In this post, we are going to learn about blockchain in its simplest form, my objective for this post is that by the end, you would have a better...
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Counterpoint: blockchain was an interesting idea that was taken into production too soon. It has no actual utility and was taken over by crooks who've made it into a ponzi scheme.
Voting could be defeated by a government willing to put up enough computing power. The problem is that the integrity of voting would be further in doubt even if they don't.
NFTs mean nothing. They have no legal standing. We already have contracts and they work. This is a solution looking for a problem. For NFTs to be effective you need verification into the real world at which point a centralized system makes more sense in all respects.
Cloud storage?
Pay 1000000 times more than any simple cloud storage to store 3 kb?
Curbing money laundering is... Right now this is used by criminals more than any other tool. It was promoted as private. So now the selling point is that it isn't private? At least that's technically correct.
The problem is that it won't "curb" anything. People just won't use it.
Money transfer at a cost 20x that of SWIFT isn't exactly worth it.
Totally agree, "Proof of Stake" is open to corruption and "Proof of Work" is killing the planet.
What about Algorand's PPoS? I think they solved a lot of issues of previous PoS attempts, see: algorand.com/resources/blog/algora...
I'm not going to claim to be an expert, but my initial reaction to this was: isn't Pure PoS only really a principle based on the fact that a majority holder of coins isn't going to "be silly" enough to devalue their own holding? Seems like it isn't a perfect argument to me and further that if the contracts on the chain are relating to physical world items, let's say a land registry for property, then the practical value of the assets is different to the coins on the chain by a huge factor making a calculation of who is the majority holder a complex and non-digital one.
The privacy is the one thing that trips even crypto enthusiasts up, funnily enough. On the one hand, you'll hear about putting medical records on the chain, but on the other hand it's super great that every message on the chain is traceable!
It's not just a solution looking for a problem, it's a solution trying for every problem and failing every time.
(Nevermind that the actual traceability eats even more power if you actually want to verify integrity...)
I think you dancing between at least 3 topics here with the same argument for each and ultimately trying to treat them as the same thing .. namely "crypto".
Blockchain has valid use cases, hence why businesses such as R3 are doing so well.
Crypto for payments, maybe.. but quickly you get wrapped into privacy and money laundering. So yea I'm on the fence with this one too.
NFTs and proof of ownership, no more or less valid than a piece of paper claiming ownership. It's down to recognition as legal tender or agreement between parties. That's not such a brutal hurdle to overcome.
NFT sounds like it could be useful but when you get down to it there are no use cases that justify the effort. E.g. game items is a great example. But the game is already centrally managed so why would you need the items to be a token?
The costs of minting and the trouble around it make very little sense to me. Pretty much any case where you need an ID or item tracking would work better with a central identity server.
Will you upload a second part?
Sure Alejandro, What would you like to know more about?
Don't know if it's possible, but it would be an interesting topic: Dig a bit into what is a smart contract, what's the relation between a blockchain and it, uses, pros, cons. As a newbie into these concepts like blockchain, but interested in how it could be applied in programming, that topi would be awesome to read about.
Again, thank you so much, your post just clarified a lot. Keep doing great bro ;)
Thank you very, Anjan.
I would love to read when it gets published.
Thank you very much, Anjan
May I ask what font you’ve used for your cover image?