Digital Assets: Tokens vs. Cryptocurrencies
In our increasingly digital world, where the traditional financial system is slowly but surely shifting
Does the decentralized world operate using a system of government? if so, crypto may very well be a democracy. If not, crypto might look more similar to anarchy.
Let’s explore the truth of this association.
Some view the blockchain as the unifying force. The problem is that there is not one blockchain, but rather many different chains that are fundamentally separate from one another.
Blockchain interoperability will be necessary before blockchain can even remotely resemble a governing body. Currently, interoperability is in its beginning stages of development and adoption, but its long-term future is promising.
Even after interoperability becomes a reality, it is not clear that blockchain can be considered a governing force.
The most minimal government provides two key services to its people:
In order to provide these to the people, the government institutes laws and programs, voted on by the public or by elected officials.
Let’s see if blockchain lives up to these requirements.
The answer is yes…kind of.
Blockchain technology ensures the truth of transactions and makes sure everyone has the same version of the truth by organizing the transactions into blocks on a chain. This way, people are barred from corrupting records. Furthermore, blockchain stores these blocks of information to provide a digital paper trail for every transaction.
But, does Blockchain prevent scams or unsafe cryptocurrencies from flooding the market? The answer is no, and attackers are taking full advantage of this.
Blockchain in its current state is like a government that builds roads but doesn’t pave them. It provides the basic infrastructure but is not at all concerned with user experience.
After blockchain interoperability is achieved, these bumpy “roads” will likely level out for a smoother ride.
Until then, the job of user experience is transferred to individual crypto apps.
Each app/currency functions independently. Each has its own system, login credentials, wallets, digital signatures.
So: a user who wants to use multiple crypto apps, currencies, exchanges, and DeFi products is going to need to invest a lot of time and effort in order to learn each system and keep track of it all.
That is, until now.
Magic Square has created the first fully functional app store designed specifically for crypto applications with user experience at the forefront.
Magic Square integrates user experience by creating an interoperable experience with bridges, Integrated DeFi, and SSI. These features conceive a multichain experience for app users and developers alike.
The best part?
Magic Square functions like a true democracy.
The framework for democracy in the case of Magic Square is the Magic Community Zone, where members vote on the quality of new apps.
New apps are not the only matter decided by the Magic Community. Almost all decisions of the platform are put to a community vote including featured DeFi services, the number of funds allocated to new app developers as grants, and more.
Magic Square in fact provides the missing piece of the democracy puzzle in the case of crypto: it paves the roads, delivers the mail, and arms the soldiers, so to speak. The community validator system “arms the soldiers” by filtering out scams and bad apps in order to set a high standard for featured apps and create a safe space for users within the ecosystem. The “road paving” and “mail delivery” are achieved by Magic Spaces and Magic Connect, which together create a streamlined, simple, and smooth crypto user experience, and you can’t ignore that the community voting system is precisely what defines the meaning of democratic governance.
Although at the present blockchain cannot be considered democratic, Magic Square is creating an interoperable crypto experience, quite literally paving the way for a new era of democratic web government — Web3.0. Join our social community and follow the blog for more useful analyses, updates, and project developments.