HomeBlockchainBlockchain NewsVitalik Buterin sheds light on crypto’s true essence

Vitalik Buterin sheds light on crypto’s true essence

Elizabeth Goitein, co-director of the Brennan Center for Justice’s Liberty and National Security Program, recently vented her fury on Twitter about the Senate’s vote to reauthorize Section 702. She expressed her profound displeasure in the majority of senators who gave in to the administration’s strong fear mongering and dishonest methods in her post.

She pointed out that a renewal of Section 702 not only brings about significant changes but also a very unsettling increase in monitoring authority.

This expansion, which gave the NSA unparalleled access to almost all communication methods used by US businesses as well as a wide range of foreign entities and persons, was described by US Senator Ron Wyden as “one of the most dramatic and terrifying in history.”

She contended that any current president is effectively given the opportunity to spy on journalists, political opponents, and anyone else deemed to be a threat because of this extensive surveillance reach.

Significant criticism was leveled at this legislative action due to the fraud that surrounding the voting process. Goitein called it a “shameful moment” for both Congress and the administration, acknowledging that her jaded viewpoint had not prepared her for the degree of dishonesty revealed.

She emphasized several advantages in spite of these difficulties. a resolute group of senators that led reform initiatives and steadfastly protected civil liberties, including Ron Wyden, Mike Lee, Dick Durbin, and Rand Paul. Thousands of concerned residents contacted their senators every day, demonstrating a noteworthy level of public engagement that Goitein commended for building a “huge, new, wonderful community.”

In addition, the public pressure forced the powerful to vow to change the most outrageous parts of the law, which resulted in some concessions from them. Goitein pledged to closely watch the inclusion of these amendments in important upcoming legislation, such as the National Defense Authorization Act.

Famous investor Vitalik Buterin added his voice, emphasizing that the problems are not limited to basic market forces. Goitein’s tweet was cited by Buterin, who underlined that the real significance of cryptocurrencies is their capacity to preserve freedom, privacy, and the power of the common person—values that are presently under attack on a worldwide scale.

He lamented that, rather than highlighting cryptocurrency’s potential as a game-changing technology that will decentralize power and boost transparency, the focus frequently stays exclusively on it as an investment.

Beyond the craziness of cryptocurrency trading, blockchain technology offers much more. This might significantly disrupt major global systems and contribute to the stabilization of the world economy. It is a game-changer.

Consider the finance industry. The millions of people without bank accounts, particularly in developing or underdeveloped nations, could now have access to financial services due to blockchain technology.

This has the potential to be very significant since it will enable people to participate in economic activities and even stimulate growth in areas that truly require it. I refer to a genuine opportunity to drastically reduce poverty and stimulate global economic activity.

Blockchain has the potential to revolutionize supply chain management by tracking products from their point of manufacture to their delivery to your home. It’s about streamlining the entire process to eliminate fraud, save needless expenses, and handle commodities more effectively. These modifications could greatly increase the dependability of supply chains in the modern world, when everything from political unrest to worldwide health crises can cause major disruptions.

However, in spite of all this promise, the discussion around blockchain in regulatory bodies and on platforms like Crypto Twitter frequently returns to topics related to trading and markets. This limited perspective completely ignores the wider picture, which shows how blockchain technology has the potential to solve a number of significant social and economic problems. If blockchain is to fulfill its potential as a stabilizing influence in the global economy, we must change our perspective.

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