We can understand why people are less trusting of central authorities. Especially when we look at banks, governments, and even corporations like Google, Facebook, and others, which have been embroiled with scandals. The reason why blockchain and bitcoin came into being was the 2008 financial crisis and the failure of the centralized banking system.
Blockchain has established itself not only as a technology of the future but also as an essential tool of today. And it brings along a functional decentralization. Bitcoin showed people that finance isn’t necessarily ruled completely by banks. And this is just the beginning.
We can see how bitcoin can essentially eliminate banks – without fees, waiting times, overly-severe restraints and regulations – and replace them by peer-to-peer trading. We are also starting to see how any contract, financial or not, can be enacted through smart contracts without the need of central authorities.
ICON company has high targets within a decentralized architecture based on blockchain technology. It is not only about financial decentralization through bitcoin but also about creating an entire decentralized network of different blockchain communities and sectors to bring about a new era of decentralization.
ICON has decided to try to create a blockchain architecture with more significant decentralization and community involvement. One of its most important roles is the Public Representatives programme (P-Rep). By this, ICON hopes to create a fully decentralized blockchain architecture and advance decentralization to a new level.