Blockchain and Cryptocurrency
Technology advancements have brought us many amazing things. One of them is Blockchain along with Cryptocurrencies. However, there is quite a big debate in this field. It’s regarding the importance of Cryptocurrencies in the world, while no one disputes the importance of Blockchain. One side of the debate says that Cryptocurrencies ARE Blockchain and that the two can’t be separated, while the other hand says that Blockchain is a great invention, while Cryptocurrencies are not here to stay. Before analysing the subject, we have to know what the definitions of both Blockchain and Cryptocurrencies are.
Blockchain vs Crypto
A Blockchain is merely a chain of blocks, while Cryptocurrencies are currencies built on Blockchain that serve a particular purpose they are made for. When Bitcoin was the only Blockchain, no one tried to separate or differentiate the two. However, once more Cryptocurrencies started to emerge, people saw the distinction. But, can one work without the other?
Cryptocurrencies work on the Blockchain, which serves as a distributed ledger. That way, it forms a network. Cryptocurrencies are nothing more than tokens that value the utility that the protocol presents. That way, Blockchain and Cryptocurrency work hand in hand, and should not be thought about as separate entities.
A distorted view of Blockchain
You can hear “Blockchain is revolutionary, but Cryptocurrencies are meh” from many people nowadays. However, that is an extremely distorted way of looking at things. The reason for that is the actual devaluation of Cryptocurrencies as the “driver” of the blockchain “vehicle”. There are tokenless Blockchains, but they are far from perfect. On the other hand, Cryptocurrencies have the potential to reach their true purpose of fully decentralising an operation, valuing it at the same time, and doing it healthily and without any artificial aid.
Future of Blockchain without crypto
Many companies are trying to approach the Blockchain integration without actually considering Cryptocurrencies. Anything can, of course, happen, but Blockchain without Cryptocurrencies most likely won’t. The symbiosis between the two is too great and too valuable to pass on.
Cryptocurrencies are here to stay, and so is Blockchain. The actual Cryptocurrencies we have today might not survive, but the concept will.