The Potential of Crypto and the Decay of Collective Memory

Hatched by Kazuki
Jun 30, 2023
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The Potential of Crypto and the Decay of Collective Memory
In recent years, the world of cryptocurrency has experienced an unprecedented surge in awareness and adoption. Brands and products related to crypto have captured the imagination of millions, and the possibilities that this technology holds for the future are truly exciting. At a16z, we are firm believers in the potential of crypto to restore trust and enable new forms of governance, where communities collectively participate in shaping the evolution of networks, defining permissible behaviors, and distributing economic benefits.
With the launch of a16z crypto fund III, our goal is to find the next generation of visionary crypto founders and invest in the most promising areas of this rapidly evolving field. From early seed-stage projects to fully developed networks, we are committed to supporting innovation at all stages. We recognize that we are still in the early days of what is possible, and the size of this fund reflects the enormous opportunity that lies before us. Just as the internet transformed various aspects of our lives, we believe that crypto has the potential to do the same, not only in finance but across all domains.
While crypto opens up new possibilities for the future, it is important to also consider the dynamics of memory and forgetting in our society. In a thought-provoking article titled "Maths shows how we lose interest," David Eagleman explores the idea of collective memory and its impact on shaping our identities and societies. He suggests that a person truly dies only when they are forgotten, and that shared attention to people and events plays a crucial role in influencing our collective consciousness.
To study the decay of collective memory, researchers conducted an analysis using online data. They examined the views of Wikipedia profiles, citations of physics papers and patents, and online play counts of songs and film trailers. What they discovered was that the decay of collective memory follows a mathematical law known as a biexponential function. This function consists of two phases, with the initial decline being steep and rapid, followed by a much gentler slope.
The first phase of decline, known as communicative memory, is characterized by word-of-mouth transfer of information. This phase experiences a sharp drop in attention, indicating a decrease in the transmission of knowledge through personal interactions. The second phase, known as cultural memory, relies more on the physical recording of information. It is sustained by the accessibility and searchability of recorded material, allowing for the preservation of collective memory over a longer period.
Interestingly, the duration of the decline varies across different domains. Music experiences the shortest and sharpest initial decline in attention, taking approximately six years to fade from collective memory. On the other hand, the online biographies of sports stars have the longest decline, lasting between 20 to 30 years. These variations suggest that the nature of the content and its cultural significance play a role in determining the rate of decay.
In connecting these two seemingly disparate topics – crypto and collective memory – we can draw some interesting insights. Both are about the preservation and transmission of information, albeit in different contexts. Crypto enables the preservation of financial transactions and the transfer of value in a decentralized manner, while collective memory shapes our identities and influences societal structures.
Looking ahead, we can consider how crypto might play a role in preserving collective memory. Blockchain technology, the foundation of many cryptocurrencies, offers an immutable and transparent record-keeping system. By leveraging this technology, we could potentially create decentralized archives of cultural artifacts, ensuring their preservation for future generations. Additionally, the accessibility and searchability of recorded information made possible by crypto could enhance the longevity of cultural memory.
To conclude, we have explored the potential of crypto and the dynamics of collective memory. The growth of crypto presents us with an exciting opportunity to transform various aspects of our lives, just as the internet did in its early days. Simultaneously, understanding the decay of collective memory highlights the importance of shared attention and the preservation of our cultural heritage. As we move forward, let us harness the power of crypto to not only shape the future of finance but also to safeguard our collective memory.
Actionable Advice:
- 1. Embrace crypto's potential: Educate yourself about the possibilities that crypto offers beyond finance. Explore how this technology can be applied to various industries and domains, and consider the implications for the future.
- 2. Preserve cultural artifacts: Take an active role in preserving our cultural heritage. Support initiatives that aim to digitize and decentralize archives, ensuring that knowledge and history are accessible to future generations.
- 3. Foster shared attention: Engage in conversations and activities that promote the collective remembrance of people and events. By actively participating in the preservation of collective memory, we can shape our identities and contribute to the fabric of society.
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