Back in 2008, when people started loosing trust, few cyber activist taken a step and designed a payment system which works without any interference of banking institutions. The role of banking in any economy is to provide a trust layer to it, we trust banks to manage our money, when they fail, it becomes disaster and surprisingly they have failed at multiple events to manage our money/assets and invited inflation to global economy.
Banks have a long history of such failures, Zimbabwe hyper inflation is one such mega example of that, where they reached to an extreme level of inflation and now stopped printing national fiat currency.
When Bitcoin was in design phase, Managing the ledger was the key challenge, Satoshi wanted to design such system where trust could be achieved without banks, He trusted cryptography and used the principals of it. The second challenge was to convience peers to join the network to validation and confirm transaction and top of all provide hashing power to the network. In a larger scale it seems impossible, Then he introduced a incentive model – “Provide Supply and get rewards”. He launched a cryptocurrency called bitcoin which was not designed keeping a payment method in mind, it was just a reward or incentive for miners/peers. Early stage miners who supported Bitcoin network, collected tons of bitcoins which dint have actual value for them so the decided to trade it into markets/exchanges. Thats how the cryptocurrency revolution started and later we saw a huge number of cryptocurrency added to the list in verge of creating huge value. The incentive system which was designed for miners now has become world’s most valuable currency. Thats the power of cryptography and It will be more powerful in future.
Lets talk about the another flip of the story, What satoshi designed meant for consumers who dont need banks to manage thier assets, They dream about sharing economy powered by cryptography. It was a great threat for banks, They started feeling insecure they knew one thing THIS IS POWERFUL and They wanted to fight against Bitcoin and other Public Blockchains. They started their research, understood technology and came up with PRIVATE BLOCKCHAIN to save their banking future. The blockchain which has the central control, The Blockchain which is corrupt, The Blockchain which still trust on Banks.
Satoshi did a great invention, but he must be very disappointed when he see how banks ripped off his invention and created their own version. This is pretty bad. We can still see inflation coming up in near future, which could have been solved completely by public blockchains. But sadly, Government,Banks kills those who speak against them, Aaron swartz who was a live example of that. They want the control very badly and We love to give them.
I am not against private blockchain, I am against those who control it AND I am sure every true blockchainer will buy this.