will become increasingly apparent. “Do we need to set up a server and database? Nah we’ll just store it on-chain” The crypto industry is currently populated by geeks, speculators and degenerates. In a decade, I believe crypto conferences will look very different, with major corporations pushing forwards towards permissionless architecture. In the future social interactions will not be mined for data and sold to advertisers, but our data will be under our control. We'll view the adverts we get paid to see or that align with our values. We'll own stakes in the products we use and vote on their development and evolution.
However, not everyone shares this vision for the future, and there certainly are other possible outcomes involving regulators and large US conglomerates of corporations exerting control over the industry. There are also concerns about privacy and analytics creating a policed state within blockchain networks. As developers, it's crucial that we prevent potential censorship by creating, investing in and using truly permissionless systems.
Crypto markets continue to grind up and Bitcoin has multiple levels of support if there is a breakdown at $42k and $37k. ETH/BTC had a little fake out above the long term declining trendline and then moved back. If this happens again it’s less likely to fakeout a second time in my opinion. Waiting for confirmation and closes on any trades above might be sub-optimal as money will flow into ETH and Alts once this gets moving. Social links are below and if you enjoyed this newsletter I would appreciate it if you could share this content
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