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The Impact of Second-generation Cryptocurrencies on Banking

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By Giuseppe Gori, CEO, Gorbyte, Inc. Since the advent of Bitcoin, over ten years ago, the cryptocurrency market has been very active, but mostly speculative. Many new currencies have been created, but not much has changed in their basic conception. Some cryptocurrencies are pinned to the US dollar to achieve stability, but may be susceptible to other problems. Bitcoin vs. USD Volatility ( From: BuyBitcoinWorldwide ) We should not be surprised that, after 10 years of Bitcoin, most current fintech articles on cryptocurrencies consider blockchain technology as a fait accompli. The common assumption is that not much will change in the Distributed Ledger Technology (DLT), and the cryptocurrency world, in the next few years. However, really disruptive changes are sudden. With the rate of acceleration of today’s technology, change is unpredictable and its impact is sometimes beyond expectations. First-generation crypto-networks, such as Bitcoin and Ethereum use leader-ba...
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Blockchain and individual freedoms

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Individual freedoms are important to most Americans. We believe that some type of representative democracy is an insurance against dictatorship. We value our freedoms and we believe that they are conductive to a free society, innovation, progress and a better standard of living for all. It is apparent that when institutions public or private, are centralized and become more powerful they  attract people interested in seeking power. The concentration of power at the top of these organizations often leads to abuses of power. The majority of people, who earn their reputation and remuneration in life by servicing other people are not interested in acquiring power and control over other people. We all benefit when our neighbors and friends are happy, free, honest and successful. The average person builds, creates, innovates, learns, solves problems, risks, invests and provides products and services to others, values other people freedoms, may be self-reliant or more so...
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Blockchain: De-centralization Is The Problem

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De-centralization i s one of the buzzword s o f blockchain technology: companies and web sites have sprung up that includ e th is word as part of their name. De-centralization has been touted as a most advanced feature in fintech. The acronym DLT (De-centralized Ledger Technology) has become a synonym for blockchain in the fintech permissioned environment. Few realize that de-centralization is itself the problem. This concept has kept blockchain technology stalled for many years. Let me explain. In the 1960s, computer systems were centralized, or configured as a star network. Only in the early 1970s did the need to connect computers from multiple manufacturers become urgent. At the time, the nodes of the few existing communication networks were typically organized hierarchically, but from the very beginning the protocols implemented in the nodes of the ARPA, RPCNET, PISA and other groundbreaker networks preceding the internet were designed with the general idea that no c...
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