Pretty excited about what I just discovered about the Distributed Ledger Technology (DLT)- the technology underlying cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc.
I got this from Mike Maloney's Hidden Secrets of Money episode 8 (I have mentioned this series before)- a documentary about his journey understanding (and investing) in the Cryptocurrency Revolution.
I have also talked about Blockchain technology and -the commonest application built upon the open source code- Cryptocurrencies, of which we have over 100 now.
However, I was disillusioned by the fact that instead of Bitcoin replacing Fiat currencies, it only became a speculative tool, spurning lots of ''altcoins'' such as Ethereum, Litecoin, Dogecoin, Earthcoin, Fastcoin, etc. This is mostly because of the limitations and weakness of its Proof-of-Work consensus model, chief of which is difficulty in scaling it. We now have direct (hard fork) splits such as Bitcoin cash and Bitcoin gold, in a bid to make up for the slowness of transactions.
Hashgraph is a new technology that promises to revolutionalize, not just the cryptocurrency world, but also the internet and Internet of Things (IoT) as we presently know it. It is 50,000 times faster than Bitcoin, processing about 100,000 transactions per second compared to 3-7 transactions/sec for Bitcoin's PoW.
It is worth taking note of...for the future has come. And the Church should be prepared to use it in attaining true cashlessness in order to eliminate lack, and redistribution of resources equitably and securely.
Said Karthik Iyer about Bitcoin:''It was founded to redistribute value, move money away from bankers and financial institutions to people. Anyone could become a bank, payment service, lender. It is the greatest redistribution of value in human history.''
However, Hashgraph will not only allow unfettered redistribution of value created by a ''privileged few'' in the society (as blockchain allows), it will MAKE EVERYONE AND ANYONE TRULY VALUABLE- individually able to create value, and then give out that value (or part of it) without needing or using money or supercomputers, as a means.
I believe you can see why I am so excited now.
[You can also check out Leemon Baird, the inventor's website for more.]
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