Satoshi Nakamoto created Bitcoin to provide a platform for a decentralized, secure and private peer-2-peer financial system. It’s creation was born out of a concern that the distribution of economic power is too reliant upon centralized entities. After the 2008 Mortgage Crisis, it is clear that the fractional banking system and ever increasing M2 and M3 money supply can easily get out of hand with various synthetic derivatives. This is a clear indicator of monetary mismanagement by centralized entities. This is where smart contracts come into play on a decentralized network. Instead of using your bank, you can use blockchain based immutable smart contracts and verify smart contract pools with on-chain metrics. Through the use of the blockchain, individuals will be able to reclaim their economic freedom by controlling their finances through decentralized autonomous organizations (DAOs). Beyond this, blockchains are more than just vehicles for providing cheap and fast transactions. Distributed ledgers can expand to cover every aspect of virtual data processing services, including cloud storage, cloud computing, governance and finance.
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