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As a side note, I generally like reading, but I cannot for the life of me pay attention this circus of an article. The animations give me motion sickness. I see comments here which indicate there may be something worth reading in there, but my brain is screaming at me to ignore it. The whole thing feels like an advertisement. Perhaps it's because suits are making a corporate comeback.
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why not payments...which is what bitcoin was founded to do (though perhaps has moved too much into store of value territory)
AFAICT none of the blockchain tech has the ability to scale to the volume of something like Visa due to it's decentralized nature.
We would have to make a few changes though - we couldn't send all transactions to all nodes - instead we'd need a tree of confirming networks or something. And we might need a 2PC protocol for transactions. (Eg first I send money and generate a hash. Once thats been confirmed you can commit a receive money message. Or something like that).
But I acknowledge that the burden of proof is on me here. And I'm not convinced its worth doing - I agree that there aren't many good use cases for this.
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Can you provide a single problem where the right solution space is blockchain? Ive thought about this a good amount, and cannot come up with a single use case where current established centralized technology is not a better solution.
Seconding this request. Whenever I ask a crypto bull this question directly they just call me an idiot without providing any actual examples.
These cryptocurrency implementations along with some infrastructure would let you build a cheap low-cost micropayments system where you would just need to have some local trust. You could build out a federated payment network and build out infrastructure based on needs. All while avoiding the massive waste that comes from "everyone store every transaction ever"
The problem of credit card companies and the like charging really high rates still affects a lot, and "Paypal, but federated" could help tackle this with some cryptocurrency concepts in the background.
Though to be honest, I don't think this is going to happen. The communities are so focused on completely trust-free models that they don't see how they could build something extremely useful with way less cost and more utility by being more flexible on that point
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Can you provide a single problem where the right solution space is blockchain? Ive thought about this a good amount, and cannot come up with a single use case where current established centralized technology is not a better solution.
When it comes to laundering money and ponzi scheming cryptocurrency is second to none in terms of cost, risk & speed. Edit: Strugglinng to type on my phone.
As a side note, I generally like reading, but I cannot for the life of me pay attention this circus of an article. The animations give me motion sickness. I see comments here which indicate there may be something worth reading in there, but my brain is screaming at me to ignore it. The whole thing feels like an advertisement. Perhaps it's because suits are making a corporate comeback.
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Blockchain allows you to run certain types of programs in a purely decentralized manner. You can create a smart contract and allow anyone to use it, and pay for its operation, forever into the future without maintaining any infrastructure. The user pays. The use cases are novel and not necessarily directly applicable to current problems, just as the Internet was novel and required entrepreneurs to invent new business…
Much easier to charge users using their own credit cards. Don’t see what crypto is solving here? In your email example, what is the advantage to you over charging a subscription? How do you create ongoing revenue?
Similarly, someone creates a new open-source project and AWS hosts it and earns all the money.
Blockchain allows you to create protocols that actually profit as more people use the base layer. This is a brand new thing.
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Seconding this request. Whenever I ask a crypto bull this question directly they just call me an idiot without providing any actual examples.
There is a legit use-case in micropayments with certain crypto implementations that don't share the blockchain's massive centralisation (what else do you call "every transaction has to be accepted on one shared append-only log"?), that would allow for offline P2P transactions if you have some trust. These cryptocurrency implementations along with some infrastructure would let you build a cheap low-cost micropayments…
Why not just use the real Paypal?
A16Z’s unapologetic bet on cryptocurrency and blockchain companies is big for the industry. As crypto heats up again and blockchain 3.0 projects emerge (Cosmos, Polkadot, Ethereum Proof of Stake) VC will help legitimize the industry.
Can you provide a single problem where the right solution space is blockchain? Ive thought about this a good amount, and cannot come up with a single use case where current established centralized technology is not a better solution.
Such a system could allow you to move purchases between devices and apps, and prevent vendor lock-in.
