For years I have been deeply passionate about decentralization of power, money and governance. There are few who would argue that the SAFEnetwork is the 100 trillion kilogram gorilla in the room. When SAFE is online for good and functions even half as good as it seems it will, well in that exact moment almost 99% of every network/Internet/web-application/cryptocurrency will suddenly have an expiration date.
When people asked me a couple of years ago whether SAFE would be adopted quickly I did not hesitate in saying there is no doubt it will be adopted by the world as fast as they can install the software and hardware. The reason is it solves so many of the largest pain points and problems the world suffers from.
Fast forward and look at the current landscape of the cryptocurrency/asset ecosystem…what is dominating the total market capitalization and every new crypto-news outlet? When you look at current #2 ETH, Angel funded by Goldman Sacks and already proven they have no issue changing history and destroying any intrinsic value the platform may have had. #3 Ripple, hopefully I need not mention why it has zero decentralized characteristics. #1 Bitcoin, definitely open to a reasonable discussion about whether it is decentralized, but it doesn’t take much time to realize the bitcoin today is much more centralized than two years ago. I would argue the pure fact that 90%+ of BTC trading happens on centralized exchanges (which provides no potential value bitcoin initially offered), less than a dozen organizations control majority of mining and Antbleed revelations alone showing 70% of the entire miner network being susceptible further demonstrates where I am going. If that is not enough to paint a picture of how centralized we have become, then look into the scaling debates.
In my opinion there is no doubt the centralized status quo (Central Banking/Governments/Industry) has leveraged their ability to scale rapidly and have been extremely effective in controlling the narrative of how these disruptive technologies with massive world socioeconomic potential will be perceived by the masses.
This all may sound pretty pessimistic, but the amazing thing that gives me such great hope is that in spite of the perceived insurmountable strength of hierarchal centralized systems have they are still losing…just very slowly. Besides Maidsafe and there unimaginable successes, the perfect example of how decentralization cannot be stopped, but only slowed is the worlds first and still most effective decentralized exchange (DEX)…BitShares. What caught the attention of so many initially was what also lead to years of unrelenting attacks at every level. BitShares is probably the only crypto on earth that has been proclaimed dead more times than Bitcoin and especially towards BitShares most disruptive invention…the bitUSD. BitUSD is a digital USD except it is actually backed by provable, immutable, transparent, collateral (Minimum 175% tradable value) asset. In spite of the ever growing capital strength of central exchanges/banks and their unrelenting attacks towards any USD pegged asset (Especially one with decentralized backing), BitShares is stronger today than ever. The most recent untethering of “Tether” and global USD wire boycott (13 banks control every USD wire in the world) for all foreign BTC companies has only accelerated the awakening of the limitations these centralized powers. All that has been required is time, which for people that saw the value years ago it is painful…but I don’t think we should except anything less for the SAFEnetwork. Especially since BitShares just challenges failed fiats…SAFEnetwork stands to disrupt much, much more.
That is the interesting thing about this thread and what motivated me enough to share in detail my thoughts. Since I changed my bitcoin conversation and started talking to people about a digital US dollar just like they see in their bank account, paypal, allipay, etc…except no one can censor or seize (bitUSD)…there is zero confusion or resistance. The reason is there is nothing new, technical or abstract beyond the mental construct of money than what has already been programmed to know.
Although IMHO it should definitely NOT BE THE SAFEnetwork protocol level that deals with this fiat pegging bridge to bring further adoption of decentralized technologies. Especially since there is a decentralized layer that has perfected it over several years and is coincidently seeing marked uptake in adoption. All we will have to do is create a smart contract bridge between SafeCoin and a BitShares SmartCoin…which is already complete in a simplistic way and because I follow both communites very closely I will predict that the exact technology SafeCoin will need for exchange will be provided by BitShares.
Something to think about. Say you are the one who holds enough power to leverage significant control over centralized points of value exchange…banks/btc-exhcanges/centrally-focused-blockchains-governance. Now imagine you are presented with all the capabilities of SafeCoin. Are you going to say ‘hey I have been waiting for such an amazing technology that will evaporate any power I still have after bitcoin’…No, you are going to prevent its adoption in every possible way. I predict we are going to hear from all major exchanges…“yes, we are working on interoperability but SafeCoin is just so complex that it could take years before it is functional for mass use” (sound familiar).
Well the good news is we can start now on changing that narrative. Lets start by supporting other decentralized technologies that will be strengthened by SafeCoin and not destroyed by its adoption. My recommendation is to move the majority of MAID trading to BitShares DEX where there is already strong communities in Asia, Europe (Including Eastern), North America and South America.
I will start a specific thread on how people can get involved today in creating this USD backed by SafeCoin the OP describes before SafeCoin is even released through trading MAID and bitUSD/bitCNY/bitRUB/bitEURO/bitGold with bots running on the DEX.
Here is the Steemit (Also built with Graphene Blockchain) post: https://steemit.com/bitshares/@scythian/dex-market-maker-tutorial-bits-and-btsbots