Why I Believe We Are All Still A Decade Early To Crypto
This post is a serious one I made after reading this article. [ https://moxie.org/2022/01/07/web3-first-impressions.html ]
Shout out to Moxie for actually talking about how things have just become super overcomplicated for coders to even begin to get into. This article is probably the best critique of the current crypto space I've ever read ^
We have these ideas of immutable, trustless, decentralized platforms but most of them have become mutable and centralized with all trust put in the hands of a few servers.
Cardano, for example, the fact that sundaeswap took 6 months to release and it's not even fully ready yet …plus looking like they rugged cardstarter, it’s not a good look!
"Trustless" doesn't make sense when there's still just a team of greedy humans on the other end of single phone line. I recall when my friends where first getting into crypto a few months ago, best believe it wasn't ‘for the tech’, it was pure greed, they were aping hundreds into doggy coins hoping to make millions out of thin air.
Arweave, which was made to solve the issue of NFTs being backed by on centralized servers, is still putting trust in the hands of others, so it's not exactly "trustless" and things can still be flagged for deletion and stuff like that.
https://www.arweave.org/technology = "Finally, those that maintain gateways (the servers you will likely use to view the permaweb) can also apply content moderation policies to further safeguard their users."
It's tricky though, like if you have permanent jpeg storage on a truly immutable permanent server what about criminal abuse material and other f’ed up stuff like that from being put on there ‘for good’? That's why Arweave has a democratic processes for removal of content if it's deemed necessary, but the problem is it's SLOW!
Just like Cardano, just like ETH, and Bitcoin, Dogecoin, and so on. All these truly decentralized things are slow as shit.
Compare the time it takes to load this: https://audius.co/neonanesthetics
With this: https://open.spotify.com/artist/4h3dx3iH28dTFooTspQqxd
This just really highlights the sheer magnitude of the blockchain trilemma: Low Cost, Speed, Decentralization. Pick 2.
I still believe in crypto, but if this doesn't make you think...I've always said there will probably be a dominant cryptocurrency in the future that solves all of these issues, but less and less am I thinking it will be any networks available today.
It will likely be built upon 6G network protocols, or some similar competing concept; 6G will basically mishmash the current 5G super-speed, satellite based internet, to that of the internet of things, peer2peer data transfer, and blockchain(s).
Here's a journal article from last summer: Blockchain and 6G: The Future of Secure and Ubiquitous Communication https://arxiv.org/pdf/2106.05673.pdf = "the trustless nature of blockchain would make it easier to manage and audit 3D network resources and AI model parameters in 6G networks."
Another example, in Windows update there's this:
Microsoft Windows Update Delivery Optimization
Now extrapolate that concept out to creating the blockchain and the internet itself, not just simple data transfer - it'll be a mix of current cell-tower tech sped up a thousand-fold by decentralizing server loads through peer2peer means, encrypted, and under consensus - all while having latency speeds measured in single digit milliseconds!
Here is a latency test of my internet to google: Top is with VPN routed through Portugal : Bottom is without VPN.
Ping Command to Test Your Network
We need speeds 1 order of magnitude faster than the current best case scenario technologies, and 2 orders of magnitude faster than what's the more "practical" speeds we're used to.
To conclude this spiel, I think we're about a decade away from this all. Till then, I am still having fun learning about money, economics, fiancé, decentralization issues, network effects, but less and less am I feeling married to any single current network/blockchain because they all seem to be unable to carry the load that will weigh on future technological shoulders.
Thank you all for reading.
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