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Too often, people resist change, clinging to outdated ideas and methods.
Many things that are today taken for granted were once vehemently opposed by some section of society—be it the ideas of germ theory, that we live in a heliocentric solar system or that anesthesia is actually a good and useful thing—as humans, we tend to kick against changes until the fundamentals eventually win out.
In recent years, a revolutionary concept is challenging this stagnation: blockchain technology.
Its decentralization, transparency, and permanence can potentially transform financial systems and society as a whole.
Blockchain’s core principles are decentralization and trust.
Blockchain offers a refreshing alternative in a world where faith in governments and large corporations is waning.
Blockchain fosters trust using cryptography and consensus algorithms to verify the authenticity of data, making it hard for any individual or group to manipulate.
For instance, Dubai’s government plans to use blockchain for all governmental documents, which could significantly reduce corruption.
Decentralization is another key aspect of blockchain thought.
Centralized institutions, such as governments and major financial companies, have shown their weaknesses, with many collapsing in recent years.
Blockchain’s decentralized nature makes systems more robust by providing each participant with the same information, eliminating confusion and potential issues.
It also removes the need for centralised middlemen, ensuring no single entity controls our resources.
A recent real-world use case of blockchain’s potential is in land registration.
Countries like Sweden and the United Arab Emirates have begun using blockchain to record land titles, reducing inefficiencies and corruption while increasing trust in the process.
Blockchain’s decentralization, transparency, and trust could shape our future, with fairer power distribution, collaboration, and individual control over personal affairs. Read more here.
Rethinking Trust Mechanisms With Splitchain
Trust is a cornerstone of blockchain technology and Splitchain’s approach to managing truth aligns with this principle.
There are a number of upsides to the blockchains, but there are also a number of issues that need to be solved.
Unlike traditional blockchain networks that rely on a majority consensus to approve transactions, Splitchain validates transactions based on a confirmed ‘truth’ from both parties involved.
It has a novel search process that aims to keep the system resilient against manipulation and encourages speedy and efficient transactions.
The concept of decentralization, another pillar of blockchain thinking, is also a key part of the Splitchain network strategy.
Splitchain uses a unique method of running caching nodes on the network to keep transaction data available and findable, even when smartphone users go offline. This helps to maintain accuracy across the system.
In the same vein as the Dubai government’s move to use blockchain for all government documents, Zucoins could consider exploring opportunities in public sector integration.
For instance, partnering with government agencies to provide Splitchain-based solutions for their needs, could be a strategic move.
It’d help combat corruption, increase transparency, and further establish the credibility and utility of Zucoins and the Splitchain network.
Taking a leaf from the real-world application of blockchain in land registration, Splitchain could be applied there too, as a more cost-effective and efficient system for handling land registration.
By stepping into such applications, the system could demonstrate its practicality, further improving its place in the Web3 revolution.
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All the best,
Peter & Rob