Better Archives -
After trekking to Manhattan every February from his headquarters in Coconut Creek, Fla., for the largest trade show in the U.S. toy industry, Gary Atkinson decided to skip this year’s event. And for good reason: Toys R Us Inc., once his largest customer, wouldn’t be there.
But the chief executive…
It’s not the first time this Tennessee judge has likened black-on-black crime to KKK violence, reports the Clarksville Leaf Chronicle , but it’s certainly the most publicized. In a Thursday hearing in the case of Vincent Bryan Merriweather, Montgomery County Judge Wayne Shelton exclaimed that he’s “sick of it,” with it…
Narendra Modi swept into power in 2014 with promises to take the Indian economy to new heights and to create jobs for millions of young people.
CNN.com – RSS Channel – World
High taxes. Stifling regulations. Exorbitant housing costs. Freeway gridlock. Fires and floods.
Hand-wringing over an exodus of disillusioned Californians may be a Golden State pastime, the subject of political punditry and strung-out social media threads.
But the latest data are far from dire….
Criticism is the overarching theme of today’s crypto chatter roundup. Andreas Antonopoulos vehemently opposes mandatory KYC to access banking services. Also, Preethi Kasireddy calls for cryptocurrency users to rethink decentralization.
The Role of Documentation in Banking
Mastering Bitcoin author Andreas Antonopoulos recently released a video that criticized the need for documentation to access banking services.
Antonopoulos explains that requiring documentation for banking is a historically recent phenomenon that is based on two assumptions. First, people with identification are “assumed” to be good and thus allowed access to banking services. Also, documentation is required because it allows governments to track and punish those who commit crime.
Antonopoulos is critical of both these assumptions as they have excluded “several billion people from the financial system.” Also, it’s a system that doesn’t work because society is full of criminals who have identification documents and banking licenses.
Who Will Guard the Guards?
Antonopoulos also believes that current KYC banking requirements are a toxic and fascist concept that gives governments too much power. Since the government issues identification documents, they have absolute control over who has access to financial services. This is supposed to prevent fraud and terrorism, but the result is that criminals are funded and supported by governments themselves.
More Decentralization Is Not Always Better
In other news, Trustory founder Preethi Kasireddy recently called out crypto Twitter on their religious-like stance on decentralization.
The Crypto community needs to STOP equating:
Decentralizated == always BETTER &
Centralized == always WORSE
Even a slight bit of common sense would tell you that this is incorrect. Context matters.
Let's stop talking in absolutes and sounding like idiots.
— Preethi Kasireddy (@iam_preethi) December 19, 2018
Centralization is a taboo concept in the crypto community and often serves as the basis for strong criticism about cryptocurrency projects. Kasireddy argues that this should not be the case because context matters when talking about decentralization. Her statement received mixed reactions. One commentator opined that decentralization is always better because “you can build centralized apps on top of a decentralized protocol, but you can’t build a decentralized app on top of a centralized protocol.”
Other cryptocurrency pundits agreed with Kasireddy, like Melik Manukyan who lamented the use of “decentralization” as just another empty buzzword. Manukyan believes that decentralization is just a means to an end, and not an end in itself.
What do you think of requiring documentation to access banking services? How about the importance of decentralization in the cryptocurrency industry? Let us know in the comments below.
Images courtesy of Shutterstock.
Why not keep track of the price with one of Bitcoin.com’s widget services.
The post Chatter Report: Antonopoulos Criticizes KYC, Kasireddy Claims Decentralization Not Always Better appeared first on Bitcoin News.
Lil Wayne says there is a basketball player better than Michael Jordan … but it ain’t LeBron James. “These days they think the tough question is Jordan or LeBron. No. Jordan or Kobe is the tough question … but it’s Kobe.” The rapper made the…
It’s only been 13 games … but Giants star rookie Saquon Barkley is ALREADY the best running back in the NFL — so says Victor Cruz. Of course, the ex-NY star is super biased … dude still bleeds Giants blue — but he tells us there’s no doubt in…
Satoshi Nakamoto’s Bitcoin whitepaper laid out an intoxicating vision for a “purely peer-to-peer version of electronic cash” — free of involvement and interference from third-party intermediaries.
Ten years later — despite much growth, shrinkage, excitement and hype — Bitcoin, and cryptocurrencies in general, have yet to be put to any significant use in commerce, which is a key reason why crypto markets continue to face such extreme volatility.
