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Freedom and Transparency of Open Cryptocurrency Case Study Donation to Ukraine
Transparency is one of the key innovation of cryptocurrency. The term known as cryptocurrency by regular people and the term open public blockchain known by academicians are one financial technology that the inside can be seen by everybody. If we know the owners of the cryptocurrency account, the full and in real-time we can track their transactions.
The open source and decentralized nature of cryptocurrency allows anyone to freely transfer cryptocurrency assets without further complications (just scan the address and press the send button). As long as the blockchain network exists and we know how to connect to it, there are no restrictions in asset transfers. If the network is healthy, then assets can be received immediately. As for the case of donation to Ukraine for the war waged by Russia, Ukraine only needs to share their accounts, wallets, or public account addresses, even better provide quick response (QR) code for gadget user friendliness, and any crypto users can immediately donate. Just take a look at the massive donations in Millions by regular people which maybe possible to reach Billions in the future.
I challenge you to do the same with traditional financial technology:
bank or wired transfer
traditional digital wallet
commodities such as gold and silver
other investment assets such as stocks and bonds
other form of credits
Note, the scope of this asset transfer is limited to crypto asset transfer. Exchanging to cash and to other goods and services are different problems out of the scope of this article. As I wrote in my 3rd chapter of my book, there are never problems in transfers between crypto assets, the problem is the transfers to outside systems such as exchanging to cash and other goods, and centralized services like centralized exchanges.
Transactions are available on those who own full nodes and up until now, they are publicly online and transparent meaning that the data are fully open. The original way to get this data is to connect and view on existing nodes or download the data from these nodes and become a full node ourselves. The immutability of blockchain makes the data size ever expanding and with the ever increasing new cryptocurrencies, ordinary people cannot afford to get them all, additionally the technicals are too much.
The reason why I believe in the future of blockchain and cryptocurrency is because the many and ever increasing of supporters. Among these supporters are developers who keeps on innovating new software developments. Not long after the birth of cryptocurrency the created blockchain explorers where the transaction data are put on the web and made a user friendly website so that anyone can view them on the web browser, similar to the search engine for cryptocurrency transaction data. On this case, now that we know the accounts, wallets, or public addresses for Ukraine's donation, we can follow the donation transactions by inputing the public addresses on any of these blockchain explorers:
Do you know that these addresses can accept other cryptocurrencies that are forked of or are made compatible with them? Bitcoin addresses should be able to accept Bitcoin Cash and Ethereum address should be able to accept Ethereum Virtual Machines Compatible cryptocurrencies? Here are the currently known forks and EVMs:
With the ever increasing chains and their tokens, it is very hard to keep track even using blockchain explorers as we need to open them one by one. Therefore developers takes the opportunity to develop portfolio trackers and generators to view all those chains in one place. Other than that, portfolio trackers provides more charts and graphics for average users to understand. As the saying goes, words are more understandable than codes, tables summarizes words, and pictures represents many words. The full node for experts to view are like words, the blockchain explorers are like tables which is easier to understand but still technical which is not favored by average users, while portfolio trackers are like images that just a glimpse and everyone understands. Below are some shareable portfolio trackers also showing Ukraine's donation addresses:
With the transparency of cryptocurrency, even you can track donations to Ukraine by simply browsing the web. Until now there are $15M native coins and countless tokens that can explode on the next altcoin season donated. Donating in the crypto space is simple, scan and send.