this post was submitted on 22 Sep 2023
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Futurology
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I get the impression that if there was a problem to be solved by a blockchain it would have been done at least once by now. I still think it is an interesting technology, but it was corrupted by egregious monetary speculation. It made more sense when any given blockchain including bitcoin was barely worth anything.
But the technology of a globally accessible database that can be added to by anyone and not easily destroyed is neat. Maybe some day it will find its purpose.
I think its real potential (as yet unexplored) is in disintermediation.
Two parties, who do not know each other, and want to conduct business rely on so many intermediaries who provide services, and crucially, trust - who all take their cut. Lawyers, bankers, etc
Blockchain could not only automate the processes, but also be designed to replicate trust.
Also, that potential isn't just about efficiency - its about power, and taking it away from industries and institutions - banking, etc
But blockchain can only enforce on-chain behavior. There's no way for it to actually confirm you sent anything or followed the letter of an agreement.
Something something smart contracts hand wave.
Anyway, we are raising $250 million for our Seed Fund. You in for 18% at a $10 billion valuation?
7 TPS and the amount of energy used so far has been mind boggling. Is the use case boiling our oceans?
This what most cryptocurrencies shill. It’s the basis for Ethereum’s smart contracts. In reality what this is really useful for is permanently distributing malware preserved in databases stored on every machine that wants to participate. It’s such an amazing attack vector. Since you genuinely can’t change history without disenfranchising large portions of your user base and killing trust, you can just throw all sorts of crazy attacks everywhere. If someone doesn’t put code directly into the insert-and-read-only database everyone has to replicate, you can hijack what the database refers to pretty easily using attacks that have been around since the beginning of trying to break the web.
If that’s not what you were going for, can you give an example where it can actually be used?