Crypto is currently too difficult and risky to use. This why it has not achieved mainstream adoption. Many other cryptocurrency and token-utility protocols have been launched to create variations that are faster, cheaper and more able to handle complex transactions. But very few have focused on how to make them easier, safer and more comfortable for people to actually use.
Bad Utility Equates to Bad UX
Imagine stopping people in the street to show them what it is like to use cryptocurrency with the incoherent crypto addresses, the lack of obvious route to learn the progress of payments, and the irreversible transactions — even in the event of payment errors.
It seems reasonable to assume few would be comfortable using cryptocurrency to conduct an exchange of value.
Praising third-party intermediaries is considered heretical in the blockchain world. But from the everyday users’ perspective, they at least can provide greater confidence that a transaction of value proceeds as intended. Checks can minimize errors, and errors often have the opportunity to be corrected.
For Satoshi’s vision of a “purely peer-to-peer version of electronic cash” to become a broad reality, the user experience of sending/receiving crypto must be greatly improved.
In fact, the user experience needs to be better than that of sending/receiving value in the fiat world because transactions are irreversible. Users need near certainty on the accuracy of their transaction details — including where funds are being sent, the amount of funds, the type of funds, and the purpose for which they are being sent.
But all this needs to be achieved without a trusted third-party intermediary.
Efforts to address blockchain usability in a decentralized manner to date have almost exclusively focused on solving only one piece of the problem — the concept of human-readable “wallet names” to eliminate the need to deal with incoherent public addresses.
Those attempts have failed to make any meaningful impact on usability for a number of reasons. First, many of the attempts at wallet names are as complex as the usability problem they attempt to solve. Next, some attempts have been blockchain-specific, meaning that a user would be faced with a wallet name for one token but not for other tokens in their wallet.
Others have created “walled gardens” requiring all users to utilize specific browser plugins or wallets to obtain greater usability, but solving nothing for the multitude of users interacting with different wallets. Even if any of these efforts were successful, wallet names themselves are an insufficient piece of the usability solution, as they do nothing to provide confidence about the accuracy of transaction details, nor shared context for the purpose of the payment.
Here We Go
It’s time for wallets and exchanges to change the paradigm and enable dramatic improvements in usability across all blockchains. By uniting around a decentralized Paypal-like protocol, we can finally break through the barriers on blockchain usability.
This protocol should be open sourced and available to all. In other words, every wallet and exchange should be able to participate. We need a protocol that works with existing blockchains rather than competes with them. We need a protocol that doesn’t require them to change in any way, and won’t sit in the middle of transactions. Rather, it should augment blockchains by enabling all wallets and exchanges to provide a decentralized suite of information and workflow not previously possible.
A protocol like this would enable the first wallet names that work across every token and coin. Crypto users would be able to send a request for payment from within one wallet to another wallet — virtually eliminating the possibility of errors in sending tokens or coins. Cross-chain metadata could work identically for every token or coin so that transfers of value, regardless of token or coin utilized, could include secure details on the purpose.
And these capabilities would only be the beginning. A raft of other usability solutions could be built if everyone gets involved.
Calm After the Storm
The volatility experienced by cryptocurrencies over the past year would greatly diminish if crypto just became more consumer-friendly. As long as blockchain tokens and coins are limited to being primarily an alternative investment asset class, market adoption will be constrained.
The vision of a decentralized, peer-to-peer system for exchange of value is not only about accuracy in the ledger of transactions, it’s about the comfort and confidence of the user in the process of moving the value represented.
I’m optimistic that the whole industry is about to come together to solve these usability issues. Soon the average person on the street will not only be comfortable using cryptocurrency, but will finally find it superior to fiat currency for a variety of transactions.
Do you think a single protocol for interoperability between blockchains is the way to go? Will the industry unite to solve these pressing issues?
Images courtesy of Shutterstock
OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
The post Honoring Satoshi’s Vision: Toward a Better Crypto User Experience appeared first on Bitcoin News.
Anthony Scaramucci is chalking up all the recent finger-pointing at President Trump to liberals being pissed they can’t beat the guy, especially ahead of the midterms. We got the Mooch out Monday at Reagan National Airport…
Top business leaders offer tips directed to men and women at all levels in the corporate world to improve workplaces, given findings that show progress for women at work has stalled.
WSJ.com: US Business