A fascinating discovery in that Blockchain platforms are quickly rendering human economies archaic and irrelevant.
You may have heard of the intimidating Ethereum Virtual Machine (EVM), which was developed utilizing bitcoin technology. Where bitcoin is a payment system, Ethereum is a computing platform. As daunting as the technology behind the blockchain curtain may seem, allow us to pull back that curtain so that you may see that this wonderfully cryptic tech is actually much more palatable than the average crypto-coin holder would think.
The Ethereum Virtual Machine is often called the “World Computer,” although don’t assume it is a physical computer because it is not, it is virtual and it cannot be shut down by anyone or any government. This innovation was the catalyst of Ethereum’s success and is essentially its “street cred.” By taking the cryptographic payment structure of Bitcoin and adding a “Turing Complete Scripting Language,” Ethereum is attempting to create the most viable tool for executing smart contracts using blockchain technology. Although it is still far from finished, the objective has always been clear.
This is the era of truth. The Ethereum blockchain is known for running global “truthful” applications. Decentralized blockchain architecture has brought us immutable records and absolute proof of document. The blockchain is humanity’s cry for honesty and transparency in a world fraught with fraud, censorship and the third party frustration. The blockchain completely obliterates all of these human hurdles at once and frankly, it scares some folks. No time in history has mankind seen a place in which he or she may buy, sell and store wealth in a secure and fee-less environment that is owned by none, yet owned by all. Many irrelevant industries are being left behind, crying out from Twitter soapboxes “fraud!” yet the blockchain exists fundamentally to eradicate fraud. The anarchistic connotation that the crypto space lives in today is certainly born from humanity’s call for this invariability. Who knows what kind of entirely new industries will spawn from this revolution? After all, the blockchain is still only in its infancy, celebrating its tenth year anniversary this year.
So what exactly is Ethereum’s “Turing Completeness” and how can our understanding of it benefit our own trading? In short, it is a system capable of performing any logical step of the computational function of the blockchain. Think of Ether as chopped wood in the raging furnace of a speeding locomotive called Ethereum. The wood, or Ether, is fueling the computing happening on the platform. Ether is consumed by miners for accessing resources of the network. The more ether a user holds, the more “gas” they can pump into the computational engine of the Ethereum virtual machine. You may have even seen “gas station” websites talked about in crypto blogs and wondered what the heck everyone is actually filling up. Gas is really just a unit of measure and using more computation and storage in Ethereum means that more gas is used.
When Alan Turing first thought up this now famous computational idea in 1936 that Ethereum now utilizes, I wonder if he pondered the following human paradox;
If the role of the customer (which is currently populated by humans) stands to be overtaken by this technology we call a “virtual machine,” then what role will humans even have in this machine process as we use it to build our economy? As human financial moderators and whole systems are replaced by the EVM and other similar models, where do we the people stand? As smart contracting systems enable end-to-end payments without requiring a human initiator, won’t human input become irrelevant too? The answer is unequivocally yes… wait, what?
Ethereum has been designed to autonomously advance in its building of a supremely efficient economic platform. It’s quite baffling when you think about it, the economy that Ethereum’s World Machine is currently creating will very soon dwarf the economic potential of human beings. At first blush this may sound alarming but isn’t that the point of technology, to make our lives easier by design? Because of this new economic platform, we will be free to fully pursue the noblest of human passions and focus 100% of our efforts on local and global government planning, law, education, culture, architecture, art, infrastructure, community outreach… all that is truly important in the human narrative and an entire industry of financial stress will only exist as a background hum, a perfectly working market with total and absolute truth. Financial systems will flourish on immutable, infallible systems of truthful applications leaving mankind truly free to create and innovate as we were borne to do.
“As human financial moderators and whole systems are replaced, where do we the people stand? As smart contracting systems enable end-to-end payments without requiring a human initiator, won’t human input become irrelevant too?”
Human ingenuity, creativity and our innate ability to tell inspiring stories can never be quantified or predicted, therefore there are an infinite amount of possibilities of human output. AI’s “I” will always be followed by an “A,” where human intelligence couldn’t be farther from artificial. Although the possibilities of computative economic output is almost immeasurable, it is still predictable. Regardless, we are on a clear and imminent path to autonomous application system run economics within this lifetime and today we pour the mold.
If only we could see what the future holds, like gazing into the multi-verses through space and time, how fascinating it would be! The new financial economic arena will be upon us quicker than my spellcheck can add “cryptocurrency” to its library (which Mac OS is still yet to do). What is certain is that human ingenuity and creativity continues to blaze these new paths and guide all of progress.