Read on Twitter
Thread: the covid-driven digitization trend of 2020 has awakened a renewed interest in monetary self-sovereignty, driven by the prospect of debt-fueled stimuli and its implied risk for currency debasing. 1/ https://twitter.com/techrounduk/status/1348678619833356290
However, I see the topic of self-sovereignty to transcend the sole financial sphere. Due to the recent political turmoils in US, and subsequent (rightful) de-platforming of right-wing extremists. This triggered various freedom-of-speech debates -e.g. https://bit.ly/3shhjyY 2/
In reality, the unprecedented offloading of problematic users has now clearly shown the overwhelming power retained by centralized service intermediators granting access based on arbitrary TOS, which can be adapted opportunistically at any time -e.g. https://bit.ly/38Bd09L 3/
I see this as a clear case for an all-encompassing digital self-sovereignty, not only in finance, but also in the political and social spheres, which should simultaneously disenfranchise channel intermediators while still retain accountability toward general regulations 4/
It is inevitable to look at blockchain as the ultimate building block of self-sovereignty. However, current tech is too immature to convincingly provide seemingly conflicting “unstoppable” & “accountable” attributes. Even in finance applications, where this seems within reach /5
The main friction lies within the lack of attention to compliance. This is clearly evident with privacy. TXs are nowadays either broadcasted openly (BTC, ETH, etc) or anonymously (XMR, ZEC, GRIN, etc). Hence, all these platforms remain confined in the unregulated market realms 6/
IMO, SC platforms provide dApps with a native, automated compliance framework. This is the only way to tackle the “unstoppable” and “accountable” properties. However, this requires a level of complexity that is simply too much to handle for general purpose platforms /6
A harmonized regulatory framework covering social, political and economical matters simply there isn’t. This is why generic platforms are unsuited to break out of the “unregulated” box /7
I believe the future lies in a multiplicity of specialized SC blockchains, each providing regulatory framework of reference natively, and occasionally communicating with each other through general purpose interoperation protocols. $DUSK has been conceived that way for RegDeFi
