Two Confirmations | Crypto Over Coffee Podcast
Two Confirmations | Crypto Over Coffee
Block Brothers
Broken Systems: Why crypto alternatives are inevitable - episode of Two Confirmations | Crypto Over Coffee podcast

Broken Systems: Why crypto alternatives are inevitable

28 minutes Posted Feb 9, 2019 at 4:02 pm.
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Current systems are broken, and you may not always realize that is true until you see a better alternative. In this episode, we dive into some of the solutions out there, and how they solve the current problems.
Some Problems: Centralized systems create honeypots for hackers to attack.
-Lack of control of your own data (facebook and Cambridge Analytica)
-Financial systems, your bank is a trusted third party. In countries where you 'basically' trust the government, this problem does not come to light as easily.
-Censorship via 'trusted third parties' like email service providers and ISP's.
-Many services online are insecure by default. Cryptocurrency solutions
Solutions: Cryptocurrencies can be a storage of wealth. If your governments currency is going through hyper-inflation storing money in a cryptocurrency is a way to get around that deflation of your wealth.
-Using crypto as a currency, to pay for goods and services.
-Stablecoins are a category of cryptocurrency to peg crypto to traditional currency (fiat).
-Privacycoins are a way to maintain anonymity while using crypto for transactions.
-Smart Contracts is another category of platform that are moving traditional centralized services on the blockchain.
-Utility Tokens sit on top of smart contracts, and allow for exchange of goods, or other utilities separate from the other categories above.
-Non-Fungible tokens are verifiably unique tokens, like crypto kitties or digital art.
-Security Tokens create a way to break up ownership of an asset into smaller divisible units than have been possible before.
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