I’m Andrew Levine, the CEO of Koinos Group. We’re the creators of Koinos, the primary blockchain that’ll be completely free to make use of.
On this collection of articles and movies, we’ll use our distinctive information and expertise to discover how new applied sciences and cultural actions match into the Large Image, as a way to achieve a deeper understanding of a phenomenon by studying about the place it matches into the arc of historical past.
On this article, I’m going to speak about Dogecoin which I believe might be one of the vital misunderstood cryptocurrencies. I simply wish to be clear that this isn’t monetary recommendation, I’m simply making an attempt to assist educate folks about new applied sciences that usually have a monetary part. I’m not telling you to purchase or not purchase Dogecoin or anything.
As I mentioned in our WallStreetBets video, crucial 12 months for understanding the large image is 2008, which is when the established financial order ended within the Nice Monetary Disaster.
However primarily, that’s after we discovered that our whole financial system is just too antiquated, mysterious, and managed by a tiny variety of folks. Briefly, it’s simply too CENTRALIZED.
Bitcoin
Whereas the institution was busy making an attempt to bandaid their techniques, outsiders wished to see a real repair. We wished a system that was open, clear and unattainable to govern. Which is why software program engineers launched the primary actually DEcentralized digital forex; Bitcoin.
Due to its decentralization, Bitcoin was a digital forex that nobody owned or managed, that was open and clear, and was simple to grasp too as a result of it had properties much like an asset that had been round for ages; gold.
However it was additionally sluggish and also you needed to pay sizable charges any time you wished to ship a Bitcoin to another person. These aren’t the traits folks anticipate from an “superior digital forex.” Whether or not deserved or not, Bitcoin had additionally acquired a controversial fame. Which is the place Dogecoin matches in.
For the reason that Bitcoin software program is open supply, anybody can copy the code and launch their very own model of it. It is a large deal as a result of it implies that Bitcoin didn’t simply ship a brand new monetary know-how to the market, it offered a TEMPLATE that anybody may use to create much more digital currencies.
DOGECOIN
Dogecoin, which was launched in 2013, was only one such cryptocurrency. Some of the frequent issues that folks get mistaken about Dogecoin is that it was purely created as a joke. Which isn’t true. Whereas Dogecoin actually has a comedic part, that doesn’t imply it wasn’t ALSO modern, or that there wasn’t a really critical REASON behind using that joke.
The creators of Dogecoin didn’t simply copy and paste the Bitcoin code after which slap a meme on it, which is what many appear to consider.
The creators, Billy Markus and Jackson Palmer, have been authentic software program engineers employed at IBM and Adobe.
When constructing Dogecoin they used their software program engineering experience to benefit from new applied sciences that had been launched after Bitcoin which enabled them to make Dogecoin ten occasions sooner than Bitcoin!
In addition they designed the economics otherwise in an try to keep up a low worth in order that it may stay accessible and inexpensive which when mixed with its elevated pace, made it doubtlessly helpful for on-line transactions.
Humor as a Instrument
Even using humor itself will be seen as a noteworthy innovation. Mocking cryptocurrency made it much less scary and much more accessible. Dogecoin has earned its place in blockchain historical past for that purpose alone. And that is probably crucial level of all. Not like so many on this area, Palmer and Markus have been serious about the large image.
For them, the success of Dogecoin wouldn’t be measured by its worth, however by its potential to speed up the adoption of this new know-how which had the potential so as to add worth to all of our lives. And simply take a look at how efficient Dogecoin has been at attracting consideration to the cryptocurrency area and introducing folks to the concept that there may be extra to blockchain than simply Bitcoin. In spite of everything, you might be watching this video that’s about Dogecoin.
The issue is that blockchain know-how nonetheless hasn’t managed to interrupt into the mainstream by way of precise adoption and humor alone will not be going to unravel that drawback. Whereas Elon Musk has taken a shine to Dogecoin, he himself as soon as mocked his competitor, Henrik Fisker, saying, “The explanation we don’t have electrical vehicles will not be for lack of styling.” Properly, the explanation we don’t have mass adoption of blockchain know-how will not be for lack of memes.
Bitcoin and Dogecoin have actually been getting extra consideration as of late, however only a few folks wind up utilizing them as a result of for most individuals they’re nonetheless not very, nicely, helpful. They’re sluggish, troublesome to make use of, and also you STILL must pay charges for each little factor you do. And on the finish of the day, the one factor you are able to do on these blockchains is ship and obtain these particular person cryptocurrencies.
Koinos
That’s what we’re making an attempt to vary with Koinos. Not solely will Koinos be quick, simple to make use of, and completely fee-less, it should even be a decentralized computing PLATFORM that builders will have the ability to use to create purposes with the upper degree of safety, privateness, and possession that may solely be achieved via using blockchain know-how.
Similar to Dogecoin built-in improvements that got here after Bitcoin to supply a sooner, extra user-friendly digital forex, we’re benefiting from even newer applied sciences after which combining these with our personal modern options that we developed primarily based on our expertise engaged on the Steem blockchain and steemit.com.
Whereas the potential use circumstances for Koinos are infinite, to offer you simply an inkling of the potential, Dogecoin may really be run on Koinos, and doing so would immediately make it 10 occasions sooner, and completely fee-less, making it far nearer to that user-friendly possibility for on-line funds that it wished to be.
Not solely that however Dogecoin customers would instantly achieve entry to all the different tokens and purposes additionally working on Koinos, thereby dramatically increasing its utility. If the objective of Dogecoin was to destigmatize cryptocurrencies whereas additionally pioneering modern and helpful options, then launching on Koinos would allow Dogecoin to make one other evolutionary leap.
Proudly owning Your Knowledge
I believe Dogecoin’s technique of utilizing humor to unfold consciousness about digital currencies was sensible. Like Palmer and Markus, we aren’t measuring the success of Koinos primarily based on its worth, however on its potential to speed up the adoption of blockchain know-how and provides everybody possession of their information. So we applaud any effort to broaden the attain of this know-how.
However with Koinos we’re additionally making an attempt one thing totally different; providing a platform able to powering decentralized purposes that aren’t simply useful, however can really delight customers. Because of the technical improvements that we’ve got both adopted or constructed from scratch, Koinos shall be a platform that we predict builders will love utilizing to construct apps that PEOPLE love utilizing due to its pace, ease-of-use, and fee-less design.
For those who’d prefer to study extra about Koinos, head on over to Koinos.io, and if you happen to appreciated this text please comply with and tell us within the feedback of the YouTube video what you’d prefer to cowl in a future episode of the Large Image. Thanks to your time.
Tags
Create your free account to unlock your customized studying expertise.
