Digibyte (DGB) – Yesterday, Jared Tate sent out a tweet about PayPal’s decision to end its business with Alex Jones’s Info Wars. According to Jared, big tech companies start with tech as the key driving force before they grow big, and for some reason, start censoring the people. Take a look at what he had to say in the tweet below.
While Alex Jones may not be the best example in pushing for decentralization due to his controversial nature, Jared is right on the need for a censorship free society. That’s because while it could be well intended, entities tasked with such censorship could end up overstepping their boundaries, and that could be a risk to society.
One way in which censorship could be dangerous to society is by stifling the ideals of democracy. That’s because a centralized and powerful entity that has political leanings could end up using its power to stifle divergent political ideas. This is dangerous and could be the biggest danger to the concept of democracy as we know it. It could lead to the rise of dictatorial tendencies and hold back society. In essence, there is a need for a censorship free space that allows for ideas to thrive and move society forward.
Then there is the aspect of payments. The fact that a payments company can censor someone is risky in itself. That’s because it means that as long as your money is with a centralized entity, it pretty much isn’t yours. Policies can change and you could end up losing it all. This was the situation during the Euro crisis when banks in a number of European countries slashed off the amount of deposits in people’s bank accounts. This means that in the long-run, money security will come from decentralized entities that cannot be censored.
But is society ready for such a transformation? Well, things are slowly headed in that direction, as can be seen in people’s behavior in countries undergoing financial crisis. For instance, in Venezuela, a country that is undergoing a major financial crisis has seen an increase in the usage of cryptocurrencies such as Digibyte (DGB). This goes to show that people are slowly beginning to trust in decentralized systems. They are beginning to believe in the value of holding money in decentralized systems where no central entity can take it away from them. Without decentralized systems, the people of Venezuela for instance, would not have much options at their disposal.
Clearly, Jared is right on the need for decentralized systems that are permissionless, and cannot be censored. As society becomes more appreciative of decentralization, cryptos like Digibyte (DGB) will grow in value. That’s because like bitcoin, Digibyte (DGB) is permissionless, which means that no one can restrict you from making a transaction on it. It is also strategically placed for growth in the market because it has no central authority to it. This will serve to drive up its adoption in the market for different uses especially in payments, cyber security and as a store of value. The future of Digibyte and blockchain is strong.