Blockchains Are Not ‘The Internet Of Money’

I have written a feature article for Digital Asset News entitled Blockchains Are The Transactional Internet – Not The Internet of Money which critically evaluates the description ‘Internet of Money’ and proposes an alternative term which I contend is both more accurate and has greater potential for the development and adoption of blockchains:

“The association blockchains (and the tokens used to represent transactions on them) have with money, or even assets is an arbitrary one.  If you say words like ‘transaction’, ‘coin’ or ‘ledger’ to most people, they think of money, but this is because they have meaning to the majority of people in that context.  If you chose to swap the word ‘coin’ for something like ‘corn’ instead, then metaphors related to farming would probably become more prevalent instead.  Similarly, some of the descriptions like ‘mining’ used to confirm transactions are also arbitrary.  ‘Mining’ on blockchains is essentially a form of very electricity-intensive bookkeeping.  Blockchains are accounting ledgers that have been de-coupled from the value they might represent, which is more of a benefit than it sounds” [Read More]

Share this Article: