We are seeing massive growth in decentralized exchanges, decentralized DeFi projects, and more. But in most cases, the decentralized function is limited to its functional aspect, and not it’s governance. In projects where the governance is decentralized, the core team continues to hold more control, so it’s a perceived decentralization, but not truly one from its core.
Bitcoin is successful, but have you ever wondered why, exactly? Even with all the limitations and pure imperfections of the technology. The answer is simple and obvious. Community. If not for its community, it would be nothing but a fun little theory for the dorks. Community is the key, and the community can make or break the project. The model of a CEO or CMO or CTO – the C-level members driving the business is changing. More brains are better than a few, any day. As community-driven projects evolve, the decision-making control, ability to drive business decisions, and projects are moving more and more to users, community, investors, and participants.
We are in the middle of a revolution. A revolution by the community, for decentralization, against established organizations that seek control and profits for themselves. GameStop Corp’s recent spike of 4500% in a week is an example. The power of community to liquidate positions of huge hedge funds has never been possible until the small traders joined hands and a community was formed.
This is a great example of the power of decentralization and the new world order. For which the old governments are not yet ready, and young guys continue to unite like an avalanche into giant communities, not only in politics but also in the financial sector, in order to change the world around them.
I stumbled across PKT Cash when a member of the community reached out to me. This reminded me of what the crypto community used to be before 2017. It reminded me of the time when scammers and business-focused minds were not present in the space, but it was driven by curiosity, passion, excitement, and philosophy. Breakthroughs were done because it was possible, not because it makes money or because there is easy money flowing in the market.
Although blockchain, cryptocurrencies, and DeFi are heavily focused and transforming the financial industry, the core community isn’t about the money, but the impact. The transformation was and is at the core of the crypto-community.
Built on Bitcoin code, PKT has a 1 minute block time, uses PacketCrypt proof of work, and has a Network Steward address, which receives 20% of every Coinbase payout. There are a total of 6 billion PKT, which will be mined, and rather than an abrupt halving of the payouts every four years, PKT uses a steady decay of 10% every 100 days.
The entire project functions in a pure community approach, just like Bitcoin did, or many most successful community-driven projects which are seen rarely these days. There is no CEO calling the shots. The “Network Steward” is the CEO, CMO, CTO, and everything in between.
What excited me the most about the PKT was the “Network Steward”.
20% of every newly mined block goes to a network steward address. This address can be changed by way of a PoS based vote. The payments to the network steward address have one special rule, they cannot be spent after 129600 blocks (approximately 3 months) have elapsed, so if the network steward cannot decide how to spend its treasury, the PKT will be burned rather than piling up.
This is against hoarding, misuse, or power-focus.
Time and again, the blockchain has proven itself to be an efficient marketplace. PKT is a marketplace for bandwidth. Most of the enterprise’s data go unused, and with blockchain as an intermediary, storage and moving this data could improve many industries.
IOTA and more than 35 brand-name participants (with Microsoft being one) had initiated such a use case for blockchain.
No business may have been willing to abandon its current (working) infrastructure but the thing is this: No company will abandon its existing infrastructure until blockchain proves its functionality and scalability in the real world. PKT is pushing the boundaries in practical ways to making it happen.
In innovation, the successful company is not necessarily the one who goes to the market first, but one who makes adoption happen. But more importantly, one that is supported not by a core team of talents, but a community of excited participants.
We need more community-driven projects, and we need these real-life implementations. We need to decentralize everything, like these guys are decentralizing bandwidth.
Mr. KEY – Karnika E. Yashwant has been an avid marketer leading blockchain projects since 2013 and executing Content Marketing for Fortune 100s since 2007. He is the CEO of Utopian Capital, an investment firm for blockchain technology, and the Founder of KEY Difference Media, an agency rated in numerous Top 5 and Top 10 lists in the Blockchain/Crypto space year after year. He can be reached at LinkedIn or Telegram.
He helps businesses understand how they can function and use blockchain technology to benefit their businesses. His whole perspective stems from marketing, helping businesses reach the marketing objective – be it raising investment or attracting users.
He can help them navigate the challenges and help make the right choices, and most importantly, get the message across to the crypto audience. He is a master at educating the audience, onboarding them and customer acquisition using crypto news media, influencers, Content Marketing, and community connections.