The Chronicles of a Blockchain Student | Part 3

Welcome back to another delayed article written by a professional procrastinator. It’s great to have you. In this article we will dive into my reflections of Module 2 through my individual tasks and my group tasks.

03.03.2022

Week 3 // Day 6 — Module 2

Individual Reflection | Module 2

What I found most interesting throughout Module 2 of my course was the comparison between Blockchain networks as a payment rail and traditional payment rails, i.e. Bitcoin vs Fedwire.

I hold the view, like many do, that Bitcoin improves on many issues in our current economic system, but to see the differences fleshed out on such a nuanced and technical level is truly invigorating. A central focus of mine in my daily life is the effects of inflation caused by over-printing of fiat currency and the collapse of internal economic infrastructures. The introduction of Bitcoin, with its verifiably limited supply and transparent transaction ledger, is a complete reversal of this model, installing an alternative to the depreciating national currencies.

In an article by Daniel Levi from December 2021, it was reported that 80% of all US Dollars in existence were printed in the preceding 22 months. With the current inflation rate in the U.S. hitting the highest it’s been since 1982, it is no wonder that Bitcoin is being hailed as a saving grace to this flawed structure of infinite printing and consistent value deterioration.

Of course I also believe that a viable alternative can be found in stablecoins, which merge the two structures in a way that I think provides a great entry point for most new adopters who are nervous about radical transformation and require some level of relatable transition.

I understand the hesitancy, as there are numerous use cases that do not satisfy the criteria for growth, suitability or sustainability that are being released daily. These projects are likely to fail, which only creates fear in the space. Identifying and verifying ACTUAL use cases which provide genuine solutions to existing problems and deliver the possibility of new revenue streams is the only way to scale the blockchain ecosystem effectively.

Group Task | Module 2

Each team has a name. Ours is Gnosis. The professional backgrounds of my 4 team members is impressive… we have all the makings of a solid project.

We have a banker, auditor, backend developer and a supply chain wiz. Then there is me, the lowly enthusiast and hopeful Web 3.0 strategist. A good group of varied skill sets.

It strikes me how this space demands the attention of so many professions and industries, with most of my team explaining that the reason they are here is to ‘keep up’ with the innovation or simply because their employers wanted them to adopt the skills to communicate in this new market. This was another sign to me that the tides are well and truly changing… this space is growing rapidly as every passionate Web 3.0 evangelist will tell you.

In truth, it is necessary to confess that the course material has yet to challenge me. This is echoed by my team mates. Anyone who can type a sentence into Google could find the information presented in this course material. It seems somewhat rushed and in all honesty, a little ‘scammy’. Institutions all over are offering courses in this space now and people are paying a decent amount to take part, especially when it comes to the top tier tertiary education entities, like the one I am privileged enough to be attending now.

My goal is to really analyse this course and determine the level of cash-grabbing that is taking place, and so far, my suspicions in this respect are all but confirmed. I will attempt to not be too critical too early on and allow he course to flesh itself out and prove its value.

(We will all be attending university in the Metaverse anyway so rather don’t waste your money. ‘Personal Opinion’)

The idea of the group tasks is to plan, build and present a viable blockchain use case throughout the 6-week course. This week’s task is to settle on one of our pitches. Through much deliberation and random conversation, we end up deciding on an NFT Ticketing Solution, (BaaS). NFT Ticketing systems are not a new concept, but for the purposes of our course — it is the idea we found most scalable and deliverable considering our varied skill sets.

Module 3 to follow….

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I find that a constant stream of new challenges, both personal and professional, keeps life abundant and creates opportunities in the every-day.

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Douglas Eriksen

Douglas Eriksen

I find that a constant stream of new challenges, both personal and professional, keeps life abundant and creates opportunities in the every-day.

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