Blockchain to Revive an Idea of Basic Trust

The times we live in have drastically changed and people have stopped being scared. We let foreigners in to our homes and cars. Not only has this world changed but we have as well.

The most successful start-ups of recent years include Uber, Airbnb, Bla-Bla-Car. What is the key factor of these projects? They are based on trust.

In attempts to build a better life, our society has overcome its fear, which was a commonplace and inherently logical phenomenon over the course of history. At the same time, while overcoming their fears, people gained additional values: tangible ones like money and intangible ones like new friends, fellow travellers and like-minded people.

We may divide the evolution of trust between people the following significant stages:

  1. Local stage. The trust was built on close relationships. People trusted only those who were from their commune, who they knew personally or through trusted links.
  2. Institutional stage. The society trusted those who said what was to be done and what was not to be done, e.g., authoritative bodies like the state, the government, the church.
  3. Distributed stage. It is the humanity itself.

What does it mean? Why don’t we trust in the hierarchical structures that built their system step by step for decades? How has it happened that we do not trust the state, its institutions and even try to hide our own social, financial, and personal life from them?

Blockchain and its creation Bitcoin are intangible things not to be a kind of physical phenomena. It is not gold that can be melted down to make a coin, a spear or an ornament. It is not a security or a share of a billion-dollar corporation.

How does it happen that this technology and its add-ons have a market capitalization of 170 billion US dollars?

How does the technology that has nothing to do with emotional intelligence encourage us to promote empowerment and create trustless connections between people, objects and events?

The evolution has done its part. It is a technology, not a man that regenerates qualities forgotten by mankind.

There has been a loss of confidence and trust in the financial sphere for decades. The state has broken trust through inflation, stock market disruption, wars, etc. People are used to such processes and have no trust in them. Everyone has carefully run business, invested, and made financial transactions.

In the course of its development, the technology gave birth to such a process as ICO (Initial Coin Offering). So, what will happen next?

What if, having received another unique chance the mankind will make a bungle of it and turn the technology into a tool of destruction?

What will happen to the game that has no referee & regulator, rules and trust? The answer is chaos. What will happen to the technology that is destroyed as an idea and is used for selfish personal purposes? What will happen to the trust that originated as the only hope to create an era of the new unique technological world?

Indeed, ICO is changing this world creating an unusual and completely unique form of establishing financial rights and obligations. We can entrust millions of dollars to the project without knowing anyone personally and without understanding what an idea is put in place. We can trust based only on a beautiful picture and a promise that in a year we will earn twice as much.

How has the race for a mythical profit made from a 21st-century man a creature blindly following an illusion? How has a technology, which originally was intended to mean a transparent system for changing the world for the better, become a tool for scammers? Absolutely, ICO offers unique opportunities for geniuses, great projects and ideas that will change this world for the better. But there is a few catches:  if they have an opportunity to be noticed in this world and if they aren’t crushed by scam projects in our information-driven society.

Give a chance to talents; give a chance to ideas of the future! You fault the idea of blockchain technology for selfish evil purposes: if you can make a project without blockchain and ICO, do it; if your project and team are brilliant and you cost 100 million dollars, you will get them without ICO.

The world is already too spoiled to waste trustless resources on scammers.