The future of blockchain

This post originally appeared on ZeMing M. Gao’s website, and we republished with permission from the author. Read the full piece here.

In contrast to a corrupt future of the world exploited by crypto, the real Bitcoin blockchain is creating a different one.

Crypto does not represent the true blockchain technology. It is a distortion at best. With its promotion of outright open Ponzi schemes, it is a fraudulent misrepresentation.

In contrast to crypto, the future of true blockchain technology paints a healthy picture of a world supported by a New Internet integrated with blockchain.

Regardless of the crypto noise, the technology and economy of real blockchain and DLT will emerge on the New Internet to provide the needed utility and productivity. That is the main message in my two-volume book BIT & COIN: Merging Digitality and Physicality

The following is a healthy picture of a future, in contrast to the unhealthy one led to by crypto:

• A New Internet: secured and authenticated by a universal blockchain integrated at the base Internet protocol level
• One unifying blockchain, with unbounded scalability (TPS beyond millions, able to increase unboundedly on demand), extremely low transaction cost (cost per transaction below 1/100 of a cent), and unlimited capability of tokenization and smart contracts
• Enterprises and governments on the blockchain: each entity enjoys its own secured slice of distributed ledger and benefits from a more secure and more efficient database with Single Source of Truth (SSoT), but all entities are connectable through an automatically verifiable common truth framework of a universal EDI, Triple-Entry Accounting, and automated payment
• Social networks on the blockchain, where the network owners’ business models are based on tech aggregation rather than data aggregation, while users enjoy tech efficiency and data sovereignty at the same time
• One base blockchain currency, with a total value of $1 trillion, supports $25 trillion worth of global economy (representing a currency efficiency ratio of 25:1, multiple times more efficient than fiat currencies)
• Multiple CBDCs tokenized on the same blockchain in a total amount of $2 trillion support an additional $25 trillion worth of the global economy (representing a currency efficiency ratio of 12.5:1, maintaining the traditional efficiency of fiat currencies but with much better security and programmability).
• $100 trillion real-world assets tokenized on the same blockchain and efficiently and transparently exchanged on the chain
• 100 billion things connected through and managed on the blockchain integrated with the Internet of Things (IoT)
• 100 billion AI-enabled digital agents connected through and managed on the blockchain with automated secure data exchanges and value exchanges
• A more efficient global economy, supported by the blockchain along with the blockchain-based New Internet
• A more productive and fairer global economy, blessed with the creation of massive new values for most people rather than the curse of a zero-sum value extraction and redistribution game benefiting a small group
• A world saved by decentralized human capitalism (DHC) from the collapse of capitalism and the encroachment of socialism and prevented from degenerating into techno-federalism
• A humanity that is less dystopian because it found a way to preserve the knowledge of essential truth and a vital sense of reality – preserved for salvation because faith, hope, and love did not die.

I like the above future better than the one that crypto is leading to.

Fifteen years after the invention of the Bitcoin blockchain, the genuine Bitcoin, according to Satoshi’s vision (BSV, not BTC), is ready. Growing up in a treacherous environment, broadly misunderstood, unjustly attacked, ironically belittled, and mocked for its lack of ponziness, it is becoming stronger every day and is now ready to build a new world.

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