Why Web3? • Hacker News Board

Re: Why Web3?

#541

Post by CryptoPunk » Thu, Dec 30, 2021, 7:55 AM UTC

yunohn wrote: post #528

CryptoPunk wrote: post #518

Earlier quoted context omitted.

>>- slow (15 txn/sec, 22-23 with the move to proof of stake) - expensive (I read somewhere that globally Eth users spend more on 30M USD in fees per day!) - This is no longer the case with L2 solutions, like zk-Rollups. See what StarkEx, which is one particular Validium/zk-Rollup L2 solution, is doing: https://twitter.com/EliBenSasson/status/1475206185762578437?... >>Past week, @ethereum ~ 9M txs. StarkEx ~ 6.25M TWO…

> Ethereum's energy consumption declines by 99.95% upon the completion of the transition to Proof of Stake. Why do Ethereum fans keep using this example as if it’s already done, when it still isn’t?

We're talking about the long-term viability of something, so it makes sense to talk about how that something will look in the very near future.

The completion of Ethereum's transition to Proof of Stake will occur very soon, most likely within the year. The testnet for the merge - which is the term describing the technical process that completes the transition (it refers to the currently running Proof of Stake Beacon Chain being merged into the execution chain to allow Proof of Work to be turned off) - is already running:

https://blog.ethereum.org/2021/12/20/kintsugi-merge-testnet/

Re: Why Web3?

#542

Post by rhinoceraptor » Thu, Dec 30, 2021, 7:56 AM UTC

scyclow wrote: post #422

gameswithgo wrote: post #375

Earlier quoted context omitted.

if you are trying to be persuasive you should know that what you said is complete gibberish to tech saavy people who are not already bought in to whatever you are talking about.

I mean, if you don't know what byzantine fault tolerance [1] is, then that's fine. It's not gibberish to people who are into distributed systems. And I'm not claiming it's a silver bullet or trying to persuade anyone either. BFT is overkill for most use cases, but sometimes it's useful. ¯\_(ツ)_/¯ [1] https://en.wikipedia.org/wiki/Byzantine_fault

The blockchain and even the EVM are not distributed systems. They merely run the same (mostly pointless) computation, on every single node participating in the system.

To me, distributed systems means parallel computation. The blockchain by definition, cannot be parallelized (except when someone manages to pull off such a large theft that the developers are forced to fork the blockchain).

They are decentralized systems, which achieve their decentralization by being as inefficient as possible. Sure, it's a bit clever, but it's also incredibly stupid.

Re: Why Web3?

#543

Post by simonmales » Thu, Dec 30, 2021, 7:56 AM UTC

simonw wrote: post #515

__MatrixMan__ wrote: post #496

Earlier quoted context omitted.

I agree and I wish more people understood this distinction. To say that NFTs are all scams is like saying that pixel shaders are all games. One is often used to implement the other, but they're not the same thing. NFTs will likely find niches outside of signifying ownership. For instance, I'd like to see them used to denote package maintainer status. That way you could have automation that allows package maintainers…

What happens to the package if the maintainer loses their password?

This is a cool problem. Never looked into it any further but there is some proof of concept code out in the wild about this.

"Social key recovery" https://vitalik.ca/general/2021/01/11/recovery.html

Re: Why Web3?

#544

Post by simonmales » Thu, Dec 30, 2021, 7:56 AM UTC

skunkworker wrote: post #511

xmly wrote: post #482

Earlier quoted context omitted.

One correctiong. NFTs is just a tool. I believe what you mean is that Digital Arts market based on NFTs is a bubble.

Another application I've seen is using NFTs for reselling digital tickets.

This is exactly one of the use cases I am excited for NFTs.

Re: Why Web3?

#545

Post by kabes » Thu, Dec 30, 2021, 7:58 AM UTC

__MatrixMan__ wrote: post #496

xmly wrote: post #482

Earlier quoted context omitted.

One correctiong. NFTs is just a tool. I believe what you mean is that Digital Arts market based on NFTs is a bubble.

