this post was submitted on 19 Oct 2024
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Blockchain transactions are definitely much less efficient than a centralized ledger, still i think its a current necessity because the current centralized ledger is compromised in the hands of the US and its dogs. They have made it clear that they will steal anyone financial assets if they oppose them, so it makes sense to have a decentralized system.
I think the world has to go through this decentralized stage in order to reach a centralized stage if that makes sense.
And in the bottom line it could prove more efficient than the current centralized system, since the US wont be able to use the funds of the world to kill and destroy the opposition.
Efficiency depends on the actual cost of the ledger to the users, not just the energy costs. The decentralized BRICS ledger will only cost the participating nations servers and energy, which on the nation-level is practically negligible. The current U.S. system requires a percentage cost per transaction from all nations who have to send their money to a U.S. intermediary bank.
This means that overall, the BRICS decentralized system will actually cost participating nations much less than the current US system, not counting the other benefits of not relying on the USA. Calculations covered by Ben Norton here project 15 billion USD in savings from not paying the US transaction fees.
I found a YouTube link in your comment. Here are links to the same video on alternative frontends that protect your privacy: