Now that the cryptocurrency’s rally has stopped booming, we can start looking at the long-term opportunities that cryptocurrency offers. blockchain technology. The truth is that there is much more than just a secure, encrypted medium of exchange.
Blockchain will become as essential to our lives as semiconductors.
Few people know the history of this small and revolutionary device, other than to give the name To Silicon Valley, but semiconductors are a transformative technology. They support the design of electronics, allowing the creation of microcontrollers necessary for more intelligent and reliable mechanical systems, such as motors.
The image below provides an example of the iterations we are referring to. Improved mechanical systems have enabled applications such as jet engines and aircraft, which in turn power the travel and cargo systems of our modern air traffic network.
Even a century ago, the technological ability to travel around the world in just a few hours was still science fiction. However, it is accepted today that someone can catch a plane in the afternoon in New York and be in London at dawn. And all this is derived from successive iterations of a basic technique.
With the flexibility of software development and the cryptographic security of the data provided by the blockchain, it looks like we can design and achieve anything from secure, real-world supply chains to complex economic ecosystems.
What interests us here is the second opportunity, the possibility of creating entire economies, with uncertainty and complexity.
Part one: zero-to-one geometry
Currently, token engineering is an emerging field. (The term was only used with Trent McConaghy’s March 2018 article “Towards the Practice of Code Engineering”). We can summarize it as a discipline that focuses on designing self-organizing systems that are enabled through peer-to-peer cryptographic networks.
Open source projects such as Hyperledger, Ethereum, IPFS, MakerDao and Sovrin They have created an unprecedented opportunity to integrate theory with practice and design, and to create and monitor real economic ecosystems in real time.
Unlock networks built on the blockchain They exist for the same purpose as their analog counterpart: to satisfy some human need or desire. Software engineering and development in the form of smart contracts and distributed applications fills the role once occupied by intermediaries or intermediaries in personal networks.
Perhaps most importantly, that Economic networks built on the blockchain They are independent of any person or institution. Although a network cannot be controlled by a single entity, it cannot be fixed and repaired by a single entity either. This means that the said network must be designed and made resistant to the shocks of human life.
In the natural network, the mechanisms and institutions of exchange, such as barter, cash, and credit, have evolved over centuries. His endurance is the result of a lifetime of trial and error.
In intentionally created networks we have the opportunity to design and implement these mechanisms from scratch. It is up to the token architect to handle the operational intelligence of the ecosystem, ensure incentives are aligned, and maintain balance and independence from the network..
Who can create the token architecture?
Open networks built on the blockchain exist for the same purpose as their analog counterpart: to satisfy some human need or desire. Software engineering and development in the form of smart contracts and distributed applications fills the role once occupied by intermediaries or intermediaries in personal networks.
Given the scale of the challenge, it should come as no surprise that the talent pool of this emerging field is difficult, if not impossible, to comprehensively describe.
At BlockScience we have PhDs in systems engineering, economics, and anthropology, professional engineers of all kinds, and data scientists working to create the tools that can design and ensure the performance of these digital mechanisms.
Take a look at the following image to get a clearer idea of the diversity of knowledge and specializations in this field.
Our expertise is by no means the only practical mix of talent, skills, and knowledge that works to solve these problems. In my experience, the most important prerequisite for symbolic geometry It’s the desire to understand how things work and a willingness to explore both theory and data using the preferred, community-tested protocol: science.
In this article, I have attempted to provide a high-level overview of Opportunity block chain Beyond cryptocurrency, to identify the need for a new field of token engineering, and to include some of the skills and knowledge that goes into it.
In my next installments, I’ll delve into engineering: the processes, methods, and considerations we think about when building new social, technical, and economic ecosystems.
Original article by Charles Rice with Michael Zergham on Medium