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Why there is resistance to blockchain (why so many people are doing blockchain)

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Why there is resistance to blockchain. The essence of blockchain is decentraliza

Why there is resistance to blockchain (why so many people are doing blockchain)

Why there is resistance to blockchain. The essence of blockchain is decentralization, transparency, and fairness. Bitcoin, as a distributed accounting method, is completely different from traditional database structures, and its value also has significant differences.

When we talk about blockchain, in fact, no one knows why it is called “blockchain”. Because if in the past few years, mainstream public chains like Ethereum have made breakthroughs or disruptive technological advances, then today the world has already seen many different application cases: DeFi (Decentralized Finance), NFT (Non-Fungible Token), and some other new applications… and these are all results of resistance and attacks on blockchain technology. What is “blockchain”? From the beginning, “blockchain” refers to a new type of computer technology that conducts transactions through peer-to-peer networks, with the aim of digitizing and making public things created by human society, and thus creating a new thing – digital currency. Although this concept is very ancient, many people consider it a great invention. In fact, this technology was originally proposed by a person named Vitalik Buterin, but because Bitcoin was still in its early stages at that time, it turned out to be a scam. So people called this phenomenon “blockchain”, which is what I often call “decentralization”. Now most people have overlooked this point because they are unwilling to admit that they are scammers. And, as time goes by, this situation has changed. “Decentralization” is not a new term. Simply put, “decentralization” means that users use a certain service instead of relying on the services of others. In other words, if you have used some tools or protocols, such as PayPal, Square, or companies like MasterCard and eBay, you will find that your products and services are loved by consumers and even become their wallets with built-in cryptocurrency functions. In other words, users do not need to hold any assets to participate. This can maximize the interests of more people. On the other hand, for ordinary people who only want to make money but don’t know how to survive, blockchain may provide solutions to problems in the real world.

But currently, blockchain is not the only company that can achieve this goal. On December 10, 2017, the U.S. Financial Industry Regulatory Authority issued a report stating that more than 50% of global investments come from Bitcoin and other cryptocurrency projects, accounting for more than 10% of the total U.S. investment. Nevertheless, since early 2019, only 2% of U.S. investors have expressed support for Bitcoin, while in January 2018, the country had invested about $500 million in Bitcoin. In the middle of 2018, the U.S. federal courts rejected two motions for collective lawsuits against California blockchain startups. In addition, since the end of 2019, more donations of $5 million in Bitcoin have been made by the University of California to encourage innovation and the development of the cryptocurrency industry.

Why are there so many people doing blockchain?

Since 2013, blockchain technology has been applied in various industries. According to incomplete statistics, the transaction volume of digital currency in 2017 reached 3 trillion yuan, while the ICO financing amount in 2017 was only 40 million US dollars. Since 2019, the investment and talent reserves have been significantly insufficient, and the development of the blockchain industry in 2019 has shown a surge in growth. In 2020, Chinese internet giants and traditional enterprises have successively entered the blockchain field. The appearance of blockchain technology has a huge boost to the development of the industrial economy, but at the same time, it has also brought many problems: first, the underlying architecture is not yet perfect, lacking mature application support. Second, market regulation is not yet sound. Third, there is insufficient understanding of existing laws and regulations. Fourth, there is no clear definition of whether to protect user data privacy, etc., so there are currently some security risks and difficulties in safeguarding the rights and interests of investors. (Huoxing Finance)

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