No matter what side of this conversation you find yourself on, centralized versus decentralized, the sheer ambition of such an idea was something to admire. https://xcritical.com/ Investors and business owners need information that is comparable, consistent, and available on a recurring basis to make effective business decisions.

Semi-centralized cryptocurrencies, anathema to some, might just be the key ingredient to better blockchain reporting and continued adoption. Reporting crypto and blockchain information may not be the most exciting part of the conversation , but getting these processes standardized for blockchain information is critically important. Semi-centralized or centralized cryptocurrencies may not represent the ideal version of crypto that some proponents desire, but let’s look at a few of centralized cryptocurrency the ways that these versions of cryptocurrencies can help improve blockchain reporting. First, having more centralized cryptocurrency options, especially if these are issued by a central government, will give many increased confidence in the validity and integrity of these cryptocurrencies. Personal opinion aside, having an implicit government backstop or approval will probably help spur wider usage and adoption, due to the lower implied risk of using these cryptocurrencies.

How Centralized Crypto Can Improve Blockchain Reporting

Cryptocurrencies of all kinds run on, and are dependent on, underlying blockchains; investors, regulators, and merchants need greater transparency and consistency to accelerate the move of blockchain from a crypto-only tool to a business tool in general. As blockchain adoption continues to accelerate and move far beyond just cryptocurrencies, the need for increased clarity and standardization around how to report blockchain data will only increase. Lastly, and a trend that is illustrated in the form of recent announcements related to Service Organization Control engagements, is the clear expectation that blockchain data will be examined with the same rigor as non-blockchain information. If more merchants and individuals are using cryptocurrencies, as a result of them being semi-centralized, the rigor and testing of this information will inevitably have to increase. Cryptocurrencies may have started off as an outgrowth of the cypherpunk movement, and that was reflected in how the cryptocurrency space initially developed. It is easy now to lose sight of the initial goal of cryptocurrencies; to develop an alternative financial system not beholden to any centralized or governmental agency.

• Cryptocurrencies may have started off as an outgrowth of the cypherpunk movement, and that was reflected in how the cryptocurrency space initially developed.
• Personal opinion aside, having an implicit government backstop or approval will probably help spur wider usage and adoption, due to the lower implied risk of using these cryptocurrencies.
• Semi-centralized cryptocurrencies, anathema to some, might just be the key ingredient to better blockchain reporting and continued adoption.
• First, having more centralized cryptocurrency options, especially if these are issued by a central government, will give many increased confidence in the validity and integrity of these cryptocurrencies.
• Cryptocurrencies of all kinds run on, and are dependent on, underlying blockchains; investors, regulators, and merchants need greater transparency and consistency to accelerate the move of blockchain from a crypto-only tool to a business tool in general.
• If more merchants and individuals are using cryptocurrencies, as a result of them being semi-centralized, the rigor and testing of this information will inevitably have to increase.