Why we failed so many times?
Crypto currency is now at Cutting-edge, same as we faced with the end of the Bretton Woods System.
Because of the trusted value was kept changing dramatically in latest months, people finally realize in the case of old-school crypto currencies behaving as a kind of limited anchor, real world is full of fiat money, how could it ever succeed?
Crypto coins, namely currency, most of the systems are sharing same trust of value between different orgs and regions, while we couldn’t yet find a good way to persuade people why that’s valuable. Maybe the computing power? or prices depending on trading? That won’t work, because here they lie.
Here they lie
Like most currencies we know in real world, crypto currencies should also be certificates of trust, where people believe there is enough power to enforce the fiat money(by law or by violence) being stably valuable during resources/products were made/traded, they should firstly map the real-world product increment outside of financial system.
We are missing this control of issuing currencies that matches real-world product increment in most solutions using blockchain as trading system. Ripple is a sound example here, though it was aiming at providing financial payment solution, most of part are done correctly, except that how they issue the currencies still didn’t change(XRP), a huge mistake from basis.
Authority need to be outside of financial system not inside. Because the freely trading market has been proven fragile, people introduce social market economy system(or maybe planning economy), there are some saying goes when Decentralization becames a slogan in most cases, they are just phenomenon of class contradictions, and Decentralization is yet another buzz word same as revolution/disruption in people’s eyes.
Besides, authorities need to be able to adjust their trading rates according to trust level without modifying the whole financial system from scratch. It’s more important to provide a organic regional hierarchy structure to convey the trust between authorities and it’s subgroup, till reaching the individuals.
Checkout the Certificate Authorities
CA has been a very classical concept in internet for long long time, and I believe it’s mapping the real situation of the trust world quite well. If you look into the trust chain of certificates, it behave quite similar to our definition of currencies in real world, that’s why Hyperledger introduce this as the most charming feature for real industry, not for financial game players. It’s desinged as a solution, not a business.
Only crypto can save crypto
Now this comes back to the battle field of CA or more generally, the world of crypto, we can see some projects like Certificate Transparency are trying to achieve better auditable system, but still we are missing a real solution for the trust itself, after mixing privacy and transparency, this becomes more and more a mission impossible till now.
There must be some new killer crypto primitives needs to be invented or redesigned to solve the problem, as STRIKE we are working on Dual Receiever Cryptos, and Ring signatures hoping that may inspire some new ideas around the new structure of current crypto world.