@andrarchyandrarchy
CEO of Koinos Group, developer of the Koinos blockchain
I’m Andrew Levine, the CEO of Koinos Group. We are the creators of Koinos, the first blockchain that is completely free to use.
In this series of articles and videos we will use our unique knowledge and experience to explore how new technologies and cultural movements fit into the bigger picture so that you can gain a deeper understanding of a phenomenon by learning where it is in that Image fits arc of story.
In this article, I’m going to talk about Dogecoin, which in my opinion is one of the most misunderstood cryptocurrencies out there. I just want to make it clear that this is not financial advice. I’m just trying to educate people about new technologies, which often have a financial component. I’m not telling you to or not to buy Dogecoin or anything else.
As I said in our WallStreetBets video, the most important year for understanding the bigger picture is 2008, when the established economic order ended in the great financial crisis.
But essentially what we learned then was that our entire economic system was too antiquated, mysterious, and controlled by a tiny number of people. In short, it’s easy to be CENTRALIZED.
Bitcoin
While the establishment was busy fixing its systems, outsiders wanted to see a real solution. We wanted a system that was open, transparent and impossible to manipulate. It is for this reason that software developers have released the first truly decentralized digital currency. Bitcoin.
Because of its decentralization, Bitcoin was a digital currency that nobody owned or controlled, that was open and transparent, and that was also easy to understand because it had properties that resembled an asset that had existed for ages. Gold.
But it was also slow and you had to pay substantial fees every time you wanted to send a bitcoin to someone else. These are not the qualities people expect from an “advanced digital currency”. Earned or not, Bitcoin had also earned a controversial reputation. This is where Dogecoin fits into the game.
Since Bitcoin software is open source, anyone can copy the code and start their own version of it. This is a big deal as Bitcoin not only brought a new financial technology to market, it also provided a TEMPLATE that anyone could use to create even more digital currencies.
DOGECOIN
Dogecoin, launched in 2013, was just one such cryptocurrency. One of the most common things people get wrong about Dogecoin is that it was only created as a joke. Which is not true. Dogecoin certainly has a comedic component to it, but that doesn’t mean it wasn’t ALSO innovative or that there wasn’t a very serious reason for using this joke.
The creators of Dogecoin didn’t just copy and paste the bitcoin code and then slap a meme on it, which many seem to believe.
The developers, Billy Markus and Jackson Palmer, were legitimate software engineers employed by IBM and Adobe.
In building Dogecoin, they used their software engineering expertise to take advantage of the new technologies that were released after Bitcoin that enabled them to make Dogecoin ten times faster than Bitcoin!
They’ve also redesigned the economy to keep the price low so that it remains accessible and affordable, which, combined with its increased speed, makes it potentially useful for online transactions.
Humor as a tool
Even the use of humor itself can be seen as a notable innovation. Mocking the cryptocurrency made it less scary and even more accessible. For this reason alone, Dogecoin has earned its place in blockchain history. And that is possibly the most important point of all. Unlike so many in this room, Palmer and Markus thought about the big picture.
For them, the success of Dogecoin would not be measured by its price, but by its ability to accelerate the adoption of this new technology that has the potential to add value to our entire lives. And check out how effective Dogecoin has been in drawing attention to the cryptocurrency space and getting people to believe that blockchain is more than just Bitcoin. After all, check out this video which is all about Dogecoin.
The problem is that blockchain technology still hasn’t made it into the mainstream in terms of actual adoption, and humor alone won’t solve this problem. While giving Dogecoin a shine, Elon Musk once mocked his competitor Henrik Fisker, saying, “The reason we don’t have electric cars isn’t because of the lack of styling.” Well, the reason we’re not adopting blockchain technology on a massive scale isn’t because of the lack of memes.
Bitcoin and Dogecoin have certainly received more attention lately, but very few people use them because they are still not very, good, and useful to most people. They’re slow, difficult to use, and you still have to pay fees for every little thing you do. And at the end of the day, you can only send and receive these individual cryptocurrencies with these blockchains.
Koinos
We’re trying to change that with koinos. In addition to being fast, easy to use, and completely toll-free, Koinos will also be a decentralized computing PLATFORM that will allow developers to create applications with a higher level of security, privacy, and ownership that can only be achieved through the use of blockchain- Technology.
Just like Dogecoin integrated innovations that came after Bitcoin to offer a faster and more user-friendly digital currency, we use even newer technologies and combine these with our own innovative solutions that we have developed based on our experience with the Steem blockchain and steemit. com.
While the potential use cases for koinos are infinite, Dogecoin could actually run on koinos just to give you a taste of the potential and this would instantly make it ten times faster and completely toll-free, which brings it far closer to that easy-to-use option for online Payments that it wanted to be.
In addition, Dogecoin users get instant access to all other tokens and applications that are also running on Koinos, which greatly expands the utility. If the goal of Dogecoin was to destigmatize cryptocurrencies while developing innovative and useful features, the launch of Koinos Dogecoin would enable another evolutionary leap.
Own your data
I think Dogecoin’s strategy of using humor to raise awareness of digital currencies was brilliant. As with Palmer and Markus, we measure the success of koinos not by their price, but by their ability to accelerate the adoption of blockchain technology and give everyone ownership of their data. We therefore welcome all efforts to extend the reach of this technology.
But we’re also trying something else with koinos; We offer a platform that supports decentralized applications that are not only functional, but can also delight users. Thanks to the technical innovations that we either adopted or built from scratch, Koinos will be a platform that developers will love to create apps that PEOPLE love to use because of their speed, ease of use and royalty-free design.
If you want to learn more about Koinos, visit Koinos.io. If you enjoyed this article, follow us and let us know in the comments section of the YouTube video what you want to cover in a future episode of The Big Picture. Thanks for your time.
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