Those who have watched Dr. Craig Wright’s recent bitcoin masterclass will have a better idea of the data management capabilities of bitcoin.
Taking this up and predicting what the future will look like, George Ciocci Samuels writes about the era of ‘Pax Bitcoinica’ – the era of data peace and security that he envisions in the future. You can read the original essay here.
Pax Mongolica and Pax Britannica
The Mongolian and the British Empire were two of the largest empires in history. The former stretched from the Pacific Ocean to the Mediterranean Sea, and the British Empire was dubbed the empire on which the sun never set.
The two empires ushered in an era of relative peace, trade and exchange of technology, culture and ideas. During the Mongolian Empire, Samuels notes that technologies such as paper money and gunpowder spread along with religions such as Islam and Buddhism. The British Empire ushered in an era of unprecedented free trade and travel, laid the foundation for the Industrial Revolution, and established a truly global economy.
Samuels envisages a similar era of data peace, stability and exchange that he calls Pax Bitcoin. He notes that this will not come without “massive disruption and consolidation of the existing ecosystem” and predicts that it will take 10–15 years for this era to enter its full glory.
A single global blockchain (SGB)
Samuels begins his insightful essay by identifying a critical problem in the world today: data is the new oil, but it’s the new oil for Google (NASDAQ: GOOGL), Facebook (NASDAQ: META), and Amazon (NASDAQ: NASDAQ: NASDAQ: NASDAQ: NASDAQ: NASDAQ: NASDAQ: ). :NASDAQ:GOOGL) owned or hosted by big tech firms. AMZN).
With data in these massive, centralized silos, breaches are inevitable. According to a recent report, more than 4 billion records were generated in the first half of 2019 alone. In 2022, the cost of data breaches was expected to exceed $52 billion.
After identifying the problem, Samuels proposed a solution: a single global blockchain (SGB). Such a blockchain would allow users to store and share data without worrying about so-called trusted third parties. Along with eliminating or at least shrinking the vast data silos that hackers see as honeypots, an SGB could solve another big problem: censorship.
Among the benefits of SGBs, Samuels lists free exchange of data, reduction of fraud and abuse, more efficient and secure financial transactions, and making data more available and accessible to all.
Ironically, many blockchains reintroduce the problems the original bitcoin was designed to solve. Samuels gives examples of various blockchain bridge hacks that have cost users billions.
However, Pax Bitcoin would be separate from either Pax Mongolica or Pax Britannia. Whereas these previous eras relied largely on centralized power, an SGB would “maintain enough decentralized power to ensure that no single entity has absolute control over the blockchain for an extended period of time,” writes Samuels.
Samuels noted that a single global blockchain ‘crypto’ would tame the Wild West and fly in the face of many ideas promoted by anarchists in the industry.
Considering what is known about the formation of groups according to Tuckerman-Addison’s four-stage model of Form, Storm, Norm, Perform, says Samuels. Bitcoin is entering the ‘norm’ stage today. This is when increased legal understanding and regulation is expected.
In fact, that’s what we’re seeing, and that’s what we’ve both predicted and reported on daily for years on CoinGeek.
After this period, we will enter the ‘demonstration’ phase as new businesses and applications open up new use cases. Samuels notes that this is precedent: giants like Facebook, Google, and Twitter arrived on the scene 20–30 years after the birth of the Internet.
Samuels predicts that it will take another 10-15 years to fully reach this level. He still sees the need for “massive consolidation” and predicts it won’t come easily.
Excerpts from this article by George Samuels Samuels
The Mongolian and British empires ushered in eras of relative peace and stability. This led to the free exchange of ideas, culture and technology, as well as increased global trade. Samuels sees an era of Pax bitcoin 10-15 years in the future. In this era, a single global blockchain (Bitcoin SV) will enable an era of data peace and security never seen before. However, there must be massive consolidation within the industry before this can happen. It will not be easy; It will take about 10-15 years to play it out. Samuels believes that our future prosperity depends on it.
Who is George Siocy Samuels and where can I hear more from him?
George Siocy Samuels is the head of culture and community at the Bitcoin Association. He is also 3x Founder and Managing Director and Principal Advisor at Faiā. You can hear about ideas like Pax BitCoinica’s by signing up for his bitcoin-focused newsletter It Will Come.
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