Introduction
In the past few years, blockchain technology has gained a lot of popularity. The problem is that it’s not just one type of technology, but an entire ecosystem. Blockchain is called “blockchain” because it’s made up of blocks, which are like pages in a book or transactions in a ledger. The blocks are chained together and they’re all linked through cryptography. Each block has its own history which means each block also contains information about previous blocks as well as the current state of the system. Every time someone wants to make changes or add something new to this chain (like money), they have to create another block—it can’t just be added onto existing data because then there would be no way for anyone else to know what was really happening with those transactions unless everyone agreed on what those changes were first
The first step is to move away from fiat.
The first step to becoming fully decentralized is to move away from fiat money. You know what fiat money is, right? It’s not backed by anything and can be printed at will by governments. The reason why it’s so important for us to get rid of this system is because it doesn’t store value, it’s not a good medium of exchange, and it isn’t controlled by anyone but the government who prints it.
You might think that “fiat” means something like “official decree” or “lawful requirement,” but that’s not really true–the word comes from Latin fieri (to become) and fiat lux (“let there be light”). So when someone says he wants to create a new cryptocurrency called XCoin that uses blockchain technology but also has some sort of centralized control over its issuance rate… well… technically speaking maybe he could call his creation something other than XCoin?
Bitcoin and Ethereum are not the only cryptocurrencies out there.
There are many other cryptocurrencies out there, and they’re not just for buying drugs and speculating on the price. Cryptocurrencies are also being used to fund open source projects and create decentralized organizations. They can even be used by businesses that want to store their data in a way that doesn’t require trust in large corporations like Google or Facebook.
A decentralized internet will be the next step.
In the future, we will have a decentralized internet. It’ll be faster and more secure than what we have now. The reason for this is because of the way in which information is stored and shared across a network of computers.
Decentralized systems distribute data more efficiently than centralized ones do–and they’re also harder to hack! A decentralized system doesn’t rely on one main server like Facebook or Google does; instead, it uses many different servers that can’t talk to each other directly but still store all your personal information (or at least some parts). If one of these servers gets hacked or shut down by law enforcement agencies wanting access to its content, no big deal: there are plenty more out there with copies of every bit of data you’ve ever posted online–including nude selfies from high school!
People will stop using banks, but the banks won’t go away.
Banks will still be needed for storing fiat money, making payments and lending. Banks will not go away, even though they are no longer needed to handle cryptocurrency transactions.
Banks are also good at providing insurance services for your assets (e.g., deposits) and liabilities (e.g., credit cards). They do this by setting aside funds in case something bad happens to you or an organization you deal with–but those funds aren’t really yours; they belong to shareholders that own the bank!
You have to get rid of fiat money before you can be fully decentralized
As you know, fiat money is not decentralized. It’s controlled by banks and governments. Bitcoin, ethereum and other cryptocurrencies are decentralized because they’re not controlled by any one entity. However, there are more than 1,500 cryptocurrencies in existence today, so it’s important to remember that bitcoin and ethereum aren’t the only ones out there!
As cryptocurrency becomes more popular, we’ll see an increase in interest in other types of blockchains (the technology behind all cryptocurrencies). For example:
- You can use blockchain-based systems for voting or making contracts between two parties without needing lawyers or courts; this would make elections and contracts cheaper for governments to manage.* You could also use blockchain technology to build other kinds of networks–like social networks where users own their data instead of having it stored on servers owned by companies like Facebook or Google.* In fact, some people have even proposed using blockchain technology as part of an “Internet 3.”0 project called “Web 3” (Web 2 being our current version).
Conclusion
In conclusion, it will take some time before we can fully decentralize our society. But if we work together and make smart decisions, we can get there sooner than expected!
