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Ethereum. A guide. (Fourth part)

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Decentralization of value

Undoubtedly, one of the most significant aspects of Ethereum is the network's ability to create decentralized services on its structure.

The potential is huge. Imagine, for a moment, a bank that was not controlled by any company or government, where the financial mechanisms are automated by smart contracts and the rules are built through consensus among participants.

In this way we could acquire all the advantages of a banking system (security, credit, interoperability), but in a community run by its users.

Something very similar to this happens with the DAI protocol, which allows the creation of a stable currency detached from the commitments of a state or a central bank. In addition, DAI is controlled through the active participation of its members from the MakerDAO platform, which allows consensus to be created on how its protocol should be governed.

The decentralization of value, beyond being a slogan or an idea behind a technology, is the real potential for people to regain control of their economy and of various aspects of the social economy.

From minting coins to creating digital collectibles. Or as has been happening in recent times with the DeFi movement, which managed to replicate some functionalities of the financial system with decentralized technologies.

All this with the only requirement of having a telephone and an internet connection. Therefore, the disruptive potential in economies where the population is not banked is even greater.

Ethereum's potential in this regard is only limited by the creativity and capacity of its community.

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 11/10/2020

Digital & Hitech

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