Cryptocurrencies have taken the financial market by storm since their inception. At the moment, it seems likely that if fiats ever get replaced, the crypto world will be the one taking over. Different experts of the game have different opinions regarding them. Some think cryptos will completely replace fiats, while the others are of the view that they’ll die out with time. In between lies a class where people are predicting mixed outcomes, and Penny Childers seems to be one of them.
Penny is the USA Community Manager of Nuls, a blockchain-based project aimed at revolutionizing the enterprise and commercial arena through the adoption of blockchain technology.
BlockPublisher got in touch with Penny to get to know the perspective of the crypto world from a person who is actively involved in its development and progress.
Replying to the question regarding the aspect of fiats getting replaced by cryptos, Penny stated:
I see a hybridized system existing while blockchain technology matures. NULS invites the world to participate in the discussion, and promote the strengths of decentralization to people who need and want blockchain. People want digital trust, and blockchain provides it. All people need to participate in the discussion to determine what the future of blockchain will look like–what it can do for them.
Blockchain is a revolutionary technology and it can prove to be game-changing in areas where control by a central authority is a problem, or where transparency is of ultimate importance. Decentralization, which is the core feature of this technology, puts the users of the network in control eliminating the intervention of a third party. Instead of trusting an external party, a fabric of trust is established between the users themselves, as implied by Penny. The worry regarding the central servers of the network controlling party getting hacked is also eliminated from the scene as a result of decentralization. Nuls is a strong proponent of this technology and is making it easier to use for the commercial giants.
In addition to this, all the happenings of a blockchain-based system are visible to all. As a result of this, a transparent fabric of operations is established. The system becomes auditable and there is no central party manipulating or forging the records.
Despite its limitations, the prospects that are offered by blockchain technology are limitless. As we move forward, people need to realize the potential carried by this technology and need to get more involved in the discussion regarding the direction in which this revolutionary technology should go, as suggested by Penny.