Guest post by Min Kim from ICON Foundation
Min is the Co-Founder of ICON Foundation.
In the past few years, there has been this bubbling discontent against centralized figures in our lives, especially in our digital lives. We have had to bow down to the rules of banks, social media sites, even governments and authorities as there have been no other alternatives.
This lack of competition had also driven the central authorities to get greedy and complacent, which has led to several notable failures in their authoritarian control. Facebook data scandals, banking collapses, political failures; all these occurrences have lead people to lose faith in centralized authority.
Yet, there has been very little that the collective has been able to do about it. The notion of decentralization has pretty much been theoretical with not too many concrete examples of how one can escape the centralized monopoly that has been constructed. But things are changing.
Blockchain has been steadily establishing itself as a technology of the future but also as a foundational tool for today. It brings with it a functional decentralization that people are starting to see work in different sectors. Bank-less Bitcoin showed people that finance need not be totally ruled by the bank, but that is just the beginning.
Why do we want decentralization?
We can understand why people are less trusting of central authorities. Especially when looking at banks, governments, and even corporations like Google, Facebook, and others; there have been a slew of bad press around the way they are operating.
The alternative is to disseminate the power in these sectors and have decentralized control where the need for trust in one entity is removed and a trustless system put in its place.