After the failed attempt to ban proof of work (PoW) in the EU, could similar attempts succeed in the future?
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You're absolutely right. We'll see more of those because it becomes a matter of power control. In our corporate environments, the IT teams are no-code/low-code because they don't want to lose the control components. They also don't want the injection of poor quality. I understand that but the train is coming; it's already there in most organizations and some research predicts an explosion of citizen developers over the next five years. The level and amount of code that will be out there is uncanny and I think blockchain's very similar. You’ll have this higher fidelity, centrally-controlled component, but you’ll also have this decentralized thing, which is a bit riskier but has some benefits.
A successful ban of proof of work (PoW) is not likely. Do we think it's possible to stop citizen developers, now that you have people in finance who are using no-code/low-code apps to build something? I don’t think that’s possible. That development has become decentralized. It’s the same conversation we had 13 years ago about mobile phones; everyone thought that no personal mobile phones would ever be used in the company, because it would mean spending millions of dollars. The question is, can a centralized component outright squash the decentralized, distributed power of compute, creativity and development?
I think the answer is no, generally, but the efforts to accomplish such bans will slow things down. Then again, that could spur other innovations to get around the control mechanisms. It's no different than it was around 30 years ago, when IBM tried to keep everything on mainframes and Sun Microsystems tried to move things to a net PC to thwart Intel's move towards distributed client server computing.