With blockchain, Twitter couldn’t have so much power

In a decentralized world, we don’t have to trust just anyone.

People and organizations – including governments – make bad decisions.

We can create better social platforms through decentralization.

Decentralization could solve social media governance issues, and much more

While cryptocurrency assets have incredible potential in democratizing finance (this is now increasingly clear as we go through heavy media attention ) the blockchain would also offer broader applications , and much more extensive.

In a decentralized world, we don’t have to trust humans, or companies, to make decisions.

This is fairer, more transparent and more secure than a system where power is centralized. Lately, CEOs of private companies have had the power to decide what is and is not free speech.

Release the blockchain

Vitalik Buterin, the founder of Ethereum (ETH), was the first to draw public attention to the broader potential of blockchain.

Its original intention was to improve the Bitcoin (BTC) payment ecosystem . that said, he quickly realized that the blockchain could support any type of transaction imaginable. And that opened up all kinds of new possibilities.

This is possible thanks to smart contracts, and contracts written in code and deployed on the blockchain. These contracts are designed to run on their own when predetermined parameters are complete, and verified by the network.

When you think about it, many of our daily interactions have a similar contractual element. This means that smart contracts have a very wide range of use cases.

Some are very simple, such as buy and sell transactions. That said, the principle can also be applied in complex situations such as identity and reputation management, government decision-making and, yes, even law enforcement.

Because they run automatically, smart contracts are much more efficient than the processes they seek to replace. There is no need for external oversight, enforcement mechanisms or other intermediaries.

What is really exciting, however, is that unlike traditional transactions, smart contracts do not require trust or good faith; two things which, in the modern world, are not necessarily guaranteed.

If the pre-agreed conditions built into the smart contract are met and the mathematical calculations, verified by the network, confirm that everything is valid, the transaction will continue and cannot be rolled back.

The problem of centralization

Cryptocurrency expert Chris Dixon argues that centralized systems follow a very predictable lifecycle.

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