There is a lag in the technological innovations of banking services. Authorities are
removed from the needs of the majority and financial institutions are not incentivized to develop
the innovations that fit the needs of low to moderate income individuals.
Before large tech companies, like Uber and AirBnB, appealed to removing the
middleman there was a more serious appeal to removing third-party trust. Ten years ago, Satoshi
Nakamoto released a white paper titled: Bitcoin: A Peer-to-Peer Electronic Cash System, which
solved the problem of the middleman, or needing third-party trust in a digital financial
transaction. The Bitcoin protocol is proof of concept that blockchain technology can serve as a 1
means for a fee-free banking solution on a peer-to-peer network. Graphcoin is a mission-focused
peer-to-peer network for digital financial transactions.
The technology that supports Graphcoin has improved scalability, sustainability, and
lowers the barrier to entry to be a participant of the network. These developments are significant
innovations to the mission of Bitcoin network. Removing predatory third parties and aligning
interests can realize the ownership of assets for more people than the current infrastructure
allows. The Graphcoin network’s bottom line is a commitment to providing time and freedom to
discover and pursue your passions.
It is necessary to first understand the inefficiencies and profitability of third-party entities
in order to understand the importance of democratizing financial services and the ownership of
one’s own data. Then one can apply this understanding to the potential of decentralized
technology such as blockchain networks or peer-to-peer networks built on a decentralized public
ledger, like the Graphcoin network.
The future applications of digital currency and blockchain technology are still at their
early stages. The potential of distributed networks has yet to be fully realized and will certainly
require additional innovations. The introduction of Bitcoin was the first cryptographic
blockchain protocol to impact the exchange of goods and services and also gain widespread
adoption. By removing the need for an intermediary in making digital payments,
cryptocurrencies are the first of many financial innovations that will lead to a more efficient