The Other Side of the Coin

A different perspective on cryptocurrencies

Most people think about cryptocurrencies this way:

It’s all about this guy…

A decentralized application is an application that works the usual way — except nobody really “owns” it.

Why?

Why would you want to make something that no single entity operates in the first place?

A case study in making something nobody owns

For example: we’ve got our iClouds, our gDrives, our Dropboxes. You upload stuff. You download stuff.

Building it in our heads: 3 challenges

How is iCloud-X possible?

1) How does something that isn’t owned by anyone… get its own infrastructure?

How about this: we’ll make it P2P. We’ll let anyone contribute their spare storage and connect to this weird digital thing. The infrastructure is : anybody.

2) Why would anyone contribute to this iCloud-X protocol?

Storage is a finite resource that has a real cost. I can see a world where a few people contribute some space just because. But that doesn’t really scale to the level we’re imagining. I don’t want to host 10TB of cat videos on my laptop for free — I’ve got my own to store! We’re talking massive hardware here on a global scale.

3) How does a thing that isn’t owned by anybody…. pay you?

Huh. Now this is tricky.

What if…

What if it pays out with a digital token that is built into the protocol itself.

One final catch. Where the heck will the ledger of X Coin live if there’s nobody operating it?

Well, see, let me tell you about this thing called the blockchain….

Bonus question: Is X coin a “currency”?

I’ll leave that for you to decide.