The IMF or International Monetary Fund ran a pilot on multi-national coordination to prevent cyber attacks. Although the topic is less relevant to crypto, the practice simulates away with one global leading government to lead a way to accomplish certain goals. This practice may apply to regulate cryptocurrencies too.
Here is a 1 min summary of the article if you want to skip the reading.
Working With 10 Countries
This simulation is really making countries work together at the financial-geopolitical level. Leading by IMF, countries may work together to meet one goal. It is a practice to see how countries can coordinate and work fast when a crisis is happening.
The War Game
The simulation this time is about global hacking which can attack multiple countries and make their financial system out of services. In a scenario of sensitive data leaking into the dark web and triggering the market sell-off, countries of the financial systems can work together to identify the problem while providing liquidity to make sure the financial system will not collapse.
Centralized Solution of the Crisis
Different from a decentralized solution, a centralized organization can shut down the exchange and hold to fix issues before relaunching again.
Despite centralized organization efforts, it will perform differently than what they expect. Centralized organizations can turn around things quickly but they are lack democratizing aspects of consensus. They can resolve issues quickly but with a very short-term aspect. A decentralized organization, on the other hand, can resolve a long-term problem in a consensus way but it requires time to meet consensus.
One Solution Cannot Fix All
Centralized entities want to have one solution to resolve all issues. That is not a way how things work in real life. There cannot be a single solution to resolve all rather having several solutions to fix one problem. Therefore, centralized organizations will not be able to survive in the future.
I think a decentralized organization structure exists to compete with a centralized organization. I do not think that decentralization will replace centralization but co-exist with them to resolve the same problems.
This article is also published in Cryptologist as parnership publication.
Photo by Peter Herrmann on Unsplash
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.