There was a presentation by professor David Lee Kuo Chuen at DevCon4 that left quite an impression on me.
He outlined “5 Ds”: Digitization, Disintermediation, Democratization, Decentralization, and Diminishing Oneself.
Among many insights, two in particular have stuck with me:
In the context of why blockchain technology doesn’t yet stack up well against centralized solutions: “We are not talking about production efficiency, we are talking about collaboration efficiency.”
He also defined decentralization as a “dynamic, continuous process of distribution of trust.”
The value proposition of decentralized technology is to “lower the cost of trust,” and it will do so first in nations that need this most–Myanmar, Cambodia, Laos, Indonesia, Philippines, Vietnam (and I would add–Venezuela). Then it will do so for nations who are tired of being hacked and having their data released in what is an ongoing series of major fiascos.
Finally, he ended his series of “5 Ds” with “Diminishing Oneself” and proposed that Satoshi Nakamoto is a prime example of bringing value to the world and then fading into the background–he “diminished to disappearance.”