Another issue is that the actual, theoretical benefits of blockchain are very narrow.
Right now global financial system is much more stable than cryptocurrencies, and even if society collapses, Bitcoin is unlikely to take over or buy you anything. In practice, centralization is fine for most tasks, and even if something is decentralized it doesn’t always need blockchain.
Most problems can be solved with encryption, asymmetric encryption, torrenting, and consensus protocols. I honestly can’t think of any real situation where those aren’t enough and you need blockchain. (although i’m pretty sure blockchain is a combination of those…I should say, i can’t think of any real situation where things like BitTorrent aren’t enough)
And then that leads to all of blockchain’s drawbacks, mainly incredible space and computation redundancy. There are proposed and implemented ways to reduce this redundancy, but most of them actually end up redoing centralization. Even if we can somehow completely eliminate the redundancy and make blockchain almost as fast as centralization, like I mentioned, there’s still just not much benefit.
I’m not at the point where, whenever i hear blockchain, i throw my hands up and claim “useless”. Honestly, whenever I see something blockchain or web3, i usually read about it and try to see how it works. But surprisingly often I just find confusing filler text and buzzwords. And moreover, so far i’ve never found any technology where I actually thought both “this is useful” and “this needs blockchain”.
Right now global financial system is much more stable than cryptocurrencies, and even if society collapses, Bitcoin is unlikely to take over or buy you anything. In practice, centralization is fine for most tasks, and even if something is decentralized it doesn’t always need blockchain.
Most problems can be solved with encryption, asymmetric encryption, torrenting, and consensus protocols. I honestly can’t think of any real situation where those aren’t enough and you need blockchain. (although i’m pretty sure blockchain is a combination of those…I should say, i can’t think of any real situation where things like BitTorrent aren’t enough)
And then that leads to all of blockchain’s drawbacks, mainly incredible space and computation redundancy. There are proposed and implemented ways to reduce this redundancy, but most of them actually end up redoing centralization. Even if we can somehow completely eliminate the redundancy and make blockchain almost as fast as centralization, like I mentioned, there’s still just not much benefit.
I’m not at the point where, whenever i hear blockchain, i throw my hands up and claim “useless”. Honestly, whenever I see something blockchain or web3, i usually read about it and try to see how it works. But surprisingly often I just find confusing filler text and buzzwords. And moreover, so far i’ve never found any technology where I actually thought both “this is useful” and “this needs blockchain”.