Ecosystem vs Egosystem: Which is more important?

Ecosystem vs Egosystem: Which is more important?

 

Introduction

The world today is a dynamic place that keeps on changing and evolving. Humanity constantly adapts to changes, sometimes unwittingly to utilize new solutions tailored to the realities at hand. In other words, we live in a world of constant disruption and this shapes our world dramatically.

These changes also mean that at any given time, the changes available are not adequate to present challenges. Indeed, society spends a lot of time reacting to challenges rather than actually responding to them. As such, the solutions at hand don’t necessarily work for everyone but sort of satisfy a utilitarian ideal. The idea that the momentary solving of problems, particularly economic problems, will in the end come up with a working outcome is probably a fallacy.

Ecosystem Vs Egosystem

From the introduction above, we can deduce that there are root problems to everyday issues in the economy. As Otto Scharmer would postulate, a modern economy is based on division of labor and the response has been a clamor for centralized coordination. This is either in the form of centralized control in the form of socialism or mild centralization in the form of liberal economies.

Liberal economics or competition has served the world well, particularly in the 20th century. It is undeniable that capitalism has resulted in massive economic growth in the past few centuries.

Nonetheless, some issues have emerged that still leave much to be desired. The egosystem, in this case, is the insistence on the status quo where everyone generally does well and the particulars don’t really matter. In the end, an arbitrary figure on GDP growth makes a good soundbite for a politician to throw around and win an election. Instead, the world ignores issues like the marginalization of certain sections of the population. In an egosystem, it doesn’t matter how many participate in the economy if the outcome is presentable.

Indeed, the egosystem fuels our need for self-worth and is all about self-aggrandizement. You have probably heard of the phrase ’an economy that works for everyone’. This, though very idealistic, is completely contrary to the egosystem.

For an ecosystem, on the other hand, things are different. An ecosystem, from its natural meaning, connotes a whole encompassing system of shared values and interdependence. Why is it important to develop an eco over ego systems? This journey of moving a stakeholder group with diverse interests to an ecosystem is a challenge but summons the best of human ingenuity.

Cryptocurrency and The creation Of An Ecosystem

The idea of a working ecosystem for all is a central tenet to cryptocurrency. Unbeknown to many, Bitcoin emerged as an alternative to centralized currency in the aftermath of the financial crisis of 2008. This means that the solutions from this crisis inherently perpetuated the egosystem.

Read: Important Features of a Modern-Day Cryptocurrency Hot Wallet

Using Bitcoin, Satoshi Nakamoto proposed a system based on community values and decentralization. This means that the problems of centralized management that were a precursor to the crisis effectively disappeared. The Bitcoin ecosystem, though fledgling at times, can be a model for innovation as it encourages participation by all and a sense of fairness in terms of decision making.

Similarly, altcoin platforms have carried on with this streak. The disrupting potential of cryptocurrency should not be overlooked because of the volatility problems. After all, good ideas like fine wine get better with time.

The Bitcoin OX Ecosystem

Bitcoin OX is a platform that embodies everything great about the above-discussed ecosystems. This platform is primarily a wallet service that looks to provide actual solutions to the cryptocurrency wallet space.

Accordingly, Bitcoin Ox seeks to combine wallet functions instead of having differentiated advantages for only certain sections of cryptocurrency users. Bitcoin OX has gained some traction for precisely this reason. This wallet comes with the promise of being the world’s powerful blockchain wallet. And it is true. The wallet is completely multi-lingual, supports Bitcoin, Bitcoin Cash and Litecoin–coins which we can say are pioneers in this burgeoning space.

Also Read: Distinction Between Decentralized (Open Source) and Centralized Wallets, Why You Need Bitcoin OX

Besides, you don’t have to subscribe to anything. The wallet is free as it comes. As space grows and demand increase, the wallet developers Excdev, plan to offer support for all ERC 20 tokens, Bitcoin Gold, Bitcoin Cash SV, Ethereum (ETH) and Ethereum Classic (ETH). Apart from that, in the future, users will able to buy supported assets straight from their approved bank accounts and other payment gateways. It’s only through this that users would choose their fiat rate source. Let’s have a look at the features in summary:

Features

  • Bitcoin Ox is a versatile wallet in that it offers full access to xpub, xpriv, seed, and addresses. This variety boosts your operational capabilities making life easier.
  • The wallet has a remarkable ease of use. Besides, it comes complete with fiat currency conversion rates saving you time.
  • Supports Bitcoin Improvement Proposal (BIP) 39 for Mnemonic code. This means the wallet is compatible, Heuristic Deterministic and you can easily recover your wallet thanks to the passphrases which you can back up.
  • There is QR support meaning you can easily send or receive payments without copy pasting or manually writing addresses. Addresses are notoriously cumbersome and Bitcoin OX makes this convenience possible.
  • Excellent support which includes multilingual capabilities. Add that to their track spending feature from a watch-only account and supervision has been simplified.
  • You can support multi-crypto wallets using one or multiple seeds without hustle.
  • The company is planning to release a convenient user app that will have the benefit of convenience for a user.
  • Supports GAP limits suitable for big wallets

The Bitcoin OX development team worked on this wallet as a response to certain problems rather than simply a reaction. Indeed, patch up work is only self-serving and does not contribute effectively in the long term. This is why the Bitcoin OX wallet is compatible with most cryptocurrencies and has features needed for modern users like a user app and fiat currency conversion.

Conclusion

Modern problems require modern solutions. Modern solutions also have to be responses rather than reactions. Bitcoin OX is a relatively new such solution and the benefits are apparent to all. This is because the development team actually took time to look at some problems and figure out what It takes to achieve a consensus system that furthers the industry as a whole at the same time solving unique user problems. The cryptocurrency industry as a whole has got far to go. However, if this mindset prevails, bad ideas can sieve out in the process. This will be an exciting project to follow.