Cryptocurrencies are relatively new and rely on the functionalities of blockchains and decentralization. However, the features and principles sustaining the Blockchain ecosystems upon which they are based align with many mainstream beliefs and viewpoints. Particularly, and even unexpectedly, they align with religious teachings, which help shape society.
The material herein explores the interesting similarities between these inherently different societal institutions to discover the common ground. The reference to religious teachings in the article borrows largely from the Christian religion, which is predominant in the western world, where cryptocurrencies are equally popular.
Common Features in Blockchain Networks and Religious Doctrines
Let’s dive in and look at principles evident in blockchains and how they align with religious values and teachings. We can divide them into simple talking points, including:
The need for accountability
Religion encourages personal accountability by individuals and holds them accountable to society. Teachings on the premise seek to establish discipline amongst humans by urging them to be responsible for their actions. More precisely, religious scriptures demand that people not use pretences to undermine another individual’s interests and safety. The ninth commandment is an example that discourages people from “bearing false witness” against others showing the need for accountability.
Similarly, the blockchain records on a public ledger which holds the blocks showing all validated user transactions in chronological order. The ledger is accessible to all users, investors, and regulatory organs interested in keeping tabs on past transactions. It is possible to identify the transfer history of every generated coin from one address to another and track all transactions involving the token. Consequently, the level of accountability involving cryptocurrencies is similar to that demanded in religious teachings.
The need to work
Religious teachings highly regard work, encouraging people to be productive. Many religious books have verses that emphasize the importance of having a positive work ethic culminating in high productivity. The Christians particularly believe that the first man created received the ‘curse’ to ‘eat from the sweat of his brow.’ The curse means everyone must use their energy to look for resources to satisfy personal needs.
The alignment of crypto principles to this belief lies in the mining requirements where users create new coins for the blockchain. The proof of work (PoW) protocols demands that users engaging in mining must hold a portion of the network’s total hash rate. Such hash rate comes from owning computational power that helps solve the special mathematical algorithms after which a new coin joins the network.
Alternatively, the proof of stake (PoS) protocols also demands that users place their coins on the line to become part of the validation team. The PoW and PoS protocols encourage people to invest work and money into the network to earn incentives for validating transactions and creating new coins. The principles align with the religious teaching that ‘you sow what you reap.’
Discouragement against theft
Religious teachers are all against stealing people’s property based on teachings from the holy books that guide the doctrines. The eighth commandment explicitly discourages people from stealing that which belongs to others without earning it rightfully. Such a scripture helps believers develop respect towards property belonging to members of society.
The same is evident on blockchains, where malicious players protect crypto investors from asset thefts. Different protocols exist to ensure the safety of tokens and related crypto asset classes from getting into the wrong hands. First, smart contracts allow fair trade between interested parties by initiating value transfer from one wallet to another.
The algorithm only executes the trade on the satisfaction of the terms of the agreement to ensure that both parties walk away contended. Similarly, the existence of transaction and block validators amongst the community ensures that only legitimate trades receive a go-ahead. The chances of member funds getting lost are minimal with such stringent measures on cryptocurrency networks.
Observation of the laws of the land
Most religious leaders are always ready to point out to their followers the need to adhere to the rule of law. Even though God’s law is supreme, religion also teaches people to observe the regulations set in place by the government.
Notably, the Christian religion amplifies the need to align one’s activities to government demands noting that God chooses them. When presented with a question about government authority over believers, Jesus himself said: “Give to Ceaser what belongs to Ceaser and give to God what belongs to God.”
The similarity from that deduction is that cryptocurrencies operate similarly and must adhere to regulatory requirements. Despite their decentralized nature, where no one controls the network’s activities but the member nodes, networks must operate with regulatory frameworks. The members must stick to their decentralization principles while aligning with the government’s needs to protect investors. Such needs inform the adoption of protocols that ensure the safety of crypto assets against hacking attempts and the reversal of wrongful transactions in some cases.
The place of community and teamwork
Religion emphasizes the role of community and teamwork in elevating the status of society and humanity. Teachings encourage people to pull together towards the common goal of making society a better place for posterity and success. They particularly note the role everyone must play in improving morality and accountability to one another.
The same case applies to crypto communities where different people working from networked nodes contribute to network functionality. decentralization leaves the blockchain’s well-being in the hands of the members, who must act in its goodwill. The members consist of nodes that guarantee security and others that guarantee the validity of blocks on the network. All these parties amass a minimum 51% majority who always look out for the interests of the network.
Conclusion
The piece compares common religious beliefs and how they reflect on the blockchain’s rules. The points discussed indicate the role of crypto networks in advancing morality and fairness for investors based on shared beliefs such as religion.
The aspects of accountability and disapproval against fraudulent property acquisition are the backbone of religious setups and the blockchain. The need for community collaboration to pursue common objectives is also evident on both sides, underlining the importance of individual contributions. There is evidence for rewards of success and incentives from putting in work in both two cases as well.