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An engineer's observations on Web3 and its possibilities

psl.com

11–20 of 319 posts

Re: An engineer's observations on Web3 and its possibilities

#11
post #9

Why in the name of the lord would you block my ability to open links in new tabs (on the main site) Edit: this site navigation experience is one of the worst i've ever encountered. I'm really interested in looking around but it's so painfully slow. Edit 2: the new tab is blocked on the main site, not on the blog post

What in lords name kind of browser are you using? (working fine here in chrome/ff)

Re: An engineer's observations on Web3 and its possibilities

#12
post #9

Why in the name of the lord would you block my ability to open links in new tabs (on the main site) Edit: this site navigation experience is one of the worst i've ever encountered. I'm really interested in looking around but it's so painfully slow. Edit 2: the new tab is blocked on the main site, not on the blog post

(I’m not having trouble with that and I certainly don’t intend to block you; what os/browser are you using?)

linux/chrome, ctrl + click / middle click not working.

Edit: on the main site, blog post links work fine

Re: An engineer's observations on Web3 and its possibilities

#13
post #12

Earlier quoted context omitted.

(I’m not having trouble with that and I certainly don’t intend to block you; what os/browser are you using?)

linux/chrome, ctrl + click / middle click not working. Edit: on the main site, blog post links work fine

On main site, macos/ff, cmd + click doesn't open in a new tab either.

However, right click, open in new tab does work.

Re: An engineer's observations on Web3 and its possibilities

#14
post #12

Earlier quoted context omitted.

linux/chrome, ctrl + click / middle click not working. Edit: on the main site, blog post links work fine

On main site, macos/ff, cmd + click doesn't open in a new tab either. However, right click, open in new tab does work.

Thanks for the report. Definitely annoying. On the list to fix.

Re: An engineer's observations on Web3 and its possibilities

#15
> At the same time, smart contracts have some deeply problematic constraints: > Smart contracts can’t be upgraded. Smart contracts are deployed once and run forever; their code cannot be changed. The software development industry has literally zero experience with such a deployment model.

I stopped reading here. First, this is factually wrong -- the software industry has tons of experience dealing with software that can't be upgraded. Ever try to upgrade the firmware on a chip with no I/O facility for doing so? The answer is you don't; you instead focus on getting the code correct the first time, and possibly you build out a way to recall the product and replace it with a fixed version and price in the risk of needing to do so into the product itself. It can be done; it just takes discipline.

Second, if you don't understand why smart contracts being immutable is a necessary and desirable feature of the system, not a bug, then you're not going to understand much of web3. Like, think about it for five minutes -- if your smart contracts can be upgraded by default, and this code manages valuable digital assets, then their code can be replaced with code that steals those assets. Making this very, very, very hard is deliberate.

Re: An engineer's observations on Web3 and its possibilities

#16
Thanks for the great article! I wished the section on DeFi addressed the biggest elephant in the room, overcollateralization. A DeFi borrower always needs to lock in more assets as collateral than what they are borrowing, thus defeating the whole purpose for taking a loan aside from financial speculation. And there's no real way to solve it: all mechanisms I've heard of either try to replicate some form of background checks on borrowers (not decentralised, and uses the real world), or claim to use real-world assets as NFT collateral (once again, uses the real world). Thus I can't see a way for DeFi loans to ever be used for mortgages and other loans regular people actually need.

Of course DeFi is more than just loans and borrowing, but that's an aspect that's constantly promoted by evangelists so I think it's an important point to mention.

Re: An engineer's observations on Web3 and its possibilities

#17
post #6

Hi all — I wrote these notes with my colleagues at PSL while trying to wrap our heads around the madness that is Web3/Crypto. I’m an engineer by background and sort of a skeptic by nature; I think of this piece as a collection of loosely connected, hopefully pragmatic opinions from a builder’s perspective.

Great notes! I am curious, what language / tech stack would be most promising in this space?

Re: An engineer's observations on Web3 and its possibilities

#18
post #15

> At the same time, smart contracts have some deeply problematic constraints: > Smart contracts can’t be upgraded. Smart contracts are deployed once and run forever; their code cannot be changed. The software development industry has literally zero experience with such a deployment model. I stopped reading here. First, this is factually wrong -- the software industry has tons of experience dealing with software that…

Original author here. I strongly disagree.

While it’s certainly true that firmware on many devices can’t be or simply isn’t updated, it’s also the case that bugs ship. Because of this, engineers design and ship their more complex devices with the facility to upgrade firmware. Even my ages old stereo receiver is upgradable (although painfully so).

But this is about smart contracts: code that in many cases moves money. I’d put that in the category of code that really could benefit from carefully controlled upgradability.

I’m not the only one. For instance, the primary USDC contract on Ethereum is a proxy contract — it’s upgradable by design. I think that makes a lot of sense, and apparently so do the engineers managing those many billions of dollars: they’ve weighed the balance of “trust” in the abstract with “make sure it doesn’t break” in the real and made their decision.

Beyond that, a guiding principle of some newer blockchains (like Tezos) is that code will need to evolve over time. Like many things Web3, it’s too soon to tell how things will shake out in the long run, and a variety of approaches seems desirable.

Re: An engineer's observations on Web3 and its possibilities

#20
> Protocols like SMTP (1981; email), TCP (1983; reliable packet transmission), HTTP (1991; web), and XMPP (1999; chat) all created immense value while capturing little for their inventors. Blockchains upend this, allowing inventors to capture considerable value for themselves.

That... seems like a huge negative to me. No wonder crypto enthusiasts give me the same feeling as relentless door-to-door salesmen.

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