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Cryptos for a new order

SVB or Credit Suisse recent events make it very clear how banks manage their clients’ money to obtain benefits. There are those of us who are forced to find ourselves in the situation of having a savings fund, where we leave the management of our money to investment experts, with no choice but to wait until we reach the last stage of our lives to dispose of it. But, what would happen if those financial institutions also fail in their work to generate benefits for themselves, and thus, for our money?

Trust is finding new ways in the digital world. The past decade was the turn of commerce, where using e-commerce-type platforms, companies could get even closer to their customers without leaving home. Above all, for some of us who are looking for quite rare or unusual items.

Its beginnings were somewhat complicated, because you not only had to trust that the seller would really send the item or that it is not a fake one, or that you should faced a scam and all your money is taken away by another thief. Now e-commerce offers many guarantees to buyers, and not only purchase protection, but also protection when sharing your private and banking data.

There are many good practices when it comes to creating a reliable e-commerce, as mentioned in the ecommerce security article, and even so, you have to protect yourself using digital cards, because apparently you still find yourself with a lot of information been “sold” that can get to receive phone extortions and identity theft. It is assumed that banks should protect you from that. They do not care.

But there is a new decentralized model, which thanks to all this, is gaining strength. The cryptocurrencies, where the guarantee resides precisely in the decentralization of the action of your money. So far, there are few cryptos that truly fulfill this task, among them Bitcoin, which is perhaps the only and strongest one. Bitcoin has the scalability problem, the same one that several other blockchains are trying to correct to become the new reference. Although there are already some that have achieved it, we must wait a little longer to validate their real decentralization.

The blockchain concept is quite simple, but making it work truly decentralized requires a great amount of computing power. To reduce this environmental mark, they have built other alternatives such as PoS, which will still have to convince about its true decentralization. Trust, after all, is essential to maintain a balance between the capitalist model and the new digital society.

Creating a new blockchain is relatively easy, at Inflexion we have used blockchains for other purposes, creating trust is what is really complex, since demonstrating that the goods are secure in the blockchain in a decentralized way is somewhat complex to validate, although it is very possible with all the visibility offered by this type of platform. With them, hiding what they do with the money will be much more complicated, like a few days ago, where the assets recovered from a hacker ended up in a bookmaker. In this way we can identify where they “put our money to work” so that they do not give us anything more than laughable returns, and that yes, we still have to deduct the payment of their corresponding taxes that we do not even know if they are really going to pay them to authority.

Let’s hope it’s soon where a new order comes into our lives, a decentralized order.

Human & Co-founder of Inflexion Software

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