Indeed, good luck convincing a corporation or some government to sign up. Not impossible, but very hard
Is Web3 anything?
91–100 of 442 posts
Re: Is Web3 anything?
#92Escrow services do exist, and usually one of the parties has more power over the transaction than the other. Either the buyer or the seller can cheat the other one out of their money or goods. How do you prove that the package didn’t just contain a heavy brick instead of the promised tablet? I‘m not convinced this can be solved by any kind of contract.
That's a big problem with "smart contract" systems. The "trustless" part only works if you stay within the smart contract system. About all you can do with that is speculate in various crypto items. The ties to the real world are weak. Yes, there are "oracles" for widely available non-controversial info, such as the DJIA. But how do you get an oracle for "house is complete as specified and is ready for occupancy"? Or "package was delivered and contained contents as ordered"?
In systems where transactions are reversable, such as credit cards, problems can be fixed up later. But with instant irreversible transactions, you don't have that feature.
Re: Is Web3 anything?
#93Earlier quoted context omitted.
Lawyers do not write laws. Politician, or at least the writing staff do. To stick to the analogy I guess: Lawyers -> Engineers Policy Writers -> Architects Politicians -> Executives, Directors, Sales and Marketing Judges -> QA
Well, lawyers are the plurality of Congresspeople (though their share of Congress has declined over time) https://thepractice.law.harvard.edu/article/declining-domina...
And most (competent) tech leadership were previously technical and are leveraging their expertise also.
Re: Is Web3 anything?
#94I have yet to see a good example of what “web3” is useful for… honestly this just smells like it’s going to be the next major hype train of 2022. Just like VR/AR and ML/AI of yesteryear. Note that both of these examples are wonderful pieces of tech but they were blown wildly out of proportion by everyone.
"Just like VR/AR and ML/AI of yesteryear."
More like the same silly blockchain ideas that didnt work X years ago, getting recycled with a new buzzwords.
Re: Is Web3 anything?
#95This whole 'smart contracts' thing is stupid.
The issue is trust. Smart contracts as a solution are a sad attempt at solving that issue. There's always edge cases you can't code in.
E.g. in the example of the neighbour buying goods; What if the other neighbours don't really like this guy, and conspire against him?
The solution to trust, isn't codifying every possible variable and putting in on some silly unmodifiable chain. That solution just shifts the trust. Instead of trusting humans, we're now trusting some poorly written code...
The solution to the trust issue is good ethics, mindfulness and good upbringing. If someone violates your trust, it's probably due to some stress factor in that person's life. We need to create a better world for everyone and actually help the people that our violating our trust, and show them the way.
Re: Is Web3 anything?
#96[flagged]
Ethereum has twice hard forked the blockchain to revert the results of "code is law", clearly saying that code is only law when a quorum of powerful individuals accept the outcome. Code isn't law, "code is law" is a slogan with as much veracity as slogans usually have.
Miners choose which chain to follow, not the quorum of powerful individuals.
If you believed that ETC was the correct option in that decision, you were free to mine that chain all you want.
Re: Is Web3 anything?
#97Earlier quoted context omitted.
I think there's also a substantial subset of cases that are simple/common/clear enough to have managed through an automated contract, and being able to cut out the cost of depending on the legal system would be game-changing for many people/projects/etc. So it seems like a good complement, not a replacement.
Yep cause the cost of people who can put together a smart contract without major bugs is peanuts :)
But a smart contract is reusable.. (that applies to paper contracts though as well!)
Re: Is Web3 anything?
#98What’s missing from this discussion is that you are trusting a blockchain. So if someone goes around and raises money from a bunch of people they are exchanging currency for some crypto asset. How do they know that crypto asset is actually genuine Etherium and not Etheriumm?
…. Easily? The signature and state.
It’s the same technology as PGP signers use in their email for proving which relies on the impossibility of collisions.
Re: Is Web3 anything?
#99More than "disparate ideas", web3 seems a bunch of "desperate ideas" to make blockchains useful.
Re: Is Web3 anything?
#100The term "Web3" was hijacked by ethereum.
web 3.11 (crypto optional edition) as I see it is about decentralised services over p2p networks (which may include crypto/blockchain).