The inherent negativity which the world has witnessed in a dictatorial system of government in the past and the current battle which is ongoing between the centralized banking system and the Decentralized Finance (Defi) which controls the cryptocurrency world, has become a beacon for a better understanding towards the negative effects of centralized governance in the world today. One can outrightly say that the business of the world would do better if and when a decentralized system of government is adopted. Just as we have seen in the government system of the world today, where a democratic and federal system of government has become more adopted in the world as against other forms of government, it is also inherent that the world of crypto-blogging should and as a matter of urgency adopt Decentralized system of ownership.
I will try and make this article very explanatory for easy comprehension to avoid any form of misconception by my readers.
Have you been writing and posting quality contents on crypto-blogging sites like read.cash and others? If your answer is yes, I will presume you may have been faced with the issue I am going to be discussing in this article. This is something that has been going on for some time now because a lot of people are yet to understand what and how a good crypto-blogging site should operate. It is no fault of theirs because cryptocurrency itself is still a very new topic in so many societies in the world today. The inception of BTC brought about its autonomy in the world of cryptocurrency which is one of the reasons for its general adoption but as soon the introduction of Defi came in to play through Ethereum, we saw an upsurge of all other projects built on the ETH blockchain. Now, looking at this, one can say that Decentralized Finance is the way forward for the smooth and transparent growth of Crypto-blogging in our world today.
I understand that there are persons who have more knowledge of the workings of Defi than I do this is why I will want to leave this article in an open format for their contributions to the subject matter. Let us look at the subject matter.
Dangers of Centralized Controlled Crypto-Blogging
It may interest you to know that a lot of crypto-blogging sites are out there but the major problem is whether there is a central or decentralized control mechanism. Let us look at cases where a crypto-blogging site is under the sole control of a founder, what do you think can happen if and when the founder decides to shut down the site like in the case of Uptrennd? It may interest you to know that once a system is under the control of one man who probably is the founder or developer, there is every tendency that such an organization or enterprise may gradually turn into a dictatorial system of governance. This is because of the common knowledge that absolute power corrupts absolutely. In the case of Uptrennd where the owner who is also the founder got tired or probably has gotten enough money from the traffic which was created by the regular visit of content creators on his platform, he decided to push the site over to Trodl without putting into consideration the investors and their money.
This same act was witnessed in Steemit when it was sold out to Justin Sun without due consideration to the users and investors money. Now, if the crypto world is fighting to turn the financial system of the world to Defi, it will be very important for every crypto-related platform to also build its existence on Defi just to make sure that people are not scammed of their money.
A quick look at Read.cash
To date, a lot of users of this platform do not know who the owner of the platform is. This is probably because the system works more on Donations from good spirited individuals whose minds are purely centred on common distribution and rewarding of good content creators. Even as @MarcDeMesel remains the top donor in this platform, he is still working as an investor because he believes that the more BCH is adopted and used as a payment method in society, his investment in BCH will also be witnessing exponential growth and I believe that other donors have this similar understanding. I strongly believe that this platform is more Decentralized than Centralized this is why it is and will be the best crypto-blogging site anyone can think of.
As the crypto sphere moves into the decentralized finance, it will be an added advantage for all the other crypto-blogging sites to do the same as a way to fight scam which might come from the side of the owner or founder. It can be done by making sure that the founder of a blogging site does not control the payment system just like we see in Read.cash where the bot rewards good content which does not stop other users from tipping any content that catches their fancy. In this way, there won’t be sole control in the platforms. The breakdown of Uptrennd should open the eyes of every content creator to always be sure that the platform they intend to join is not under the control of the founder or owner in other not to waste their ideas for nothing. The only way out is by introducing DeFi in the Crypto-blogging sphere.
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