I agree and I wish more people understood this distinction. To say that NFTs are all scams is like saying that pixel shaders are all games. One is often used to implement the other, but they're not the same thing. NFTs will likely find niches outside of signifying ownership. For instance, I'd like to see them used to denote package maintainer status. That way you could have automation that allows package maintainers…

How's that different/better from just passing an rsa key around?

Re: Why Web3?

#546

Post by miracle2k » Thu, Dec 30, 2021, 7:58 AM UTC

chii wrote: post #524

miracle2k wrote: post #513

Earlier quoted context omitted.

I'd totally buy a star NFT sold by God, which is the correct equivalent.

And how would you verify that the address the NFT is sign with belongs to god?

I would presume God would find a way to make his intentions clear, maybe through his earthly agents in his church.

If you are concerned that this would need to happen off-chain, and I would need to trust my channel to God NFT launch announcement, then you are of course correct, but note that is is not a slight on NFTs.

NFTs are conceptually no different than the "Google Digital Art Marketplace", except people are less concerned it will be shutdown in two years.

Re: Why Web3?

#547

Post by csbartus » Thu, Dec 30, 2021, 7:58 AM UTC

xmly wrote: post #481

root_axis wrote: post #68

I'm not convinced. People talk grand about "permissionless data" but I fail to see any practical applications. NFTs are a scam and are retroactively obsoleted by digital signatures. All of the ideas about logistics tracking, deed tracking, etc etc are all rendered pointless by the oracle problem, you can get identical guarantees with digital signatures minus the blockchain. DeFi is DOA. Gas fees are insane, "layer 2"…

I have to say your statement is quite accurate. But the last sentence just reflects the eventual success of the Web3. It is all about making money, aka being greedy.

Agree. It's only the term `web3` is confusing. It should be called `crypto`, since it's a niche, not like `web2`, which is universally suitable for everyone.

Re: Why Web3?

#548

Post by Kiro » Thu, Dec 30, 2021, 8:01 AM UTC

ShamelessC wrote: post #414

Kiro wrote: post #200

Earlier quoted context omitted.

The gate keepers are preventing me from building the kind of apps I want. Just the other day people here reminisced about the days when Twitter used to have an open API and how bad it is that they shut it down. I want to build apps without having to worry about ever being restricted, limited or shut down.

> I want to build apps without having to worry about ever being restricted, limited or shut down. What is stopping you from storing HTML/CSS on torrent/IPFS/github/pastebin? This stuff exists - right now. Your version of it just adds an unnecessary barrier to entry.

What is "my" version? I haven't said anything about implementation. IPFS is a great example of what I'm talking about.

Re: Why Web3?

#549

Post by csbartus » Thu, Dec 30, 2021, 8:03 AM UTC

christopherwxyz wrote: post #335

discardedrefuse wrote: post #330

I've been noticing this web3 buzzword picking up steam on here for months now. And it all feels very manufactured (much how metaverse has been co-opted and tainted by Facebook). I suspect this web3 push is just cryptobros shoehorning their schemes into relevance. https://trends.google.com/trends/explore?q=web3 On the other hand, if you're paying attention, you might have noticed a push back to web1 and even older tec…

web3.js is the name of the Ethereum API since 2017.

It won't stay long. `web` marks a generally available, free stuff, which ETH isn't. Let's just stick with `crypto`, it suits better.

Re: Why Web3?

#550

Post by Kiro » Thu, Dec 30, 2021, 8:03 AM UTC

dmitriid wrote: post #268

Kiro wrote: post #200

Earlier quoted context omitted.

The gate keepers are preventing me from building the kind of apps I want. Just the other day people here reminisced about the days when Twitter used to have an open API and how bad it is that they shut it down. I want to build apps without having to worry about ever being restricted, limited or shut down.

> I want to build apps without having to worry about ever being restricted, limited or shut down. So. Where's blockchain-powered Twitters and Facebooks then? For all the talk about gatekeeping and decentralization no actual apps appeared that would in any way support your words.

I don't know and who said anything about blockchain? I'm just telling you what I want. I have no interest or obligation in proving anything besides that.